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by dragonwriter
2760 days ago
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> If 90% of shares are non-intervening that means hostile takeovers are now 10x cheaper to implement. Naively (ignoring other dynamics of index funds), sure, compared to 100% investors actively engaged in governance. But I suspect investment in index funds replaces largely hands-off direct investment and so, market wide, has virtually no average effect on that (though it may shift the effect among firms compared to those investors doing so directly.) |
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