Recent advances in single photon counting detectors (PCDs) are opening up new opportunities in medical imaging. However, the performance of PCDs is not flawless. Problems such as charge sharing may deteriorate the performance of PCD. This work studied the dependence of the signal and noise properties of a cadmium telluride (CdTe)-based PCD on the charge sharing effect and the anti-charge sharing (ACS) capability offered by the PCD. Through both serial and parallel cascaded systems analysis, a theoretical model was developed to trace the origin of charge sharing in CdTe-based PCD, which is primarily related to remote k-fluorescence re-absorption and spatial spreading of charge cloud. The ACS process was modeled as a sub-imaging state prior to the energy thresholding stage, and its impact on the noise power spectrum (NPS) of PCD can be qualitatively determined by the theoretical model. To validate the theoretical model, experimental studies with a CdTe-based PCD system (XC-FLITE X1, XCounter AB) was performed. Two x-ray radiation conditions, including an RQA-5 beam and a 40 kVp beam, were used for the NPS measurements. Both theoretical predictions and experimental results showed that ACS makes the NPS of the CdTe-based PCD flatter, which corresponds to reduced noise correlation length. The flatness of the NPS is further boosted by increasing the energy threshold or reducing the x-ray energy, both of which reduce the likelihood of registering multiple counts from the same incidenting x-ray photon.