kaal:claim:5583610-011

Retail investors, who hold roughly forty percent of U.S. equities and form a decisive voting bloc, are the channel through which LER strengthens incumbent board support in contested proxy battles.

Source quote, verbatim

By appealing to retail investors, who control roughly 40% of U.S. equities and form a powerful voting bloc,78 LER strengthens support for incumbent boards in contested proxy battles.

From

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 4.1. LER Shape Proxy Fights, p. 15
https://ssrn.com/abstract=5583610 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

Holds when

contested proxy battles at U.S. issuers

Classification

mechanismsupport: arguedgovernance-design

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