We show how the change to differential voting rights allows dominant shareholders to retain control even after selling … fosters corporate control activity and creates higher takeover premiums that are paid equally to all shareholders …

Motivated by a growing interest in the governance role of large shareholders with diversified equity portfolios, we … examine the effect of diversified large shareholders on voluntary corporate disclosures. With substantial equity stakes, large … shareholders generally have more access to private information about portfolio firms relative to small shareholders. We suggest …

Although large shareholders have sufficient influence to engage privately with management, extant literature provides … shareholders’ portfolio diversification affects voluntary corporate disclosure. We define diversification as the extent to which … investors spread investments among portfolio stocks. We predict that holding a diversified portfolio deters large shareholders …