who free-ride off the monitor. We test this prediction in the setting where large shareholders contractually bind …

blockholder when the cost of activism is low or the created value is high. Such a reform would favor minority shareholders …

Although large shareholders have sufficient influence to engage privately with management, extant literature provides … shareholders’ portfolio diversification affects voluntary corporate disclosure. We define diversification as the extent to which … investors spread investments among portfolio stocks. We predict that holding a diversified portfolio deters large shareholders …