EXPLAINING VARIANCE IN THE PERFORMANCE OF LONG-TERM CORPORATE BLOCKHOLDERS
研究企业购买并持有其他公司5%-50%股份后的绩效变化，发现持股后15个月内平均绩效改善，且绩效与供应链关系、交叉持股及持股价值比正相关。
This study measures and explains variance in the performance of corporations that purchase and hold blocks of stock in other corporations. Results show that following the purchase of between 5 and 50 percent of a target corporation's common stock, blockholder performance improves on average for 15 months. After 3, 7, 11, and 15-month intervals, performance is positively associated with (1) investments in targets that are suppliers or customers, (2) targets that make cross-investments into the equity securities of the blockholder, and (3) a blockholding value ratio that contrasts the value of the blockholding with the value of the blockholder.