Chapter 11. Investor Activism
Given the corporate scandals, the failure of various monitoring systems, and the dramatic downturn of the markets, shareholders are naturally upset. Individual shareholders have been viewed as the innocent and helpless victims of this mess, and they rightly deserve our sympathies. After all, they lost a lot of their hard-earned savings at the hands of others. Individual investors have become nervous about investing in the markets—perhaps rightly so. However, what about the larger institutional shareholders like insurance companies that also invest in stocks? Should we feel sorry for them, too? We think so. They also lost a ton of money, but many of these institutional investors, such as pension funds and mutual funds, ...
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