Dirk Janet, Gustavo Manso and Xavier Gabe have given me a lot of support and help. I am also very grateful to the obscure proofreader and the deputy editor-in-chief and editor Cam Harvey. Many of their suggestions greatly improved the quality of the paper. The writing of this paper has also been helped and supported by many scholars and academic institutions: Prasanga Gavar Franklin Allen; Jack Bauer; Indra Neil chakra Poti; Florian Edel; Ihir Ariel; Chris Evans; Calora Friedman; Yitai Goldstein; Li He; Cliff Holderness; Adam Krasinski; PaVitera Kumar; Robert marquez; Anna obidze; Qiu Weiyang; Robert Reddy; Michael roberts; Steve Ross; Aaron Swartz; Jeremy stern; Luke Taylor; Ueda Masako; Wang; Yan Paul; Participants in the 2008 University of Pennsylvania/University of new york Law and Finance Conference, the 2007 World Financial Institutions Conference, the 2006 European Summer Seminar on Financial Markets of the Center for Economic Policy Research, and the 2006 FMA doctoral tutorial class especially thanked the University of California, Berkeley, Boston University, Dartmouth University, Duke University, University of Maryland, Massachusetts Institute of Technology, Northwest University, Notre Dame University, new york University, University of British Columbia, and University of California, Los Angeles. Liu Qi helped me with my research brilliantly, and the new york Stock Exchange and the Graduate School of Massachusetts Institute of Technology gave me travel subsidies. This article was previously published as "Major Shareholders, Market Efficiency and Management Shortsightedness".
It's better not to translate that famous saying. It's more interesting and everyone understands it. I don't want to translate, but I can only give you some humble opinions: the market always sells goods first and then asks questions.