Control Sales in Family Firms
研究了家族企业经理人是否愿意通过出售股票放弃投票控制权，发现他们比非家族企业经理人更倾向于维护控制权，尤其当管理层有其他家族成员时。
A large stock sale by an insider can be good news for a firm if it increases the potential for meaningful monitoring. I consider insider sales that represent voluntary releases of voting control by managers who continue to manage their firms, and ask if a manager's willingness to relinquish control is affected by the presence of other blockholders. I found that managers of family firms are much more defensive about maintaining their voting control, especially when there are other family members in management.