# kaal:claim:5583610-018

**Claim.** 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.

**Type.** predictive  **Support.** evidenced

**Holds when.**

- extrapolated from shareholder perk and loyalty studies rather than observed LER deployments

**Source quote.**

> 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

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 5.1. Time-Weighted Rewards Between Annual Meetings, page 22

**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.** institutional-design

**Keywords.** activist-success-rate, proxy-contests, projection, retail-mobilization

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