Negotiated Block Trades and Corporate Control
识别出大额股份的协商交易是公司控制权交易，发现交易后股价平均上涨5.6%，33%的CEO在一年内被更换，且股价涨幅在控制权转移、管理层不抵制及最终完全收购时更大，表明大股东的专业技能对公司价值至关重要。
ABSTRACT We identify negotiated trades of large‐percentage blocks of stock as corporate control transactions. When a block trades and the firm is not fully acquired, cumulative abnormal returns average 5.6%, and 33% of the chief executives are replaced within a year. Stock‐price increases are larger when control passes to the new blockholder, when management does not resist the blockholder's effort to influence corporate policy, and when the block purchaser eventually fully acquires the firm. These findings suggest that the specific skills and expertise of blockholders, and not just the concentration of ownership, are important determinants of firm value.