Levit, Doron; Malenko, Nadya; Maug, Ernst G. - 2021
. Increasing liquidity can reduce welfare, because it allows extreme shareholders to gain more weight in voting. Delegating … shareholders, and may not garner support from the majority of shareholders.The Online Appendix can be accessed at https://www.nadyamalenko.com/Levit,Malenko,Maug_OnlineAppendix.pdf …