Information externalities in corporate governance
该模型研究了股东积极监督如何通过干预活动向同行企业传递私有信息，产生正外部性，并分析了这种外部性对监督决策和共同所有权的影响。
The model formalizes the idea that active monitoring by shareholders generates positive externalities for peer firms. Shareholders gather information to disentangle different performance factors and subsequently intervene with firm management. A cross-firm information externality arises because intervention transmits private information about common industry conditions to peer firms. The externality has various implications: shareholders may benefit from closer monitoring at peer firms and mimic peer interventions. Monitoring choices are strategic substitutes. Externalities can provide a rationale for common ownership of informationally related firms.