On Optimal Production and the Market to Book Ratio Given Limited Shareholder Diversification
研究股东持有有限风险资产时企业的最优产出决策与估值，发现市值账面比与股东分散化程度负相关。
Our purpose is to examine a firm's optimal output decision and valuation when its shareholders hold a limited number of risky assets. The primary theoretical result indicates that the market-to-book ratio is a function of the degree of shareholder diversification. Our theory suggests a negative relationship between a firm's market-to-book ratio and shareholder diversification.