Repurposing Institutions: Trust Offices and the Dutch Financial System, 1690s–2000s
本文研究了荷兰信托办公室（一种证券再包装机构）从17世纪至今的功能演变，最初用于提高流动性，后来成为公司抵御股东影响和收购威胁的工具，并演变为国际避税渠道。
Since the late seventeenth century, trust offices ( administratiekantoren ) that repackage securities have been a central institution in Dutch finance. Their basic form and functioning have remained largely the same, but over time, the repackaging has come to serve different purposes. Originally set up for administrative convenience, they helped to create liquidity, notably for foreign securities. From the 1930s, their primary purpose became to shield directors of large corporations from shareholder influence and hostile takeover threats. Subsequently, the trust offices evolved from general-purpose administrative units into dedicated foundations closely tied to individual companies and increasingly popular with foreign corporations as cheap anti-takeover devices. Their reincarnation as foundations also turned them into vehicles for the tax-efficient routing of international revenue flows via the Netherlands.