We show how the change to differential voting rights allows dominant shareholders to retain control even after selling … substantial economic ownership in the firm and diversifying their wealth. This unbundling of cash flow and control rights leads to … more dispersed economic ownership and a closer alignment of dominant and dispersed shareholder interests. When insiders …

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