Forum Moderators: open
Most, if not all for some sites, inbound links point to the homepage, so it'll have the highest Page Rank. Linking out to other sites decreases the amount of PR given to the interior pages of the site, which can negatively affect rankings for those other pages of the site that may have the potential for bringing in visitors on specific, very targeted keywords.
Moving those links to a sub-page won't increase the PR of the homepage, that depends on the pages linking to it. It's the rest of the site that might benefit.