Foreword: I've already seen possibly related question Difference between 'ls' and 'echo $(ls)'
Does bash perform word splitting on output capturing? This guide -- mywiki.wooledge.org/WordSplitting says "no":
Word splitting is not performed on expansions in assignments. Thus, one does not need to quote anything in a command like these: [...]
bar=$(a command)
But when I do res=$(find); echo $res output differs from just find:
$ find
.
./file2
./file1
./test.sh
$ res="$(find)"; echo $res
. ./file2 ./file1 ./test.sh
$ res=$(find); echo $res
. ./file2 ./file1 ./test.sh