If it were true, then there would be a _great_ arbitrage opportunity for efficient market practitioners who were instead focused on ROE/ROI/Cashflow principals of stocks that had excessive value because they had been "split."

In the short term, market is a voting mechanism, long term it's a weighing device. The major challenge is trying to differentiate between the two - but Market Splits would seem to be custom designed to be 100% voting bias.