Externalities and Corporate Objectives in a World with Diversified Shareholder/Consumers
论证当股东持有多元化投资组合且企业间存在外部性时，股东不追求企业价值最大化，而是希望企业最大化组合价值，并提供了交叉持股影响并购的资本市场检验。
If shareholders own diversified portfolios, and if companies impose externalities on one another, shareholders do not want value maximization to be corporate policy. Instead, shareholders want companies to maximize portfolio values. This occurs when firms internalize between-firm externalities. Any kind of externality, pecuniary or nonpecuniary, vertical or horizontal, suffices. What matters is simply that one company's actions affect another's value. Thus, besides the traditional benefit of risk reduction, portfolio diversification offers additional benefits to shareholders through helping internalize externalities. This paper documents the extent of diversification and cross-ownership of stocks among companies where these externalities are likely to be large and provides a capital market test of how merger offers vary with the extent of cross-ownership.