This is the first comprehensive study of the distribution of voting rights to shareholders. Only those owning stock on …

, as compared to their conservative counterparts, pay less attention to shareholders and this is reflected in dividend …

records over the period 2015-2017. Contrary to public perception, wefind that retail shareholders are an influential voting … their portfolio. Retail shareholders with large stock portfoliosand low opportunity costs are most likely to turn out. In … recommendations thanthat of large mutual funds. Retail shareholders can be divided into two blocs. The first are highlyinfluential …

minority equity stakes and do not seek direct control. As a result, activists must win support from fellow shareholders via … shareholders, other stakeholders, and the capital market as a whole. Opponents of hedge fund activism argue that activists focus …

Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United … Kingdom the listing rules give shareholders a binding say when targets are large relative to acquirers. A transatlantic … comparison suggests that if U.S. shareholders had a say on acquisitions, they would incur fewer losses. There is a significant …

. Increasing liquidity can reduce welfare, because it allows extreme shareholders to gain more weight in voting. Delegating … shareholders, and may not garner support from the majority of shareholders.The Online Appendix can be accessed at https://www.nadyamalenko.com/Levit,Malenko,Maug_OnlineAppendix.pdf …