Negotiated Block Trades and Corporate Control
发现协商大宗交易是活跃投资者参与的公司控制权交易，交易后一年股价上涨5.6%，45%的CEO被更换，且股价涨幅在公司业绩差或管理层不抵制时更大。
We identify negotiated trades of large-percentage blocks of stock as corporate control transactions involving active investors.One year after a trade, stock prices of the firms whose shares are traded are 5.6% higher, and 45% of the chief executives have been replaced.Stock-price increases are larger when a firm performs poorly before the trade, and when management does not resist the blockholder.Even though such blocks often convey the right to choose managers and influence corporate policy, some blockholders eventually acquire the firm, suggesting that corporate control is broader than the right to choose managers.