The Tradesports Maven (just added to my blogroll, along with Midas Oracle, because I'm on a politics-and-gambling binge today) asks: What affect does not splitting a stock have on a company's brand equity?
I suspect there isn't a quantitative change in perceived value; it's mostly qualitative. Companies like Google, Berkshire Hathaway and The Washington Post are necessarily seen as better, but they're certainly seen as 1) Permanent, and 2) Leaders in quality, if not volume. Those qualities can certainly be assets, especially during a flight to quality, but during a garbage-stock runup (à la E-Future's recent post-IPO move from $7 to $48 in about two weeks), they'll get left in the dust. In the long run, it's probably better to have better stock performance (and thus more access to capital) when everyone else doesn't, but that means that a high share price pays off over a decade or more, not quarter-to-quarter. Which, perhaps, is why $500-plus stock prices are so rare and deserve so much attention.