Activists' proxy communications are more aligned with the preferences of larger mutual fund shareholders, and this alignment predicts more attention, more votes, and higher success in proxy fights.
To make sure that I have credible IP3 blocks, I go back quarterly from December 2016 and see what fraction of holdings do institution access through the EDGAR server
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Do Activists Align with Larger Mutual Funds?
Activists' proxy communications are more aligned with the preferences of larger mutual fund shareholders, and this alignment predicts more attention, more votes, and higher success in proxy fights.