118
Strong Blockholders, Weak Owners and the Need for European ....pdf
Strong Blockholders, Weak Owners and the Need for European ...
42
Multiple Blockholders∗:多个大股东与lowast;.pdf
Multiple Blockholders∗:多个大股东与lowast;Multip
140
Ownership, Multiple Blockholders Final Revision.pdf
Ownership, Multiple Blockholders Final Revision
45
The Wall Street Walk when Blockholders Compete for Flows.pdf
The Wall Street Walk when Blockholders Compete for Flows
46
The Wall Street Walk when Blockholders Compete for Flows.pdf
The Wall Street Walk when Blockholders Compete for Flows
59
Blockholders on Boards and.pdf
Blockholders on Boards and
49
The Role of Large Blockholders on Bank Performance-Alvar.pdf
The Role of Large Blockholders on Bank Performance-Alvar
40
Blockholders, Market Efficiency, and Managerial Myopia.pdf
This paper illustrates how blockholders can attenuate managerial myopia. Blockholders have a strong incentive to investigate the cause of poor interim nancial performance, since they can sell their stake if losses are due to low rm quality rather than e cient long-term investment. Their trades impound this information into prices, bringing them closer to fundamental value. This increased market e ciency encourages managers to exploit positive-NPV growth opportunities that reduce short-term earnings. This bene t is particularly strong in rms with abundant long-term opportunities that exhibit infor- mation asymmetry. The model therefore justi es the prevalence of small blockholders in the U.S. by showing that they can add value even if they lack the intervention rights as- sumed by existing theories. Block size has a non-monotonic e ect on rm value. A higher stake allows blockholders to sell more upon bad news and thus encourages information acquisition. However, if bloc

向豆丁求助:有没有blockholders?

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