Blocks, Liquidity, and Corporate Control
建立了一个公司所有权结构模型，分析股权集中带来的管理控制收益与分散持股带来的流动性收益之间的权衡，并重新审视了存在流动性交易时的公司控制搭便车问题。
The paper develops a simple model of corporate ownership structure in which costs and benefits of ownership concentration are analyzed. The model compares the liquidity benefits obtained through dispersed corporate ownership with the benefits from efficient management control achieved by some degree of ownership concentration. The paper reexamines the free‐rider problem in corporate control in the presence of liquidity trading, derives predictions for the trade and pricing of blocks, and provides criteria for the optimal choice of ownership structure.