Public Trading and Private Incentives:
研究公开交易如何影响大股东的活动激励。公开交易形成的股价能反映大股东的活动信息，从而激励其从事提升公司价值的活动，并探讨了对上市决策、资本结构和证券设计的影响。
This article studies the link between public trading and the activity of a firm's large shareholder who can affect firm value. Public trading results in the formation of a stock price that is informative about the large shareholder's activity. This increases the latter's incentives to engage in value-increasing activities. Indeed, if he has to liquidate part of his stake before the effect of his activity is publicly observed, a more informative price rewards him for his activity. Implications are derived for the decision to go public, capital structure, and security design. Copyright 2004, Oxford University Press.