# kaal:claim:5583610-011

**Claim.** 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.

**Type.** mechanism  **Support.** argued

**Holds when.**

- contested proxy battles at U.S. issuers

**Source quote.**

> 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, page 15

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

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Topics.** governance-design

**Keywords.** retail-investors, proxy-contests, voting-blocs, incumbent-support

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