Ferreting out Tunneling: An Application to Indian Business Groups
提出一种衡量隧道行为（大股东侵占小股东利益）的通用方法，通过分析集团内公司间盈利冲击的传导来识别隧道行为，并应用于印度商业集团数据，发现大量隧道行为主要发生在非营业利润部分。
Owners of business groups are often accused of expropriating minority shareholders by tunneling resources from firms where they have low cash flow rights to firms where they have high cash flow rights. In this paper we propose a general methodology to measure the extent of tunneling activities. The methodology rests on isolating and then testing the distinctive implications of the tunneling hypothesis for the propagation of earnings shocks across firms within a group. When we apply our methodology to data on Indian business groups, we find a significant amount of tunneling, much of it occurring via nonoperating components of profit.