Blockholder Trading, Market Efficiency, and Managerial Myopia
分析大股东如何通过交易而非干预来发挥治理作用，促使股价反映长期价值，从而鼓励管理层进行长期投资，而非追求短期利润。
ABSTRACT This paper analyzes how blockholders can exert governance even if they cannot intervene in a firm's operations. Blockholders have strong incentives to monitor the firm's fundamental value because they can sell their stakes upon negative information. By trading on private information (following the “Wall Street Rule”), they cause prices to reflect fundamental value rather than current earnings. This in turn encourages managers to invest for long‐run growth rather than short‐term profits. Contrary to the view that the U.S.'s liquid markets and transient shareholders exacerbate myopia, I show that they can encourage investment by impounding its effects into prices.