Strategic Trading and Blockholder Dynamics
研究拥有私有信息的大股东在监控公司并交易股票时的策略行为，发现私有信息虽影响大股东持股规模，但能带来帕累托改进，提升股价并惠及小股东和大股东。
ABSTRACT We study strategic trading by a privately informed blockholder who monitors a company and trades its shares. Private information results in larger block sizes in good states, but by increasing the speed of the blockholder's selling, it can result in lower block sizes in bad states. Despite the heterogeneous impact on expected block size, we show that asymmetric information leads to Pareto improvements: it raises stock prices, benefits small uninformed shareholders, and benefits the block owner, despite the negative impact on liquidity.