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 "text": "Activists currently prevail in about forty percent of proxy contests, and by rallying passive retail and institutional voters LER could cut that success rate by fifteen to thirty percentage points.",
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  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
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 "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
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 "abstract": "Extrapolating from earlier studies on activist success rates, LER could reduce activist success rates by 15–30% just by rallying retail and institutional support, thus creating a resilient ownership base that prioritizes the company's long-term vision",
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