Blockholder Heterogeneity, Multiple Blocks, and the Dance between Blockholders
研究大股东持股的异质性，发现非金融类大股东更倾向投资小、风险高、年轻且流动性差的公司，而金融类大股东则相反；大股东间存在显著的负向相互影响，小金融类大股东则常因投资风格相似而共存。
Abstract We study blockholder presence in a large panel and document substantial heterogeneity in holding periods, position sizes, and positions taken across blockholder types. Nonfinancial blocks are more likely to be observed in smaller, riskier, younger, and less-liquid firms. These patterns are either not evident or reversed for financial blocks. For all but small financial blocks, we detect significant negative interdependence in blockholder investment decisions, with the presence of one blockholder crowding out others, a behavior that appears causal. Small financial blocks often coexist in the same firm, an outcome that appears to reflect correlated investment styles. Received April 30, 2018; editorial decision November 23, 2018 by Editor David Denis.