Who Benefits in an Insider Negotiated Block Trade?
研究了内部人协商的大宗交易，发现新的大宗持股人并未带来股价永久上涨或盈利改善，初始股东收益主要来自预期被收购，而非盈利能力提升。
We examine insider negotiated block trades to investigate whether new active blockholders with special expertise create shareholder value. In contrast to existing studies, we find no reliable overall evidence of permanent stock price increases, operating changes, or improved net of industry profitability associated with these major control changes. Top executive turnover is extensive, but appears largely attributable to the block sellers’ actions, not the imposition of discipline by the block buyer. Results suggest initial shareholder gains anticipate takeovers, not improvements in profitability. When a takeover is not forthcoming, the gain disappears.