Large Shareholders, Monitoring, and the Value of the Firm
提出分散的外部所有权和经理人自由裁量权既有成本也有收益，即使股东严格控制在事后有效，也会在事前构成侵占威胁，削弱经理人主动性和非契约投资。
We propose that dispersed outside ownership and the resulting managerial discretion come with costs but also with benefits. Even when tight control by shareholders is ex post efficient, it constitutes ex ante an expropriation threat that reduces managerial initiative and noncontractible investments. In addition, we show that equity implements state contingent control, a feature usually associated with debt. Finally, we demonstrate that monitoring, and hence ownership concentration, may conflict with performance-based incentive schemes.