id sid tid token lemma pos cblr-1732 1 1 microsoft microsoft PROPN cblr-1732 1 2 word word PROPN cblr-1732 1 3 2_2016.1_kastiel_final4 2_2016.1_kastiel_final4 NUM cblr-1732 1 4 kastiel kastiel NOUN cblr-1732 1 5 – – PUNCT cblr-1732 1 6 final final ADJ cblr-1732 1 7 against against ADP cblr-1732 1 8 all all DET cblr-1732 1 9 odds odd NOUN cblr-1732 1 10 : : PUNCT cblr-1732 1 11 hedge hedge NOUN cblr-1732 1 12 fund fund NOUN cblr-1732 1 13 activism activism NOUN cblr-1732 1 14 in in ADP cblr-1732 1 15 controlled control VERB cblr-1732 1 16 companies company NOUN cblr-1732 1 17 kobi kobi PROPN cblr-1732 1 18 kastiel kastiel VERB cblr-1732 1 19 the the DET cblr-1732 1 20 importance importance NOUN cblr-1732 1 21 of of ADP cblr-1732 1 22 shareholder shareholder NOUN cblr-1732 1 23 activism activism NOUN cblr-1732 1 24 in in ADP cblr-1732 1 25 widely widely ADV cblr-1732 1 26 held hold VERB cblr-1732 1 27 public public ADJ cblr-1732 1 28 companies company NOUN cblr-1732 1 29 is be AUX cblr-1732 1 30 already already ADV cblr-1732 1 31 broadly broadly ADV cblr-1732 1 32 recognized recognize VERB cblr-1732 1 33 . . PUNCT cblr-1732 2 1 less less ADV cblr-1732 2 2 well well ADV cblr-1732 2 3 understood understand VERB cblr-1732 2 4 , , PUNCT cblr-1732 2 5 however however ADV cblr-1732 2 6 , , PUNCT cblr-1732 2 7 is be AUX cblr-1732 2 8 the the DET cblr-1732 2 9 role role NOUN cblr-1732 2 10 that that PRON cblr-1732 2 11 activist activist ADJ cblr-1732 2 12 hedge hedge NOUN cblr-1732 2 13 funds fund NOUN cblr-1732 2 14 play play VERB cblr-1732 2 15 in in ADP cblr-1732 2 16 public public ADJ cblr-1732 2 17 companies company NOUN cblr-1732 2 18 with with ADP cblr-1732 2 19 a a DET cblr-1732 2 20 controlling control VERB cblr-1732 2 21 shareholder shareholder NOUN cblr-1732 2 22 , , PUNCT cblr-1732 2 23 and and CCONJ cblr-1732 2 24 the the DET cblr-1732 2 25 common common ADJ cblr-1732 2 26 view view NOUN cblr-1732 2 27 has have AUX cblr-1732 2 28 been be AUX cblr-1732 2 29 that that SCONJ cblr-1732 2 30 dispersed disperse VERB cblr-1732 2 31 stock stock NOUN cblr-1732 2 32 ownership ownership NOUN cblr-1732 2 33 is be AUX cblr-1732 2 34 typically typically ADV cblr-1732 2 35 a a DET cblr-1732 2 36 precondition precondition NOUN cblr-1732 2 37 for for ADP cblr-1732 2 38 activist activist ADJ cblr-1732 2 39 intervention intervention NOUN cblr-1732 2 40 . . PUNCT cblr-1732 3 1 to to PART cblr-1732 3 2 fill fill VERB cblr-1732 3 3 this this DET cblr-1732 3 4 gap gap NOUN cblr-1732 3 5 , , PUNCT cblr-1732 3 6 this this DET cblr-1732 3 7 article article NOUN cblr-1732 3 8 presents present VERB cblr-1732 3 9 the the DET cblr-1732 3 10 first first ADJ cblr-1732 3 11 comprehensive comprehensive ADJ cblr-1732 3 12 account account NOUN cblr-1732 3 13 of of ADP cblr-1732 3 14 hedge hedge NOUN cblr-1732 3 15 fund fund NOUN cblr-1732 3 16 activism activism NOUN cblr-1732 3 17 in in ADP cblr-1732 3 18 controlled control VERB cblr-1732 3 19 companies company NOUN cblr-1732 3 20 in in ADP cblr-1732 3 21 the the DET cblr-1732 3 22 united united PROPN cblr-1732 3 23 states states PROPN cblr-1732 3 24 . . PUNCT cblr-1732 4 1 using use VERB cblr-1732 4 2 empirical empirical ADJ cblr-1732 4 3 data datum NOUN cblr-1732 4 4 and and CCONJ cblr-1732 4 5 illustrative illustrative ADJ cblr-1732 4 6 examples example NOUN cblr-1732 4 7 from from ADP cblr-1732 4 8 recent recent ADJ cblr-1732 4 9 years year NOUN cblr-1732 4 10 , , PUNCT cblr-1732 4 11 the the DET cblr-1732 4 12 article article NOUN cblr-1732 4 13 finds find VERB cblr-1732 4 14 a a DET cblr-1732 4 15 surprising surprising ADJ cblr-1732 4 16 number number NOUN cblr-1732 4 17 of of ADP cblr-1732 4 18 activist activist ADJ cblr-1732 4 19 engagements engagement NOUN cblr-1732 4 20 with with ADP cblr-1732 4 21 controlled control VERB cblr-1732 4 22 companies company NOUN cblr-1732 4 23 , , PUNCT cblr-1732 4 24 and and CCONJ cblr-1732 4 25 unveils unveil VERB cblr-1732 4 26 the the DET cblr-1732 4 27 variety variety NOUN cblr-1732 4 28 of of ADP cblr-1732 4 29 channels channel NOUN cblr-1732 4 30 through through ADP cblr-1732 4 31 which which PRON cblr-1732 4 32 activism activism NOUN cblr-1732 4 33 is be AUX cblr-1732 4 34 deployed deploy VERB cblr-1732 4 35 as as ADV cblr-1732 4 36 well well ADV cblr-1732 4 37 as as ADP cblr-1732 4 38 the the DET cblr-1732 4 39 limitations limitation NOUN cblr-1732 4 40 of of ADP cblr-1732 4 41 these these DET cblr-1732 4 42 channels channel NOUN cblr-1732 4 43 . . PUNCT cblr-1732 5 1 it it PRON cblr-1732 5 2 concludes conclude VERB cblr-1732 5 3 by by ADP cblr-1732 5 4 offering offer VERB cblr-1732 5 5 regulators regulator NOUN cblr-1732 5 6 and and CCONJ cblr-1732 5 7 institutional institutional ADJ cblr-1732 5 8 investors investor NOUN cblr-1732 5 9 some some DET cblr-1732 5 10 suggestions suggestion NOUN cblr-1732 5 11 for for ADP cblr-1732 5 12 further far ADV cblr-1732 5 13 empowering empower VERB cblr-1732 5 14 activists activist NOUN cblr-1732 5 15 in in ADP cblr-1732 5 16 controlled control VERB cblr-1732 5 17 companies company NOUN cblr-1732 5 18 , , PUNCT cblr-1732 5 19 such such ADJ cblr-1732 5 20 as as ADP cblr-1732 5 21 granting grant VERB cblr-1732 5 22 investors investor NOUN cblr-1732 5 23 unaffiliated unaffiliate VERB cblr-1732 5 24 with with ADP cblr-1732 5 25 the the DET cblr-1732 5 26 controllers controller NOUN cblr-1732 5 27 the the DET cblr-1732 5 28 right right NOUN cblr-1732 5 29 to to PART cblr-1732 5 30 elect elect VERB cblr-1732 5 31 minority minority NOUN cblr-1732 5 32 directors director NOUN cblr-1732 5 33 . . PUNCT cblr-1732 6 1   PROPN cblr-1732 6 2 fellow fellow NOUN cblr-1732 6 3 of of ADP cblr-1732 6 4 the the DET cblr-1732 6 5 program program NOUN cblr-1732 6 6 on on ADP cblr-1732 6 7 corporate corporate ADJ cblr-1732 6 8 governance governance NOUN cblr-1732 6 9 and and CCONJ cblr-1732 6 10 terence terence PROPN cblr-1732 6 11 m. m. PROPN cblr-1732 6 12 considine considine PROPN cblr-1732 6 13 fellow fellow NOUN cblr-1732 6 14 at at ADP cblr-1732 6 15 the the DET cblr-1732 6 16 center center NOUN cblr-1732 6 17 for for ADP cblr-1732 6 18 law law NOUN cblr-1732 6 19 , , PUNCT cblr-1732 6 20 economics economic NOUN cblr-1732 6 21 and and CCONJ cblr-1732 6 22 business business NOUN cblr-1732 6 23 , , PUNCT cblr-1732 6 24 harvard harvard PROPN cblr-1732 6 25 law law PROPN cblr-1732 6 26 school school NOUN cblr-1732 6 27 . . PUNCT cblr-1732 7 1 i i PRON cblr-1732 7 2 am be AUX cblr-1732 7 3 grateful grateful ADJ cblr-1732 7 4 to to ADP cblr-1732 7 5 lucian lucian PROPN cblr-1732 7 6 bebchuk bebchuk PROPN cblr-1732 7 7 and and CCONJ cblr-1732 7 8 jesse jesse PROPN cblr-1732 7 9 fried fry VERB cblr-1732 7 10 for for ADP cblr-1732 7 11 their their PRON cblr-1732 7 12 valuable valuable ADJ cblr-1732 7 13 guidance guidance NOUN cblr-1732 7 14 and and CCONJ cblr-1732 7 15 advice advice NOUN cblr-1732 7 16 . . PUNCT cblr-1732 8 1 i i PRON cblr-1732 8 2 would would AUX cblr-1732 8 3 also also ADV cblr-1732 8 4 like like VERB cblr-1732 8 5 to to PART cblr-1732 8 6 thank thank VERB cblr-1732 8 7 jonathan jonathan PROPN cblr-1732 8 8 arbel arbel PROPN cblr-1732 8 9 , , PUNCT cblr-1732 8 10 arevik arevik PROPN cblr-1732 8 11 avedian avedian NOUN cblr-1732 8 12 , , PUNCT cblr-1732 8 13 john john PROPN cblr-1732 8 14 coates coates PROPN cblr-1732 8 15 , , PUNCT cblr-1732 8 16 assaf assaf PROPN cblr-1732 8 17 hamdani hamdani PROPN cblr-1732 8 18 , , PUNCT cblr-1732 8 19 scott scott PROPN cblr-1732 8 20 hirst hirst PROPN cblr-1732 8 21 , , PUNCT cblr-1732 8 22 yotam yotam VERB cblr-1732 8 23 kaplan kaplan PROPN cblr-1732 8 24 , , PUNCT cblr-1732 8 25 louis louis PROPN cblr-1732 8 26 kaplow kaplow PROPN cblr-1732 8 27 , , PUNCT cblr-1732 8 28 thomas thomas PROPN cblr-1732 8 29 keusch keusch PROPN cblr-1732 8 30 , , PUNCT cblr-1732 8 31 reinier reinier PROPN cblr-1732 8 32 kraakman kraakman PROPN cblr-1732 8 33 , , PUNCT cblr-1732 8 34 yaron yaron PROPN cblr-1732 8 35 nili nili PROPN cblr-1732 8 36 , , PUNCT cblr-1732 8 37 edward edward PROPN cblr-1732 8 38 rock rock PROPN cblr-1732 8 39 , , PUNCT cblr-1732 8 40 mark mark PROPN cblr-1732 8 41 roe roe PROPN cblr-1732 8 42 , , PUNCT cblr-1732 8 43 roy roy PROPN cblr-1732 8 44 shapira shapira PROPN cblr-1732 8 45 , , PUNCT cblr-1732 8 46 steven steven PROPN cblr-1732 8 47 shavell shavell PROPN cblr-1732 8 48 , , PUNCT cblr-1732 8 49 holger holger NOUN cblr-1732 8 50 spamann spamann PROPN cblr-1732 8 51 , , PUNCT cblr-1732 8 52 richard richard NOUN cblr-1732 8 53 squire squire PROPN cblr-1732 8 54 , , PUNCT cblr-1732 8 55 the the DET cblr-1732 8 56 participants participant NOUN cblr-1732 8 57 in in ADP cblr-1732 8 58 the the DET cblr-1732 8 59 law law NOUN cblr-1732 8 60 and and CCONJ cblr-1732 8 61 economics economic NOUN cblr-1732 8 62 seminar seminar NOUN cblr-1732 8 63 at at ADP cblr-1732 8 64 harvard harvard PROPN cblr-1732 8 65 law law PROPN cblr-1732 8 66 school school NOUN cblr-1732 8 67 , , PUNCT cblr-1732 8 68 the the DET cblr-1732 8 69 25th 25th ADJ cblr-1732 8 70 annual annual ADJ cblr-1732 8 71 meeting meeting NOUN cblr-1732 8 72 of of ADP cblr-1732 8 73 the the DET cblr-1732 8 74 american american ADJ cblr-1732 8 75 law law PROPN cblr-1732 8 76 and and CCONJ cblr-1732 8 77 economics economic NOUN cblr-1732 8 78 association association PROPN cblr-1732 8 79 , , PUNCT cblr-1732 8 80 the the DET cblr-1732 8 81 corporate corporate ADJ cblr-1732 8 82 governance governance NOUN cblr-1732 8 83 fellows fellow NOUN cblr-1732 8 84 group group NOUN cblr-1732 8 85 at at ADP cblr-1732 8 86 harvard harvard PROPN cblr-1732 8 87 law law PROPN cblr-1732 8 88 school school NOUN cblr-1732 8 89 , , PUNCT cblr-1732 8 90 and and CCONJ cblr-1732 8 91 the the DET cblr-1732 8 92 faculty faculty NOUN cblr-1732 8 93 workshops workshop NOUN cblr-1732 8 94 at at ADP cblr-1732 8 95 bar bar PROPN cblr-1732 8 96 ilan ilan PROPN cblr-1732 8 97 university university PROPN cblr-1732 8 98 , , PUNCT cblr-1732 8 99 hebrew hebrew ADJ cblr-1732 8 100 university university NOUN cblr-1732 8 101 , , PUNCT cblr-1732 8 102 interdisciplinary interdisciplinary ADJ cblr-1732 8 103 center center NOUN cblr-1732 8 104 herzliya herzliya PROPN cblr-1732 8 105 , , PUNCT cblr-1732 8 106 and and CCONJ cblr-1732 8 107 tel tel PROPN cblr-1732 8 108 aviv aviv PROPN cblr-1732 8 109 university university PROPN cblr-1732 8 110 for for ADP cblr-1732 8 111 helpful helpful ADJ cblr-1732 8 112 conversations conversation NOUN cblr-1732 8 113 , , PUNCT cblr-1732 8 114 comments comment NOUN cblr-1732 8 115 and and CCONJ cblr-1732 8 116 suggestions suggestion NOUN cblr-1732 8 117 . . PUNCT cblr-1732 9 1 generous generous ADJ cblr-1732 9 2 financial financial ADJ cblr-1732 9 3 support support NOUN cblr-1732 9 4 was be AUX cblr-1732 9 5 provided provide VERB cblr-1732 9 6 by by ADP cblr-1732 9 7 the the DET cblr-1732 9 8 law law NOUN cblr-1732 9 9 school school NOUN cblr-1732 9 10 ’s ’s PART cblr-1732 9 11 john john PROPN cblr-1732 9 12 m. m. PROPN cblr-1732 9 13 olin olin PROPN cblr-1732 9 14 center center PROPN cblr-1732 9 15 , , PUNCT cblr-1732 9 16 the the DET cblr-1732 9 17 program program NOUN cblr-1732 9 18 on on ADP cblr-1732 9 19 corporate corporate ADJ cblr-1732 9 20 governance governance NOUN cblr-1732 9 21 , , PUNCT cblr-1732 9 22 and and CCONJ cblr-1732 9 23 the the DET cblr-1732 9 24 harvard harvard PROPN cblr-1732 9 25 law law PROPN cblr-1732 9 26 school school NOUN cblr-1732 9 27 summer summer NOUN cblr-1732 9 28 academic academic ADJ cblr-1732 9 29 fellowship fellowship NOUN cblr-1732 9 30 program program NOUN cblr-1732 9 31 . . PUNCT cblr-1732 10 1 kastiel kastiel PROPN cblr-1732 10 2 – – PUNCT cblr-1732 10 3 final final ADJ cblr-1732 10 4 no no NOUN cblr-1732 10 5 . . PROPN cblr-1732 10 6 1:60 1:60 NUM cblr-1732 10 7 ] ] PUNCT cblr-1732 10 8 against against ADP cblr-1732 10 9 all all DET cblr-1732 10 10 odds odd NOUN cblr-1732 10 11 61 61 NUM cblr-1732 10 12 i. i. NOUN cblr-1732 10 13     SPACE cblr-1732 10 14 introduction introduction NOUN cblr-1732 10 15 ..................................................................... ..................................................................... PUNCT cblr-1732 10 16 61 61 NUM cblr-1732 10 17     SPACE cblr-1732 10 18 ii ii NOUN cblr-1732 10 19 . . PUNCT cblr-1732 10 20     SPACE cblr-1732 10 21 hedge hedge NOUN cblr-1732 10 22 fund fund NOUN cblr-1732 10 23 activism activism NOUN cblr-1732 10 24 in in ADP cblr-1732 10 25 controlled control VERB cblr-1732 10 26 companies company NOUN cblr-1732 10 27 : : PUNCT cblr-1732 10 28 background background NOUN cblr-1732 10 29 ................................................................... ................................................................... PUNCT cblr-1732 11 1 70 70 NUM cblr-1732 11 2     SPACE cblr-1732 11 3 a. a. NOUN cblr-1732 11 4     SPACE cblr-1732 11 5 the the DET cblr-1732 11 6 stakes stake NOUN cblr-1732 11 7 .............................................................. .............................................................. PUNCT cblr-1732 11 8 70 70 NUM cblr-1732 11 9     SPACE cblr-1732 11 10 b. b. PROPN cblr-1732 11 11     SPACE cblr-1732 11 12 the the DET cblr-1732 11 13 initial initial ADJ cblr-1732 11 14 hypothesis hypothesis NOUN cblr-1732 11 15 ........................................... ........................................... PUNCT cblr-1732 11 16 74 74 NUM cblr-1732 11 17     SPACE cblr-1732 11 18 c. c. NOUN cblr-1732 11 19     SPACE cblr-1732 11 20 prior prior ADJ cblr-1732 11 21 empirical empirical ADJ cblr-1732 11 22 research research NOUN cblr-1732 11 23 ...................................... ...................................... PUNCT cblr-1732 11 24 76 76 NUM cblr-1732 11 25     SPACE cblr-1732 11 26 iii iii NOUN cblr-1732 11 27 . . PUNCT cblr-1732 11 28     SPACE cblr-1732 11 29 hedge hedge NOUN cblr-1732 11 30 fund fund NOUN cblr-1732 11 31 activism activism NOUN cblr-1732 11 32 and and CCONJ cblr-1732 11 33 ownership ownership NOUN cblr-1732 11 34 structure structure NOUN cblr-1732 11 35 .......... .......... PUNCT cblr-1732 11 36 80 80 NUM cblr-1732 11 37     SPACE cblr-1732 11 38 a. a. NOUN cblr-1732 11 39     SPACE cblr-1732 11 40 data datum NOUN cblr-1732 11 41 collection collection NOUN cblr-1732 11 42 ...................................................... ...................................................... PUNCT cblr-1732 11 43 80 80 NUM cblr-1732 11 44     SPACE cblr-1732 11 45 b. b. NOUN cblr-1732 11 46     SPACE cblr-1732 11 47 results result NOUN cblr-1732 11 48 and and CCONJ cblr-1732 11 49 analysis analysis NOUN cblr-1732 11 50 ............................................. ............................................. PUNCT cblr-1732 11 51 82 82 NUM cblr-1732 11 52     SPACE cblr-1732 11 53 1 1 NUM cblr-1732 11 54 . . PUNCT cblr-1732 11 55     SPACE cblr-1732 11 56 activism activism NOUN cblr-1732 11 57 and and CCONJ cblr-1732 11 58 ownership ownership NOUN cblr-1732 11 59 structure structure NOUN cblr-1732 11 60 ................. ................. PUNCT cblr-1732 11 61 82 82 NUM cblr-1732 11 62     SPACE cblr-1732 11 63 2 2 NUM cblr-1732 11 64 . . PUNCT cblr-1732 11 65     SPACE cblr-1732 11 66 different different ADJ cblr-1732 11 67 type type NOUN cblr-1732 11 68 of of ADP cblr-1732 11 69 activism activism NOUN cblr-1732 11 70 ? ? PUNCT cblr-1732 11 71 ............................. ............................. PUNCT cblr-1732 12 1 85 85 NUM cblr-1732 12 2     SPACE cblr-1732 12 3 iv iv NUM cblr-1732 12 4 . . PUNCT cblr-1732 12 5     SPACE cblr-1732 12 6 the the DET cblr-1732 12 7 formal formal ADJ cblr-1732 12 8 channels channel NOUN cblr-1732 12 9 of of ADP cblr-1732 12 10 activism activism NOUN cblr-1732 12 11 .................................. .................................. PUNCT cblr-1732 12 12 88 88 NUM cblr-1732 12 13     SPACE cblr-1732 12 14 a. a. NOUN cblr-1732 12 15     SPACE cblr-1732 12 16 the the DET cblr-1732 12 17 right right NOUN cblr-1732 12 18 to to PART cblr-1732 12 19 nominate nominate VERB cblr-1732 12 20 and and CCONJ cblr-1732 12 21 elect elect VERB cblr-1732 12 22 minority minority NOUN cblr-1732 12 23 directors director NOUN cblr-1732 12 24 ................................................................. ................................................................. PUNCT cblr-1732 12 25 90 90 NUM cblr-1732 12 26     SPACE cblr-1732 12 27 1 1 NUM cblr-1732 12 28 . . PUNCT cblr-1732 12 29     SPACE cblr-1732 12 30 dual dual ADJ cblr-1732 12 31 - - PUNCT cblr-1732 12 32 class class NOUN cblr-1732 12 33 firms firm NOUN cblr-1732 12 34 ............................................... ............................................... PUNCT cblr-1732 13 1 90 90 NUM cblr-1732 13 2     SPACE cblr-1732 13 3 2 2 NUM cblr-1732 13 4 . . PUNCT cblr-1732 13 5     SPACE cblr-1732 13 6 effectively effectively ADV cblr-1732 13 7 - - PUNCT cblr-1732 13 8 controlled control VERB cblr-1732 13 9 firms firm NOUN cblr-1732 13 10 ............................. ............................. PUNCT cblr-1732 14 1 95 95 NUM cblr-1732 14 2     SPACE cblr-1732 14 3 b. b. NOUN cblr-1732 14 4     SPACE cblr-1732 14 5 minority minority NOUN cblr-1732 14 6 ’s ’s PART cblr-1732 14 7 veto veto NOUN cblr-1732 14 8 power power NOUN cblr-1732 14 9 in in ADP cblr-1732 14 10 going go VERB cblr-1732 14 11 - - PUNCT cblr-1732 14 12 private private ADJ cblr-1732 14 13 transactions transaction NOUN cblr-1732 14 14 ........................................................... ........................................................... PUNCT cblr-1732 14 15 99 99 NUM cblr-1732 14 16     SPACE cblr-1732 14 17 c. c. PROPN cblr-1732 14 18     SPACE cblr-1732 14 19 activism activism NOUN cblr-1732 14 20 in in ADP cblr-1732 14 21 the the DET cblr-1732 14 22 shadow shadow NOUN cblr-1732 14 23 of of ADP cblr-1732 14 24 litigation litigation NOUN cblr-1732 14 25 ................. ................. PUNCT cblr-1732 15 1 102 102 NUM cblr-1732 15 2     SPACE cblr-1732 15 3 v. v. ADP cblr-1732 15 4     SPACE cblr-1732 15 5 the the DET cblr-1732 15 6 informal informal ADJ cblr-1732 15 7 channels channel NOUN cblr-1732 15 8 of of ADP cblr-1732 15 9 activism activism NOUN cblr-1732 15 10 .............................. .............................. PUNCT cblr-1732 15 11 104 104 NUM cblr-1732 15 12     SPACE cblr-1732 15 13 a. a. NOUN cblr-1732 15 14     SPACE cblr-1732 15 15 unbundling unbundling NOUN cblr-1732 15 16 controllers controller NOUN cblr-1732 15 17 ’ ' PUNCT cblr-1732 15 18 reputational reputational ADJ cblr-1732 15 19 concerns concern NOUN cblr-1732 15 20 ............................................................... ............................................................... PUNCT cblr-1732 15 21 104 104 NUM cblr-1732 15 22     SPACE cblr-1732 15 23 b. b. NOUN cblr-1732 15 24     SPACE cblr-1732 15 25 the the DET cblr-1732 15 26 role role NOUN cblr-1732 15 27 of of ADP cblr-1732 15 28 reputation reputation NOUN cblr-1732 15 29 in in ADP cblr-1732 15 30 encouraging encourage VERB cblr-1732 15 31 activism activism NOUN cblr-1732 15 32 ................................................................ ................................................................ PUNCT cblr-1732 16 1 107 107 NUM cblr-1732 16 2     SPACE cblr-1732 16 3 1 1 NUM cblr-1732 16 4 . . PUNCT cblr-1732 16 5     SPACE cblr-1732 16 6 activism activism NOUN cblr-1732 16 7 against against ADP cblr-1732 16 8 all all DET cblr-1732 16 9 odds odd NOUN cblr-1732 16 10 ............................. ............................. PUNCT cblr-1732 17 1 107 107 NUM cblr-1732 17 2     SPACE cblr-1732 17 3 2 2 NUM cblr-1732 17 4 . . PUNCT cblr-1732 17 5     SPACE cblr-1732 17 6 the the DET cblr-1732 17 7 reliance reliance NOUN cblr-1732 17 8 of of ADP cblr-1732 17 9 reputation reputation NOUN cblr-1732 17 10 on on ADP cblr-1732 17 11 the the DET cblr-1732 17 12 formal formal ADJ cblr-1732 17 13 channels channel NOUN cblr-1732 17 14 ......................................................... ......................................................... PUNCT cblr-1732 17 15 112 112 NUM cblr-1732 17 16     SPACE cblr-1732 17 17 vi vi NOUN cblr-1732 17 18 . . PUNCT cblr-1732 17 19     SPACE cblr-1732 17 20 disruptive disruptive ADJ cblr-1732 17 21 activism activism NOUN cblr-1732 17 22 ? ? PUNCT cblr-1732 17 23 ..................................................... ..................................................... PUNCT cblr-1732 18 1 116 116 NUM cblr-1732 18 2     SPACE cblr-1732 18 3 vii vii PROPN cblr-1732 18 4 . . PROPN cblr-1732 18 5     SPACE cblr-1732 18 6 policy policy NOUN cblr-1732 18 7 implications implication NOUN cblr-1732 18 8 ..................................................... ..................................................... PUNCT cblr-1732 18 9 125 125 NUM cblr-1732 18 10     SPACE cblr-1732 18 11 viii viii NOUN cblr-1732 18 12 . . PUNCT cblr-1732 18 13     SPACE cblr-1732 18 14 conclusion conclusion NOUN cblr-1732 18 15 .................................................................. .................................................................. PUNCT cblr-1732 18 16 130 130 NUM cblr-1732 18 17     SPACE cblr-1732 18 18 i. i. NOUN cblr-1732 18 19 introduction introduction NOUN cblr-1732 18 20 in in ADP cblr-1732 18 21 early early ADJ cblr-1732 18 22 2008 2008 NUM cblr-1732 18 23 , , PUNCT cblr-1732 18 24 the the DET cblr-1732 18 25 activist activist ADJ cblr-1732 18 26 hedge hedge NOUN cblr-1732 18 27 funds fund NOUN cblr-1732 18 28 harbinger harbinger PROPN cblr-1732 18 29 capital capital NOUN cblr-1732 18 30 partners partner NOUN cblr-1732 18 31 and and CCONJ cblr-1732 18 32 firebrand firebrand NOUN cblr-1732 18 33 partners partner NOUN cblr-1732 18 34 sent send VERB cblr-1732 18 35 a a DET cblr-1732 18 36 public public ADJ cblr-1732 18 37 letter letter NOUN cblr-1732 18 38 to to ADP cblr-1732 18 39 the the DET cblr-1732 18 40 new new PROPN cblr-1732 18 41 york york PROPN cblr-1732 18 42 times times PROPN cblr-1732 18 43 company company NOUN cblr-1732 18 44 . . PUNCT cblr-1732 19 1 the the DET cblr-1732 19 2 activists activist NOUN cblr-1732 19 3 , , PUNCT cblr-1732 19 4 who who PRON cblr-1732 19 5 together together ADV cblr-1732 19 6 held hold VERB cblr-1732 19 7 4.9 4.9 NUM cblr-1732 19 8 % % NOUN cblr-1732 19 9 of of ADP cblr-1732 19 10 the the DET cblr-1732 19 11 company company NOUN cblr-1732 19 12 ’s ’s PART cblr-1732 19 13 class class NOUN cblr-1732 19 14 a a DET cblr-1732 19 15 shares share NOUN cblr-1732 19 16 , , PUNCT cblr-1732 19 17 expressed express VERB cblr-1732 19 18 the the DET cblr-1732 19 19 view view NOUN cblr-1732 19 20 that that SCONJ cblr-1732 19 21 the the DET cblr-1732 19 22 company company NOUN cblr-1732 19 23 ’s ’s PART cblr-1732 19 24 board board NOUN cblr-1732 19 25 had have AUX cblr-1732 19 26 been be AUX cblr-1732 19 27 ineffective ineffective ADJ cblr-1732 19 28 in in ADP cblr-1732 19 29 delivering deliver VERB cblr-1732 19 30 value value NOUN cblr-1732 19 31 . . PUNCT cblr-1732 20 1 they they PRON cblr-1732 20 2 called call VERB cblr-1732 20 3 for for ADP cblr-1732 20 4 a a DET cblr-1732 20 5 renewed renew VERB cblr-1732 20 6 focus focus NOUN cblr-1732 20 7 on on ADP cblr-1732 20 8 the the DET cblr-1732 20 9 company company NOUN cblr-1732 20 10 ’s ’s PART cblr-1732 20 11 core core NOUN cblr-1732 20 12 kastiel kastiel NOUN cblr-1732 20 13 – – PUNCT cblr-1732 20 14 final final ADJ cblr-1732 20 15 62 62 NUM cblr-1732 20 16 columbia columbia PROPN cblr-1732 20 17 business business NOUN cblr-1732 20 18 law law PROPN cblr-1732 20 19 review review NOUN cblr-1732 20 20 [ [ X cblr-1732 20 21 vol vol NOUN cblr-1732 20 22 . . NOUN cblr-1732 20 23 2016 2016 NUM cblr-1732 20 24 assets asset NOUN cblr-1732 20 25 and and CCONJ cblr-1732 20 26 the the DET cblr-1732 20 27 redeployment redeployment NOUN cblr-1732 20 28 of of ADP cblr-1732 20 29 capital capital NOUN cblr-1732 20 30 to to PART cblr-1732 20 31 expedite expedite VERB cblr-1732 20 32 the the DET cblr-1732 20 33 company company NOUN cblr-1732 20 34 ’s ’s PART cblr-1732 20 35 presence presence NOUN cblr-1732 20 36 in in ADP cblr-1732 20 37 digital digital ADJ cblr-1732 20 38 media.1 media.1 NOUN cblr-1732 20 39 the the DET cblr-1732 20 40 activists activist NOUN cblr-1732 20 41 also also ADV cblr-1732 20 42 criticized criticize VERB cblr-1732 20 43 the the DET cblr-1732 20 44 times time NOUN cblr-1732 20 45 company company NOUN cblr-1732 20 46 ’s ’s PART cblr-1732 20 47 empire empire NOUN cblr-1732 20 48 building,2 building,2 NOUN cblr-1732 20 49 and and CCONJ cblr-1732 20 50 pressed press VERB cblr-1732 20 51 the the DET cblr-1732 20 52 company company NOUN cblr-1732 20 53 to to PART cblr-1732 20 54 sell sell VERB cblr-1732 20 55 some some PRON cblr-1732 20 56 of of ADP cblr-1732 20 57 its its PRON cblr-1732 20 58 non non ADJ cblr-1732 20 59 - - ADJ cblr-1732 20 60 core core ADJ cblr-1732 20 61 assets,3 assets,3 NOUN cblr-1732 20 62 such such ADJ cblr-1732 20 63 as as ADP cblr-1732 20 64 its its PRON cblr-1732 20 65 stakes stake NOUN cblr-1732 20 66 in in ADP cblr-1732 20 67 the the DET cblr-1732 20 68 boston boston PROPN cblr-1732 20 69 red red PROPN cblr-1732 20 70 sox,4 sox,4 PROPN cblr-1732 20 71 roush roush PROPN cblr-1732 20 72 fenway fenway PROPN cblr-1732 20 73 racing racing NOUN cblr-1732 20 74 ( ( PUNCT cblr-1732 20 75 a a DET cblr-1732 20 76 leading lead VERB cblr-1732 20 77 nascar nascar PROPN cblr-1732 20 78 race race NOUN cblr-1732 20 79 team),5 team),5 NOUN cblr-1732 20 80 and and CCONJ cblr-1732 20 81 the the DET cblr-1732 20 82 boston boston PROPN cblr-1732 20 83 globe globe PROPN cblr-1732 20 84 newspaper newspaper NOUN cblr-1732 20 85 , , PUNCT cblr-1732 20 86 which which PRON cblr-1732 20 87 fared fare VERB cblr-1732 20 88 worse bad ADJ cblr-1732 20 89 than than ADP cblr-1732 20 90 many many ADJ cblr-1732 20 91 other other ADJ cblr-1732 20 92 metropolitan metropolitan ADJ cblr-1732 20 93 dailies daily NOUN cblr-1732 20 94 in in ADP cblr-1732 20 95 years year NOUN cblr-1732 20 96 that that PRON cblr-1732 20 97 preceded precede VERB cblr-1732 20 98 the the DET cblr-1732 20 99 engagement.6 engagement.6 PROPN cblr-1732 20 100 “ " PUNCT cblr-1732 20 101 there there PRON cblr-1732 20 102 is be VERB cblr-1732 20 103 nothing nothing PRON cblr-1732 20 104 wrong wrong ADJ cblr-1732 20 105 with with ADP cblr-1732 20 106 the the DET cblr-1732 20 107 new new PROPN cblr-1732 20 108 york york PROPN cblr-1732 20 109 times times PROPN cblr-1732 20 110 company company NOUN cblr-1732 20 111 that that PRON cblr-1732 20 112 can can AUX cblr-1732 20 113 not not PART cblr-1732 20 114 be be AUX cblr-1732 20 115 fixed fix VERB cblr-1732 20 116 with with ADP cblr-1732 20 117 what what PRON cblr-1732 20 118 is be AUX cblr-1732 20 119 right right ADJ cblr-1732 20 120 with with ADP cblr-1732 20 121 the the DET cblr-1732 20 122 new new PROPN cblr-1732 20 123 york york PROPN cblr-1732 20 124 times,”7 times,”7 NOUN cblr-1732 20 125 the the DET cblr-1732 20 126 activists activist NOUN cblr-1732 20 127 summarized summarize VERB cblr-1732 20 128 . . PUNCT cblr-1732 21 1 the the DET cblr-1732 21 2 timing timing NOUN cblr-1732 21 3 of of ADP cblr-1732 21 4 the the DET cblr-1732 21 5 activist activist ADJ cblr-1732 21 6 engagement engagement NOUN cblr-1732 21 7 was be AUX cblr-1732 21 8 not not PART cblr-1732 21 9 surprising surprising ADJ cblr-1732 21 10 . . PUNCT cblr-1732 22 1 it it PRON cblr-1732 22 2 started start VERB cblr-1732 22 3 when when SCONJ cblr-1732 22 4 the the DET cblr-1732 22 5 company company NOUN cblr-1732 22 6 ’s ’s PART cblr-1732 22 7 share share NOUN cblr-1732 22 8 price price NOUN cblr-1732 22 9 had have AUX cblr-1732 22 10 fallen fall VERB cblr-1732 22 11 to to ADP cblr-1732 22 12 an an DET cblr-1732 22 13 eleven eleven NUM cblr-1732 22 14 - - PUNCT cblr-1732 22 15 year year NOUN cblr-1732 22 16 low,8 low,8 NOUN cblr-1732 22 17 and and CCONJ cblr-1732 22 18 after after ADP cblr-1732 22 19 a a DET cblr-1732 22 20 long long ADJ cblr-1732 22 21 - - PUNCT cblr-1732 22 22 term term NOUN cblr-1732 22 23 major major ADJ cblr-1732 22 24 shareholder shareholder NOUN cblr-1732 22 25 , , PUNCT cblr-1732 22 26 morgan morgan PROPN cblr-1732 22 27 stanley stanley PROPN cblr-1732 22 28 investment investment PROPN cblr-1732 22 29 management management PROPN cblr-1732 22 30 , , PUNCT cblr-1732 22 31 led lead VERB cblr-1732 22 32 a a DET cblr-1732 22 33 vocal vocal ADJ cblr-1732 22 34 twoyear twoyear NOUN cblr-1732 22 35 campaign campaign NOUN cblr-1732 22 36 criticizing criticize VERB cblr-1732 22 37 the the DET cblr-1732 22 38 times time NOUN cblr-1732 22 39 company company NOUN cblr-1732 22 40 ’s ’s PART cblr-1732 22 41 business business NOUN cblr-1732 22 42 performance performance NOUN cblr-1732 22 43 and and CCONJ cblr-1732 22 44 corporate corporate ADJ cblr-1732 22 45 governance governance NOUN cblr-1732 22 46 practices.9 practices.9 NOUN cblr-1732 22 47 during during ADP cblr-1732 22 48 the the DET cblr-1732 22 49 1 1 NUM cblr-1732 22 50 exhibit exhibit NOUN cblr-1732 22 51 to to ADP cblr-1732 22 52 the the DET cblr-1732 22 53 new new PROPN cblr-1732 22 54 york york PROPN cblr-1732 22 55 times times PROPN cblr-1732 22 56 co. co. PROPN cblr-1732 22 57 , , PUNCT cblr-1732 22 58 proxy proxy ADJ cblr-1732 22 59 statement statement NOUN cblr-1732 22 60 ( ( PUNCT cblr-1732 22 61 form form NOUN cblr-1732 22 62 14a 14a NOUN cblr-1732 22 63 ) ) PUNCT cblr-1732 22 64 7 7 NUM cblr-1732 22 65 ( ( PUNCT cblr-1732 22 66 jan jan PROPN cblr-1732 22 67 . . PROPN cblr-1732 22 68 1 1 NUM cblr-1732 22 69 , , PUNCT cblr-1732 22 70 2008 2008 NUM cblr-1732 22 71 ) ) PUNCT cblr-1732 22 72 . . PUNCT cblr-1732 23 1 2 2 NUM cblr-1732 23 2 in in ADP cblr-1732 23 3 addition addition NOUN cblr-1732 23 4 to to ADP cblr-1732 23 5 its its PRON cblr-1732 23 6 flagship flagship NOUN cblr-1732 23 7 newspaper newspaper NOUN cblr-1732 23 8 , , PUNCT cblr-1732 23 9 the the DET cblr-1732 23 10 times time NOUN cblr-1732 23 11 company company NOUN cblr-1732 23 12 owned own VERB cblr-1732 23 13 thirty thirty NUM cblr-1732 23 14 - - PUNCT cblr-1732 23 15 one one NUM cblr-1732 23 16 regional regional ADJ cblr-1732 23 17 newspapers newspaper NOUN cblr-1732 23 18 , , PUNCT cblr-1732 23 19 twenty twenty NUM cblr-1732 23 20 magazines magazine NOUN cblr-1732 23 21 , , PUNCT cblr-1732 23 22 five five NUM cblr-1732 23 23 television television NOUN cblr-1732 23 24 stations station NOUN cblr-1732 23 25 , , PUNCT cblr-1732 23 26 two two NUM cblr-1732 23 27 radio radio NOUN cblr-1732 23 28 stations station NOUN cblr-1732 23 29 , , PUNCT cblr-1732 23 30 and and CCONJ cblr-1732 23 31 other other ADJ cblr-1732 23 32 businesses business NOUN cblr-1732 23 33 . . PUNCT cblr-1732 24 1 it it PRON cblr-1732 24 2 also also ADV cblr-1732 24 3 had have VERB cblr-1732 24 4 a a DET cblr-1732 24 5 half half ADJ cblr-1732 24 6 - - PUNCT cblr-1732 24 7 interest interest NOUN cblr-1732 24 8 , , PUNCT cblr-1732 24 9 with with ADP cblr-1732 24 10 the the DET cblr-1732 24 11 washington washington PROPN cblr-1732 24 12 post post PROPN cblr-1732 24 13 company company NOUN cblr-1732 24 14 , , PUNCT cblr-1732 24 15 in in ADP cblr-1732 24 16 the the DET cblr-1732 24 17 international international PROPN cblr-1732 24 18 herald herald PROPN cblr-1732 24 19 tribune tribune PROPN cblr-1732 24 20 , , PUNCT cblr-1732 24 21 the the DET cblr-1732 24 22 boston boston PROPN cblr-1732 24 23 red red PROPN cblr-1732 24 24 sox sox PROPN cblr-1732 24 25 , , PUNCT cblr-1732 24 26 and and CCONJ cblr-1732 24 27 a a DET cblr-1732 24 28 nascar nascar PROPN cblr-1732 24 29 race race NOUN cblr-1732 24 30 team team NOUN cblr-1732 24 31 . . PUNCT cblr-1732 25 1 see see VERB cblr-1732 25 2 infra infra NOUN cblr-1732 25 3 note note VERB cblr-1732 25 4 14 14 NUM cblr-1732 25 5 . . SYM cblr-1732 25 6 3 3 NUM cblr-1732 25 7 see see VERB cblr-1732 25 8 supra supra PROPN cblr-1732 25 9 note note PROPN cblr-1732 25 10 1 1 NUM cblr-1732 25 11 . . ADP cblr-1732 25 12 4 4 NUM cblr-1732 25 13 the the DET cblr-1732 25 14 new new PROPN cblr-1732 25 15 york york PROPN cblr-1732 25 16 times times PROPN cblr-1732 25 17 co. co. PROPN cblr-1732 25 18 , , PUNCT cblr-1732 25 19 annual annual ADJ cblr-1732 25 20 report report NOUN cblr-1732 25 21 ( ( PUNCT cblr-1732 25 22 form form NOUN cblr-1732 25 23 10 10 NUM cblr-1732 25 24 - - PUNCT cblr-1732 25 25 k k NOUN cblr-1732 25 26 ) ) PUNCT cblr-1732 25 27 1 1 NUM cblr-1732 25 28 ( ( PUNCT cblr-1732 25 29 feb feb X cblr-1732 25 30 . . PROPN cblr-1732 25 31 22 22 NUM cblr-1732 25 32 , , PUNCT cblr-1732 25 33 2011 2011 NUM cblr-1732 25 34 ) ) PUNCT cblr-1732 25 35 . . PUNCT cblr-1732 26 1 5 5 NUM cblr-1732 27 1 i i PRON cblr-1732 27 2 d. d. PROPN cblr-1732 27 3 6 6 NUM cblr-1732 27 4 see see VERB cblr-1732 27 5 russell russell PROPN cblr-1732 27 6 adams adams PROPN cblr-1732 27 7 , , PUNCT cblr-1732 27 8 new new PROPN cblr-1732 27 9 york york PROPN cblr-1732 27 10 times times PROPN cblr-1732 27 11 may may AUX cblr-1732 27 12 cut cut VERB cblr-1732 27 13 payout payout NOUN cblr-1732 27 14 , , PUNCT cblr-1732 27 15 wall wall PROPN cblr-1732 27 16 . . PUNCT cblr-1732 27 17 st st PROPN cblr-1732 27 18 . . PROPN cblr-1732 27 19 j. j. PROPN cblr-1732 27 20 ( ( PUNCT cblr-1732 27 21 oct oct PROPN cblr-1732 27 22 . . PROPN cblr-1732 27 23 24 24 NUM cblr-1732 27 24 , , PUNCT cblr-1732 27 25 2008 2008 NUM cblr-1732 27 26 ) ) PUNCT cblr-1732 27 27 , , PUNCT cblr-1732 27 28 http://www.wsj.com/articles/sb122478493122263159?cb=lo http://www.wsj.com/articles/sb122478493122263159?cb=lo NOUN cblr-1732 27 29 gged0.7962122080435743 gged0.7962122080435743 X cblr-1732 27 30 [ [ X cblr-1732 27 31 https://perma.cc/mtr7-97vr https://perma.cc/mtr7-97vr NOUN cblr-1732 27 32 ] ] PUNCT cblr-1732 27 33 ( ( PUNCT cblr-1732 27 34 noting note VERB cblr-1732 27 35 that that SCONJ cblr-1732 27 36 in in ADP cblr-1732 27 37 2006 2006 NUM cblr-1732 27 38 , , PUNCT cblr-1732 27 39 the the DET cblr-1732 27 40 times time NOUN cblr-1732 27 41 , , PUNCT cblr-1732 27 42 which which PRON cblr-1732 27 43 paid pay VERB cblr-1732 27 44 $ $ SYM cblr-1732 27 45 1.1 1.1 NUM cblr-1732 27 46 billion billion NUM cblr-1732 27 47 for for ADP cblr-1732 27 48 the the DET cblr-1732 27 49 globe globe NOUN cblr-1732 27 50 in in ADP cblr-1732 27 51 1993 1993 NUM cblr-1732 27 52 ( ( PUNCT cblr-1732 27 53 among among ADP cblr-1732 27 54 the the DET cblr-1732 27 55 highest high ADJ cblr-1732 27 56 prices price NOUN cblr-1732 27 57 paid pay VERB cblr-1732 27 58 for for ADP cblr-1732 27 59 an an DET cblr-1732 27 60 american american ADJ cblr-1732 27 61 newspaper newspaper NOUN cblr-1732 27 62 ) ) PUNCT cblr-1732 27 63 , , PUNCT cblr-1732 27 64 took take VERB cblr-1732 27 65 an an DET cblr-1732 27 66 $ $ SYM cblr-1732 27 67 814 814 NUM cblr-1732 27 68 million million NUM cblr-1732 27 69 write write NOUN cblr-1732 27 70 - - PUNCT cblr-1732 27 71 down down NOUN cblr-1732 27 72 on on ADP cblr-1732 27 73 its its PRON cblr-1732 27 74 new new ADJ cblr-1732 27 75 england england PROPN cblr-1732 27 76 assets asset NOUN cblr-1732 27 77 ) ) PUNCT cblr-1732 27 78 . . PUNCT cblr-1732 28 1 7 7 NUM cblr-1732 28 2 see see VERB cblr-1732 28 3 supra supra PROPN cblr-1732 28 4 note note PROPN cblr-1732 28 5 1 1 NUM cblr-1732 28 6 . . SYM cblr-1732 28 7 8 8 NUM cblr-1732 28 8 joshua joshua PROPN cblr-1732 28 9 chaffin chaffin PROPN cblr-1732 28 10 , , PUNCT cblr-1732 28 11 hedge hedge NOUN cblr-1732 28 12 fund fund NOUN cblr-1732 28 13 lashes lash VERB cblr-1732 28 14 out out ADP cblr-1732 28 15 at at ADP cblr-1732 28 16 nyt nyt PROPN cblr-1732 28 17 board board PROPN cblr-1732 28 18 , , PUNCT cblr-1732 28 19 fin fin PROPN cblr-1732 28 20 . . PUNCT cblr-1732 28 21 times times PROPN cblr-1732 28 22 , , PUNCT cblr-1732 28 23 ( ( PUNCT cblr-1732 28 24 jan jan PROPN cblr-1732 28 25 . . PROPN cblr-1732 28 26 28 28 NUM cblr-1732 28 27 , , PUNCT cblr-1732 28 28 2008 2008 NUM cblr-1732 28 29 ) ) PUNCT cblr-1732 28 30 , , PUNCT cblr-1732 28 31 http://www.ft.com/intl/cms/s/0/5eae7fba-cd3a-11dc-9b2b000077b07658.html#axzz42lvtoajm http://www.ft.com/intl/cms/s/0/5eae7fba-cd3a-11dc-9b2b000077b07658.html#axzz42lvtoajm VERB cblr-1732 29 1 [ [ X cblr-1732 29 2 https://perma.cc/tb9c-f3cj https://perma.cc/tb9c-f3cj X cblr-1732 29 3 ] ] X cblr-1732 29 4 . . PUNCT cblr-1732 30 1 9 9 NUM cblr-1732 30 2 see see VERB cblr-1732 30 3 , , PUNCT cblr-1732 30 4 e.g. e.g. ADV cblr-1732 30 5 , , PUNCT cblr-1732 30 6 merissa merissa NOUN cblr-1732 30 7 marr marr NOUN cblr-1732 30 8 , , PUNCT cblr-1732 30 9 new new PROPN cblr-1732 30 10 york york PROPN cblr-1732 30 11 times times PROPN cblr-1732 30 12 co. co. PROPN cblr-1732 30 13 relents relent VERB cblr-1732 30 14 on on ADP cblr-1732 30 15 board board NOUN cblr-1732 30 16 seats seat NOUN cblr-1732 30 17 , , PUNCT cblr-1732 30 18 wall wall PROPN cblr-1732 30 19 . . PUNCT cblr-1732 30 20 st st PROPN cblr-1732 30 21 . . PROPN cblr-1732 30 22 j. j. PROPN cblr-1732 30 23 ( ( PUNCT cblr-1732 30 24 mar mar PROPN cblr-1732 30 25 . . PROPN cblr-1732 30 26 18 18 NUM cblr-1732 30 27 , , PUNCT cblr-1732 30 28 2008 2008 NUM cblr-1732 30 29 ) ) PUNCT cblr-1732 30 30 , , PUNCT cblr-1732 30 31 http://www.wsj.com/articles/sb12057729196 http://www.wsj.com/articles/sb12057729196 PROPN cblr-1732 30 32 9142019 9142019 NUM cblr-1732 31 1 [ [ X cblr-1732 31 2 https://perma.cc/7zqr-qu6j https://perma.cc/7zqr-qu6j X cblr-1732 31 3 ] ] X cblr-1732 31 4 ( ( PUNCT cblr-1732 31 5 reporting report VERB cblr-1732 31 6 this this DET cblr-1732 31 7 campaign campaign NOUN cblr-1732 31 8 ) ) PUNCT cblr-1732 31 9 . . PUNCT cblr-1732 32 1 kastiel kastiel PROPN cblr-1732 32 2 – – PUNCT cblr-1732 32 3 final final ADJ cblr-1732 32 4 no no NOUN cblr-1732 32 5 . . PROPN cblr-1732 32 6 1:60 1:60 NUM cblr-1732 32 7 ] ] PUNCT cblr-1732 32 8 against against ADP cblr-1732 32 9 all all DET cblr-1732 32 10 odds odd NOUN cblr-1732 32 11 63 63 NUM cblr-1732 32 12 course course NOUN cblr-1732 32 13 of of ADP cblr-1732 32 14 its its PRON cblr-1732 32 15 campaign campaign NOUN cblr-1732 32 16 , , PUNCT cblr-1732 32 17 morgan morgan PROPN cblr-1732 32 18 stanley stanley PROPN cblr-1732 32 19 argued argue VERB cblr-1732 32 20 that that SCONJ cblr-1732 32 21 according accord VERB cblr-1732 32 22 to to ADP cblr-1732 32 23 independent independent ADJ cblr-1732 32 24 analysts analyst NOUN cblr-1732 32 25 the the DET cblr-1732 32 26 times time NOUN cblr-1732 32 27 company company NOUN cblr-1732 32 28 ’s ’s PART cblr-1732 32 29 shares share NOUN cblr-1732 32 30 were be AUX cblr-1732 32 31 worth worth ADJ cblr-1732 32 32 50 50 NUM cblr-1732 32 33 % % NOUN cblr-1732 32 34 more more ADJ cblr-1732 32 35 than than ADP cblr-1732 32 36 its its PRON cblr-1732 32 37 stock stock NOUN cblr-1732 32 38 price price NOUN cblr-1732 32 39 at at ADP cblr-1732 32 40 the the DET cblr-1732 32 41 time time NOUN cblr-1732 32 42 , , PUNCT cblr-1732 32 43 that that SCONJ cblr-1732 32 44 they they PRON cblr-1732 32 45 were be AUX cblr-1732 32 46 deeply deeply ADV cblr-1732 32 47 underpriced underpriced ADJ cblr-1732 32 48 because because SCONJ cblr-1732 32 49 of of ADP cblr-1732 32 50 improper improper ADJ cblr-1732 32 51 management management NOUN cblr-1732 32 52 , , PUNCT cblr-1732 32 53 and and CCONJ cblr-1732 32 54 that that SCONJ cblr-1732 32 55 despite despite SCONJ cblr-1732 32 56 such such ADJ cblr-1732 32 57 significant significant ADJ cblr-1732 32 58 underperformance underperformance NOUN cblr-1732 32 59 , , PUNCT cblr-1732 32 60 management management NOUN cblr-1732 32 61 ’s ’s PART cblr-1732 32 62 total total ADJ cblr-1732 32 63 compensation compensation NOUN cblr-1732 32 64 had have AUX cblr-1732 32 65 increased increase VERB cblr-1732 32 66 considerably considerably ADV cblr-1732 32 67 over over ADP cblr-1732 32 68 this this DET cblr-1732 32 69 period.10 period.10 NOUN cblr-1732 32 70 indeed indeed ADV cblr-1732 32 71 , , PUNCT cblr-1732 32 72 at at ADP cblr-1732 32 73 the the DET cblr-1732 32 74 company company NOUN cblr-1732 32 75 ’s ’s PART cblr-1732 32 76 2007 2007 NUM cblr-1732 32 77 annual annual ADJ cblr-1732 32 78 meeting meeting NOUN cblr-1732 32 79 , , PUNCT cblr-1732 32 80 public public ADJ cblr-1732 32 81 investors investor NOUN cblr-1732 32 82 holding hold VERB cblr-1732 32 83 42 42 NUM cblr-1732 32 84 % % NOUN cblr-1732 32 85 of of ADP cblr-1732 32 86 the the DET cblr-1732 32 87 times time NOUN cblr-1732 32 88 company company NOUN cblr-1732 32 89 ’s ’s PART cblr-1732 32 90 class class NOUN cblr-1732 32 91 a a DET cblr-1732 32 92 shares share NOUN cblr-1732 32 93 withheld withhold VERB cblr-1732 32 94 their their PRON cblr-1732 32 95 votes vote NOUN cblr-1732 32 96 for for ADP cblr-1732 32 97 directors director NOUN cblr-1732 32 98 in in ADP cblr-1732 32 99 protest.11 protest.11 NOUN cblr-1732 32 100 the the DET cblr-1732 32 101 activists activist NOUN cblr-1732 32 102 ’ ' PUNCT cblr-1732 32 103 pressures pressure NOUN cblr-1732 32 104 were be AUX cblr-1732 32 105 not not PART cblr-1732 32 106 fruitless fruitless ADJ cblr-1732 32 107 . . PUNCT cblr-1732 33 1 in in ADP cblr-1732 33 2 march march PROPN cblr-1732 33 3 2008 2008 NUM cblr-1732 33 4 , , PUNCT cblr-1732 33 5 harbinger harbinger NOUN cblr-1732 33 6 and and CCONJ cblr-1732 33 7 firebrand firebrand NOUN cblr-1732 33 8 reached reach VERB cblr-1732 33 9 a a DET cblr-1732 33 10 settlement settlement NOUN cblr-1732 33 11 agreement agreement NOUN cblr-1732 33 12 with with ADP cblr-1732 33 13 the the DET cblr-1732 33 14 times times PROPN cblr-1732 33 15 company company NOUN cblr-1732 33 16 pursuant pursuant ADJ cblr-1732 33 17 to to ADP cblr-1732 33 18 which which PRON cblr-1732 33 19 the the DET cblr-1732 33 20 company company NOUN cblr-1732 33 21 agreed agree VERB cblr-1732 33 22 to to PART cblr-1732 33 23 increase increase VERB cblr-1732 33 24 the the DET cblr-1732 33 25 size size NOUN cblr-1732 33 26 of of ADP cblr-1732 33 27 the the DET cblr-1732 33 28 board board NOUN cblr-1732 33 29 from from ADP cblr-1732 33 30 thirteen thirteen NUM cblr-1732 33 31 to to ADP cblr-1732 33 32 fifteen fifteen NUM cblr-1732 33 33 members member NOUN cblr-1732 33 34 and and CCONJ cblr-1732 33 35 to to PART cblr-1732 33 36 appoint appoint VERB cblr-1732 33 37 the the DET cblr-1732 33 38 activists activist NOUN cblr-1732 33 39 ’ ’ PART cblr-1732 33 40 nominees nominee NOUN cblr-1732 33 41 to to ADP cblr-1732 33 42 the the DET cblr-1732 33 43 board.12 board.12 NOUN cblr-1732 33 44 additionally additionally ADV cblr-1732 33 45 , , PUNCT cblr-1732 33 46 in in ADP cblr-1732 33 47 the the DET cblr-1732 33 48 years year NOUN cblr-1732 33 49 following follow VERB cblr-1732 33 50 the the DET cblr-1732 33 51 engagement engagement NOUN cblr-1732 33 52 , , PUNCT cblr-1732 33 53 the the DET cblr-1732 33 54 company company NOUN cblr-1732 33 55 started start VERB cblr-1732 33 56 to to PART cblr-1732 33 57 implement implement VERB cblr-1732 33 58 investors investor NOUN cblr-1732 33 59 ’ ' PUNCT cblr-1732 33 60 demands demand NOUN cblr-1732 33 61 for for ADP cblr-1732 33 62 changes change NOUN cblr-1732 33 63 to to ADP cblr-1732 33 64 the the DET cblr-1732 33 65 business business NOUN cblr-1732 33 66 . . PUNCT cblr-1732 34 1 it it PRON cblr-1732 34 2 reduced reduce VERB cblr-1732 34 3 capital capital NOUN cblr-1732 34 4 spending spending NOUN cblr-1732 34 5 , , PUNCT cblr-1732 34 6 lowered lower VERB cblr-1732 34 7 its its PRON cblr-1732 34 8 operating operate VERB cblr-1732 34 9 costs,13 costs,13 NOUN cblr-1732 34 10 and and CCONJ cblr-1732 34 11 divested divest VERB cblr-1732 34 12 itself itself PRON cblr-1732 34 13 of of ADP cblr-1732 34 14 underperforming underperform VERB cblr-1732 34 15 assets asset NOUN cblr-1732 34 16 such such ADJ cblr-1732 34 17 as as ADP cblr-1732 34 18 the the DET cblr-1732 34 19 boston boston PROPN cblr-1732 34 20 globe.14 globe.14 PROPN cblr-1732 34 21 10 10 NUM cblr-1732 34 22 morgan morgan PROPN cblr-1732 34 23 stanley stanley PROPN cblr-1732 34 24 investment investment PROPN cblr-1732 34 25 management management NOUN cblr-1732 34 26 ( ( PUNCT cblr-1732 34 27 schedule schedule NOUN cblr-1732 34 28 13d 13d NOUN cblr-1732 34 29 ) ) PUNCT cblr-1732 34 30 5 5 NUM cblr-1732 34 31 ( ( PUNCT cblr-1732 34 32 apr apr PROPN cblr-1732 34 33 . . 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PROPN cblr-1732 41 19 4 4 NUM cblr-1732 41 20 , , PUNCT cblr-1732 41 21 2013 2013 NUM cblr-1732 41 22 ) ) PUNCT cblr-1732 41 23 , , PUNCT cblr-1732 41 24 http://www.nytimes.com/2013/08/04/business/ http://www.nytimes.com/2013/08/04/business/ ADJ cblr-1732 41 25 media medium NOUN cblr-1732 41 26 / / SYM cblr-1732 41 27 new new ADJ cblr-1732 41 28 - - PUNCT cblr-1732 41 29 york york NOUN cblr-1732 41 30 - - PUNCT cblr-1732 41 31 times times ADP cblr-1732 41 32 - - PUNCT cblr-1732 41 33 company company NOUN cblr-1732 41 34 - - PUNCT cblr-1732 41 35 sells sell NOUN cblr-1732 41 36 - - PUNCT cblr-1732 41 37 boston boston NOUN cblr-1732 41 38 - - PUNCT cblr-1732 41 39 globe.html?_r=0 globe.html?_r=0 ADJ cblr-1732 42 1 [ [ X cblr-1732 42 2 https://per https://per X cblr-1732 42 3 ma.cc/2ydg-k8sr ma.cc/2ydg-k8sr NOUN cblr-1732 42 4 ] ] X cblr-1732 42 5 . . 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PROPN cblr-1732 50 1 globe globe PROPN cblr-1732 50 2 ( ( PUNCT cblr-1732 50 3 may may PROPN cblr-1732 50 4 11 11 NUM cblr-1732 50 5 , , PUNCT cblr-1732 50 6 2012 2012 NUM cblr-1732 50 7 ) ) PUNCT cblr-1732 50 8 , , PUNCT cblr-1732 50 9 https://www.bostonglobe.com/business/ https://www.bostonglobe.com/business/ PUNCT cblr-1732 50 10 2012/05/11 2012/05/11 NUM cblr-1732 50 11 / / SYM cblr-1732 50 12 new new ADJ cblr-1732 50 13 - - PUNCT cblr-1732 50 14 york york NOUN cblr-1732 50 15 - - PUNCT cblr-1732 50 16 times time NOUN cblr-1732 50 17 - - PUNCT cblr-1732 50 18 sells sell NOUN cblr-1732 50 19 - - PUNCT cblr-1732 50 20 its its PRON cblr-1732 50 21 - - PUNCT cblr-1732 50 22 remaining remain VERB cblr-1732 50 23 - - PUNCT cblr-1732 50 24 stake stake NOUN cblr-1732 50 25 - - PUNCT cblr-1732 50 26 boston boston NOUN cblr-1732 50 27 - - PUNCT cblr-1732 50 28 red red VERB cblr-1732 50 29 - - PUNCT cblr-1732 50 30 sox sox PROPN cblr-1732 50 31 / / SYM cblr-1732 50 32 ey4kw ey4kw NOUN cblr-1732 50 33 u4m6xn2pyfcblrmcl u4m6xn2pyfcblrmcl X cblr-1732 50 34 / / SYM cblr-1732 50 35 story.html story.html PROPN cblr-1732 50 36 [ [ X cblr-1732 50 37 https://perma.cc/bk3x-fvjx https://perma.cc/bk3x-fvjx X cblr-1732 50 38 ] ] X cblr-1732 50 39 . . 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PUNCT cblr-1732 53 1 see see VERB cblr-1732 53 2 , , PUNCT cblr-1732 53 3 e.g. e.g. ADV cblr-1732 53 4 , , PUNCT cblr-1732 53 5 william william PROPN cblr-1732 53 6 t. t. PROPN cblr-1732 53 7 allen allen PROPN cblr-1732 53 8 , , PUNCT cblr-1732 53 9 reinier reinier PROPN cblr-1732 53 10 kraakman kraakman PROPN cblr-1732 53 11 & & CCONJ cblr-1732 53 12 guhan guhan PROPN cblr-1732 53 13 subramanian subramanian PROPN cblr-1732 53 14 , , PUNCT cblr-1732 53 15 commentaries commentary NOUN cblr-1732 53 16 and and CCONJ cblr-1732 53 17 cases case NOUN cblr-1732 53 18 on on ADP cblr-1732 53 19 the the DET cblr-1732 53 20 law law NOUN cblr-1732 53 21 of of ADP cblr-1732 53 22 business business NOUN cblr-1732 53 23 organizations organization NOUN cblr-1732 53 24 , , PUNCT cblr-1732 53 25 204 204 NUM cblr-1732 53 26 – – PUNCT cblr-1732 53 27 08 08 NUM cblr-1732 53 28 ( ( PUNCT cblr-1732 53 29 3d 3d NUM cblr-1732 53 30 ed ed NOUN cblr-1732 53 31 . . PROPN cblr-1732 53 32 2009 2009 NUM cblr-1732 53 33 ) ) PUNCT cblr-1732 53 34 . . PUNCT cblr-1732 54 1 institutional institutional ADJ cblr-1732 54 2 investors investor NOUN cblr-1732 54 3 , , PUNCT cblr-1732 54 4 who who PRON cblr-1732 54 5 for for ADP cblr-1732 54 6 a a DET cblr-1732 54 7 short short ADJ cblr-1732 54 8 period period NOUN cblr-1732 54 9 emerged emerge VERB cblr-1732 54 10 as as ADP cblr-1732 54 11 the the DET cblr-1732 54 12 new new ADJ cblr-1732 54 13 hope hope NOUN cblr-1732 54 14 , , PUNCT cblr-1732 54 15 also also ADV cblr-1732 54 16 failed fail VERB cblr-1732 54 17 to to PART cblr-1732 54 18 deliver deliver VERB cblr-1732 54 19 on on ADP cblr-1732 54 20 their their PRON cblr-1732 54 21 promise promise NOUN cblr-1732 54 22 to to PART cblr-1732 54 23 provide provide VERB cblr-1732 54 24 more more ADV cblr-1732 54 25 disciplined discipline VERB cblr-1732 54 26 monitoring monitoring NOUN cblr-1732 54 27 of of ADP cblr-1732 54 28 management management NOUN cblr-1732 54 29 , , PUNCT cblr-1732 54 30 as as SCONJ cblr-1732 54 31 they they PRON cblr-1732 54 32 suffer suffer VERB cblr-1732 54 33 from from ADP cblr-1732 54 34 inadequate inadequate ADJ cblr-1732 54 35 incentives incentive NOUN cblr-1732 54 36 , , PUNCT cblr-1732 54 37 conflicts conflict NOUN cblr-1732 54 38 of of ADP cblr-1732 54 39 interest interest NOUN cblr-1732 54 40 , , PUNCT cblr-1732 54 41 and and CCONJ cblr-1732 54 42 regulatory regulatory ADJ cblr-1732 54 43 constraints constraint NOUN cblr-1732 54 44 . . PUNCT cblr-1732 55 1 see see VERB cblr-1732 55 2 , , PUNCT cblr-1732 55 3 e.g. e.g. ADV cblr-1732 55 4 , , PUNCT cblr-1732 55 5 marcel marcel PROPN cblr-1732 55 6 kahan kahan PROPN cblr-1732 55 7 & & CCONJ cblr-1732 55 8 edward edward PROPN cblr-1732 55 9 b. b. PROPN cblr-1732 55 10 rock rock PROPN cblr-1732 55 11 , , PUNCT cblr-1732 55 12 hedge hedge NOUN cblr-1732 55 13 funds fund NOUN cblr-1732 55 14 in in ADP cblr-1732 55 15 corporate corporate ADJ cblr-1732 55 16 governance governance NOUN cblr-1732 55 17 and and CCONJ cblr-1732 55 18 corporate corporate ADJ cblr-1732 55 19 control control NOUN cblr-1732 55 20 , , PUNCT cblr-1732 55 21 155 155 NUM cblr-1732 55 22 u. u. PROPN cblr-1732 55 23 pa pa PROPN cblr-1732 55 24 . . PUNCT cblr-1732 55 25 l. l. PROPN cblr-1732 55 26 rev rev PROPN cblr-1732 55 27 . . PROPN cblr-1732 55 28 1021 1021 NUM cblr-1732 55 29 , , PUNCT cblr-1732 55 30 1048–57 1048–57 NUM cblr-1732 55 31 ( ( PUNCT cblr-1732 55 32 2007 2007 NUM cblr-1732 55 33 ) ) PUNCT cblr-1732 55 34 . . PUNCT cblr-1732 56 1 17 17 NUM cblr-1732 56 2 activists activist NOUN cblr-1732 56 3 increasing increase VERB cblr-1732 56 4 success success NOUN cblr-1732 56 5 gaining gain VERB cblr-1732 56 6 board board NOUN cblr-1732 56 7 seats seat NOUN cblr-1732 56 8 at at ADP cblr-1732 56 9 u.s u.s PROPN cblr-1732 56 10 . . PROPN cblr-1732 56 11 companies company NOUN cblr-1732 56 12 , , PUNCT cblr-1732 56 13 sharkrepellent.net sharkrepellent.net X cblr-1732 56 14 ( ( PUNCT cblr-1732 56 15 mar mar PROPN cblr-1732 56 16 . . PROPN cblr-1732 56 17 10 10 NUM cblr-1732 56 18 , , PUNCT cblr-1732 56 19 2014 2014 NUM cblr-1732 56 20 ) ) PUNCT cblr-1732 56 21 , , PUNCT cblr-1732 56 22 https://www.shark https://www.shark NOUN cblr-1732 56 23 repellent.net/pub/rs_20140310.html repellent.net/pub/rs_20140310.html PROPN cblr-1732 56 24 [ [ X cblr-1732 56 25 https://perma.cc/xll3-9trd https://perma.cc/xll3-9trd X cblr-1732 56 26 ] ] PUNCT cblr-1732 56 27 . . PUNCT cblr-1732 57 1 18 18 NUM cblr-1732 57 2 see see VERB cblr-1732 57 3 the the DET cblr-1732 57 4 new new PROPN cblr-1732 57 5 york york PROPN cblr-1732 57 6 times times PROPN cblr-1732 57 7 co. co. PROPN cblr-1732 57 8 , , PUNCT cblr-1732 57 9 proxy proxy ADJ cblr-1732 57 10 statement statement NOUN cblr-1732 57 11 ( ( PUNCT cblr-1732 57 12 form form NOUN cblr-1732 57 13 def def ADJ cblr-1732 57 14 14a 14a NOUN cblr-1732 57 15 ) ) PUNCT cblr-1732 57 16 4 4 NUM cblr-1732 57 17 – – PUNCT cblr-1732 57 18 10 10 NUM cblr-1732 57 19 ( ( PUNCT cblr-1732 57 20 mar mar PROPN cblr-1732 57 21 . . PROPN cblr-1732 57 22 25 25 NUM cblr-1732 57 23 , , PUNCT cblr-1732 57 24 2008 2008 NUM cblr-1732 57 25 ) ) PUNCT cblr-1732 57 26 . . PUNCT cblr-1732 58 1 kastiel kastiel PROPN cblr-1732 58 2 – – PUNCT cblr-1732 58 3 final final ADJ cblr-1732 58 4 no no NOUN cblr-1732 58 5 . . PROPN cblr-1732 58 6 1:60 1:60 NUM cblr-1732 58 7 ] ] PUNCT cblr-1732 58 8 against against ADP cblr-1732 58 9 all all DET cblr-1732 58 10 odds odd NOUN cblr-1732 58 11 65 65 NUM cblr-1732 58 12 engagements engagement NOUN cblr-1732 58 13 with with ADP cblr-1732 58 14 controlled control VERB cblr-1732 58 15 companies company NOUN cblr-1732 58 16 should should AUX cblr-1732 58 17 be be AUX cblr-1732 58 18 rare rare ADJ cblr-1732 58 19 , , PUNCT cblr-1732 58 20 at at ADP cblr-1732 58 21 least least ADJ cblr-1732 58 22 according accord VERB cblr-1732 58 23 to to ADP cblr-1732 58 24 the the DET cblr-1732 58 25 conventional conventional ADJ cblr-1732 58 26 theory theory NOUN cblr-1732 58 27 , , PUNCT cblr-1732 58 28 since since SCONJ cblr-1732 58 29 the the DET cblr-1732 58 30 presence presence NOUN cblr-1732 58 31 of of ADP cblr-1732 58 32 a a DET cblr-1732 58 33 controlling control VERB cblr-1732 58 34 shareholder shareholder NOUN cblr-1732 58 35 dramatically dramatically ADV cblr-1732 58 36 reduces reduce VERB cblr-1732 58 37 the the DET cblr-1732 58 38 chances chance NOUN cblr-1732 58 39 of of ADP cblr-1732 58 40 a a DET cblr-1732 58 41 successful successful ADJ cblr-1732 58 42 activist activist NOUN cblr-1732 58 43 campaign.19 campaign.19 NOUN cblr-1732 58 44 so so ADV cblr-1732 58 45 what what PRON cblr-1732 58 46 forces force NOUN cblr-1732 58 47 motivate motivate VERB cblr-1732 58 48 activist activist ADJ cblr-1732 58 49 hedge hedge NOUN cblr-1732 58 50 funds fund NOUN cblr-1732 58 51 to to PART cblr-1732 58 52 engage engage VERB cblr-1732 58 53 with with ADP cblr-1732 58 54 controlled control VERB cblr-1732 58 55 companies company NOUN cblr-1732 58 56 ? ? PUNCT cblr-1732 59 1 could could AUX cblr-1732 59 2 extra extra ADJ cblr-1732 59 3 - - ADJ cblr-1732 59 4 legal legal ADJ cblr-1732 59 5 forces force NOUN cblr-1732 59 6 — — PUNCT cblr-1732 59 7 particularly particularly ADV cblr-1732 59 8 the the DET cblr-1732 59 9 reputational reputational ADJ cblr-1732 59 10 concerns concern NOUN cblr-1732 59 11 of of ADP cblr-1732 59 12 controlling control VERB cblr-1732 59 13 shareholders shareholder NOUN cblr-1732 59 14 — — PUNCT cblr-1732 59 15 serve serve VERB cblr-1732 59 16 as as ADP cblr-1732 59 17 a a DET cblr-1732 59 18 substitute substitute NOUN cblr-1732 59 19 for for ADP cblr-1732 59 20 activists activist NOUN cblr-1732 59 21 ’ ' PUNCT cblr-1732 59 22 ability ability NOUN cblr-1732 59 23 to to PART cblr-1732 59 24 influence influence VERB cblr-1732 59 25 the the DET cblr-1732 59 26 voting voting NOUN cblr-1732 59 27 rights right NOUN cblr-1732 59 28 of of ADP cblr-1732 59 29 a a DET cblr-1732 59 30 controlled control VERB cblr-1732 59 31 firm firm NOUN cblr-1732 59 32 ? ? PUNCT cblr-1732 60 1 while while SCONJ cblr-1732 60 2 an an DET cblr-1732 60 3 emerging emerge VERB cblr-1732 60 4 body body NOUN cblr-1732 60 5 of of ADP cblr-1732 60 6 legal legal ADJ cblr-1732 60 7 and and CCONJ cblr-1732 60 8 financial financial ADJ cblr-1732 60 9 literature literature NOUN cblr-1732 60 10 has have AUX cblr-1732 60 11 examined examine VERB cblr-1732 60 12 the the DET cblr-1732 60 13 impact impact NOUN cblr-1732 60 14 of of ADP cblr-1732 60 15 activist activist ADJ cblr-1732 60 16 hedge hedge NOUN cblr-1732 60 17 funds fund NOUN cblr-1732 60 18 on on ADP cblr-1732 60 19 the the DET cblr-1732 60 20 governance governance NOUN cblr-1732 60 21 and and CCONJ cblr-1732 60 22 value value NOUN cblr-1732 60 23 of of ADP cblr-1732 60 24 the the DET cblr-1732 60 25 public public ADJ cblr-1732 60 26 firm,20 firm,20 ADJ cblr-1732 60 27 little little ADJ cblr-1732 60 28 attention attention NOUN cblr-1732 60 29 has have AUX cblr-1732 60 30 been be AUX cblr-1732 60 31 devoted devote VERB cblr-1732 60 32 to to ADP cblr-1732 60 33 the the DET cblr-1732 60 34 role role NOUN cblr-1732 60 35 they they PRON cblr-1732 60 36 play play VERB cblr-1732 60 37 in in ADP cblr-1732 60 38 controlled control VERB cblr-1732 60 39 companies.21 companies.21 PROPN cblr-1732 60 40 instead instead ADV cblr-1732 60 41 , , PUNCT cblr-1732 60 42 the the DET cblr-1732 60 43 common common ADJ cblr-1732 60 44 view view NOUN cblr-1732 60 45 has have AUX cblr-1732 60 46 simply simply ADV cblr-1732 60 47 held hold VERB cblr-1732 60 48 that that DET cblr-1732 60 49 hedge hedge NOUN cblr-1732 60 50 fund fund NOUN cblr-1732 60 51 activism activism NOUN cblr-1732 60 52 “ " PUNCT cblr-1732 60 53 is be AUX cblr-1732 60 54 unlikely unlikely ADJ cblr-1732 60 55 to to PART cblr-1732 60 56 be be AUX cblr-1732 60 57 deployed deploy VERB cblr-1732 60 58 where where SCONJ cblr-1732 60 59 dispersed disperse VERB cblr-1732 60 60 ownership ownership NOUN cblr-1732 60 61 is be AUX cblr-1732 60 62 lacking lack VERB cblr-1732 60 63 . . PUNCT cblr-1732 61 1 ”22 ”22 NOUN cblr-1732 61 2 to to PART cblr-1732 61 3 fill fill VERB cblr-1732 61 4 this this DET cblr-1732 61 5 gap gap NOUN cblr-1732 61 6 , , PUNCT cblr-1732 61 7 the the DET cblr-1732 61 8 article article NOUN cblr-1732 61 9 presents present VERB cblr-1732 61 10 19 19 NUM cblr-1732 61 11 as as SCONJ cblr-1732 61 12 discussed discuss VERB cblr-1732 61 13 in in ADP cblr-1732 61 14 part part NOUN cblr-1732 61 15 ii.b ii.b NOUN cblr-1732 61 16 , , PUNCT cblr-1732 61 17 the the DET cblr-1732 61 18 low low ADJ cblr-1732 61 19 chances chance NOUN cblr-1732 61 20 of of ADP cblr-1732 61 21 an an DET cblr-1732 61 22 activist activist ADJ cblr-1732 61 23 campaign campaign NOUN cblr-1732 61 24 ’s ’s PART cblr-1732 61 25 succeeding succeeding NOUN cblr-1732 61 26 are be AUX cblr-1732 61 27 due due ADJ cblr-1732 61 28 to to PART cblr-1732 61 29 lack lack NOUN cblr-1732 61 30 of of ADP cblr-1732 61 31 a a DET cblr-1732 61 32 proxy proxy NOUN cblr-1732 61 33 fight fight NOUN cblr-1732 61 34 threat threat NOUN cblr-1732 61 35 and and CCONJ cblr-1732 61 36 activists activist NOUN cblr-1732 61 37 ’ ' PUNCT cblr-1732 61 38 limited limit VERB cblr-1732 61 39 ability ability NOUN cblr-1732 61 40 to to PART cblr-1732 61 41 influence influence VERB cblr-1732 61 42 the the DET cblr-1732 61 43 voting voting NOUN cblr-1732 61 44 results result NOUN cblr-1732 61 45 . . PUNCT cblr-1732 62 1 20 20 NUM cblr-1732 62 2 see see VERB cblr-1732 62 3 , , PUNCT cblr-1732 62 4 e.g. e.g. ADV cblr-1732 62 5 , , PUNCT cblr-1732 62 6 infra infra NOUN cblr-1732 62 7 notes note VERB cblr-1732 62 8 22 22 NUM cblr-1732 62 9 , , PUNCT cblr-1732 62 10 36–40 36–40 NUM cblr-1732 62 11 ( ( PUNCT cblr-1732 62 12 listing list VERB cblr-1732 62 13 academic academic ADJ cblr-1732 62 14 research research NOUN cblr-1732 62 15 on on ADP cblr-1732 62 16 hedge hedge NOUN cblr-1732 62 17 fund fund NOUN cblr-1732 62 18 activism activism NOUN cblr-1732 62 19 ) ) PUNCT cblr-1732 62 20 . . PUNCT cblr-1732 63 1 21 21 NUM cblr-1732 64 1 the the DET cblr-1732 64 2 academic academic ADJ cblr-1732 64 3 literature literature PROPN cblr-1732 64 4 and and CCONJ cblr-1732 64 5 delaware delaware PROPN cblr-1732 64 6 case case NOUN cblr-1732 64 7 law law NOUN cblr-1732 64 8 use use VERB cblr-1732 64 9 a a DET cblr-1732 64 10 broad broad ADJ cblr-1732 64 11 definition definition NOUN cblr-1732 64 12 of of ADP cblr-1732 64 13 a a DET cblr-1732 64 14 controlled control VERB cblr-1732 64 15 company company NOUN cblr-1732 64 16 to to PART cblr-1732 64 17 include include VERB cblr-1732 64 18 a a DET cblr-1732 64 19 company company NOUN cblr-1732 64 20 with with ADP cblr-1732 64 21 a a DET cblr-1732 64 22 dominant dominant ADJ cblr-1732 64 23 shareholder shareholder NOUN cblr-1732 64 24 who who PRON cblr-1732 64 25 exercises exercise VERB cblr-1732 64 26 effective effective ADJ cblr-1732 64 27 control control NOUN cblr-1732 64 28 over over ADP cblr-1732 64 29 the the DET cblr-1732 64 30 corporate corporate ADJ cblr-1732 64 31 affairs affair NOUN cblr-1732 64 32 by by ADP cblr-1732 64 33 owning own VERB cblr-1732 64 34 a a DET cblr-1732 64 35 significant significant ADJ cblr-1732 64 36 fraction fraction NOUN cblr-1732 64 37 , , PUNCT cblr-1732 64 38 but but CCONJ cblr-1732 64 39 not not PART cblr-1732 64 40 necessarily necessarily ADV cblr-1732 64 41 the the DET cblr-1732 64 42 majority majority NOUN cblr-1732 64 43 , , PUNCT cblr-1732 64 44 of of ADP cblr-1732 64 45 the the DET cblr-1732 64 46 company company NOUN cblr-1732 64 47 voting voting NOUN cblr-1732 64 48 power power NOUN cblr-1732 64 49 . . PUNCT cblr-1732 65 1 for for ADP cblr-1732 65 2 a a DET cblr-1732 65 3 discussion discussion NOUN cblr-1732 65 4 , , PUNCT cblr-1732 65 5 see see VERB cblr-1732 65 6 infra infra NOUN cblr-1732 65 7 note note VERB cblr-1732 65 8 84 84 NUM cblr-1732 65 9 . . PUNCT cblr-1732 66 1 in in ADP cblr-1732 66 2 this this DET cblr-1732 66 3 article article NOUN cblr-1732 66 4 , , PUNCT cblr-1732 66 5 i i PRON cblr-1732 66 6 define define VERB cblr-1732 66 7 a a DET cblr-1732 66 8 controlled control VERB cblr-1732 66 9 company company NOUN cblr-1732 66 10 as as ADP cblr-1732 66 11 one one NUM cblr-1732 66 12 where where SCONJ cblr-1732 66 13 at at ADV cblr-1732 66 14 least least ADV cblr-1732 66 15 30 30 NUM cblr-1732 66 16 % % NOUN cblr-1732 66 17 of of ADP cblr-1732 66 18 the the DET cblr-1732 66 19 voting voting NOUN cblr-1732 66 20 rights right NOUN cblr-1732 66 21 are be AUX cblr-1732 66 22 held hold VERB cblr-1732 66 23 by by ADP cblr-1732 66 24 one one NUM cblr-1732 66 25 dominant dominant ADJ cblr-1732 66 26 shareholder shareholder NOUN cblr-1732 66 27 or or CCONJ cblr-1732 66 28 a a DET cblr-1732 66 29 group group NOUN cblr-1732 66 30 of of ADP cblr-1732 66 31 affiliated affiliated ADJ cblr-1732 66 32 holders holder NOUN cblr-1732 66 33 . . PUNCT cblr-1732 67 1 it it PRON cblr-1732 67 2 is be AUX cblr-1732 67 3 a a DET cblr-1732 67 4 relatively relatively ADV cblr-1732 67 5 high high ADJ cblr-1732 67 6 cutoff cutoff NOUN cblr-1732 67 7 of of ADP cblr-1732 67 8 insider insider NOUN cblr-1732 67 9 ownership ownership NOUN cblr-1732 67 10 , , PUNCT cblr-1732 67 11 aimed aim VERB cblr-1732 67 12 at at ADP cblr-1732 67 13 confirming confirm VERB cblr-1732 67 14 that that SCONJ cblr-1732 67 15 an an DET cblr-1732 67 16 outside outside ADJ cblr-1732 67 17 shareholder shareholder NOUN cblr-1732 67 18 can can AUX cblr-1732 67 19 not not PART cblr-1732 67 20 easily easily ADV cblr-1732 67 21 contest contest VERB cblr-1732 67 22 such such ADJ cblr-1732 67 23 effective effective ADJ cblr-1732 67 24 control control NOUN cblr-1732 67 25 . . PUNCT cblr-1732 68 1 22 22 NUM cblr-1732 68 2 see see VERB cblr-1732 68 3 , , PUNCT cblr-1732 68 4 e.g. e.g. ADV cblr-1732 68 5 , , PUNCT cblr-1732 68 6 brian brian PROPN cblr-1732 68 7 r. r. PROPN cblr-1732 68 8 cheffins cheffins PROPN cblr-1732 68 9 & & CCONJ cblr-1732 68 10 john john PROPN cblr-1732 68 11 armour armour PROPN cblr-1732 68 12 , , PUNCT cblr-1732 68 13 the the DET cblr-1732 68 14 past past NOUN cblr-1732 68 15 , , PUNCT cblr-1732 68 16 present present ADJ cblr-1732 68 17 , , PUNCT cblr-1732 68 18 and and CCONJ cblr-1732 68 19 future future NOUN cblr-1732 68 20 of of ADP cblr-1732 68 21 shareholder shareholder NOUN cblr-1732 68 22 activism activism NOUN cblr-1732 68 23 by by ADP cblr-1732 68 24 hedge hedge NOUN cblr-1732 68 25 funds fund NOUN cblr-1732 68 26 , , PUNCT cblr-1732 68 27 37 37 NUM cblr-1732 68 28 j. j. PROPN cblr-1732 68 29 corp corp PROPN cblr-1732 68 30 . . PROPN cblr-1732 68 31 l. l. PROPN cblr-1732 68 32 51 51 NUM cblr-1732 68 33 , , PUNCT cblr-1732 68 34 68–69 68–69 NUM cblr-1732 68 35 ( ( PUNCT cblr-1732 68 36 2011 2011 NUM cblr-1732 68 37 ) ) PUNCT cblr-1732 68 38 ( ( PUNCT cblr-1732 68 39 noting note VERB cblr-1732 68 40 that that SCONJ cblr-1732 68 41 “ " PUNCT cblr-1732 68 42 influence influence NOUN cblr-1732 68 43 - - PUNCT cblr-1732 68 44 driven drive VERB cblr-1732 68 45 activism activism NOUN cblr-1732 68 46 is be AUX cblr-1732 68 47 unlikely unlikely ADJ cblr-1732 68 48 to to PART cblr-1732 68 49 be be AUX cblr-1732 68 50 deployed deploy VERB cblr-1732 68 51 where where SCONJ cblr-1732 68 52 dispersed disperse VERB cblr-1732 68 53 ownership ownership NOUN cblr-1732 68 54 is be AUX cblr-1732 68 55 lacking lack VERB cblr-1732 68 56 ” " PUNCT cblr-1732 68 57 ) ) PUNCT cblr-1732 68 58 ; ; PUNCT cblr-1732 68 59 dionysia dionysia PROPN cblr-1732 68 60 katelouzou katelouzou PROPN cblr-1732 68 61 , , PUNCT cblr-1732 68 62 worldwide worldwide ADJ cblr-1732 68 63 hedge hedge NOUN cblr-1732 68 64 fund fund NOUN cblr-1732 68 65 activism activism NOUN cblr-1732 68 66 : : PUNCT cblr-1732 68 67 dimensions dimension NOUN cblr-1732 68 68 and and CCONJ cblr-1732 68 69 legal legal ADJ cblr-1732 68 70 determinants determinant NOUN cblr-1732 68 71 , , PUNCT cblr-1732 68 72 17 17 NUM cblr-1732 68 73 u. u. PROPN cblr-1732 68 74 pa pa PROPN cblr-1732 68 75 . . PUNCT cblr-1732 69 1 j. j. PROPN cblr-1732 69 2 bus bus PROPN cblr-1732 69 3 . . PUNCT cblr-1732 70 1 l. l. PROPN cblr-1732 70 2 789 789 NUM cblr-1732 70 3 , , PUNCT cblr-1732 70 4 800 800 NUM cblr-1732 70 5 ( ( PUNCT cblr-1732 70 6 2015 2015 NUM cblr-1732 70 7 ) ) PUNCT cblr-1732 71 1 ( ( PUNCT cblr-1732 71 2 noting note VERB cblr-1732 71 3 that that SCONJ cblr-1732 71 4 “ " PUNCT cblr-1732 71 5 the the DET cblr-1732 71 6 existence existence NOUN cblr-1732 71 7 of of ADP cblr-1732 71 8 controlling control VERB cblr-1732 71 9 blocks block NOUN cblr-1732 71 10 in in ADP cblr-1732 71 11 the the DET cblr-1732 71 12 candidate candidate NOUN cblr-1732 71 13 target target NOUN cblr-1732 71 14 company company NOUN cblr-1732 71 15 constitutes constitute VERB cblr-1732 71 16 a a DET cblr-1732 71 17 ‘ ' PUNCT cblr-1732 71 18 structural structural ADJ cblr-1732 71 19 ’ ' PUNCT cblr-1732 71 20 barrier barrier NOUN cblr-1732 71 21 to to ADP cblr-1732 71 22 shareholder shareholder NOUN cblr-1732 71 23 activism activism NOUN cblr-1732 71 24 associated associate VERB cblr-1732 71 25 with with ADP cblr-1732 71 26 activist activist ADJ cblr-1732 71 27 hedge hedge NOUN cblr-1732 71 28 funds fund NOUN cblr-1732 71 29 ” " PUNCT cblr-1732 71 30 ) ) PUNCT cblr-1732 72 1 [ [ X cblr-1732 72 2 hereinafter hereinafter NOUN cblr-1732 72 3 katelouzou katelouzou NOUN cblr-1732 72 4 , , PUNCT cblr-1732 72 5 worldwide worldwide ADJ cblr-1732 72 6 hedge hedge NOUN cblr-1732 72 7 fund fund NOUN cblr-1732 72 8 activism activism NOUN cblr-1732 72 9 ] ] X cblr-1732 72 10 ; ; PUNCT cblr-1732 72 11 tilman tilman PROPN cblr-1732 72 12 h. h. PROPN cblr-1732 72 13 drerup drerup PROPN cblr-1732 72 14 , , PUNCT cblr-1732 72 15 longterm longterm VERB cblr-1732 72 16 effects effect NOUN cblr-1732 72 17 of of ADP cblr-1732 72 18 hedge hedge NOUN cblr-1732 72 19 fund fund NOUN cblr-1732 72 20 activism activism NOUN cblr-1732 72 21 in in ADP cblr-1732 72 22 germany germany PROPN cblr-1732 72 23 ( ( PUNCT cblr-1732 72 24 2015 2015 NUM cblr-1732 72 25 ) ) PUNCT cblr-1732 72 26 ( ( PUNCT cblr-1732 72 27 unpublished unpublished ADJ cblr-1732 72 28 manuscript manuscript NOUN cblr-1732 72 29 ) ) PUNCT cblr-1732 72 30 ( ( PUNCT cblr-1732 72 31 on on ADP cblr-1732 72 32 file file NOUN cblr-1732 72 33 with with ADP cblr-1732 72 34 the the DET cblr-1732 72 35 columbia columbia PROPN cblr-1732 72 36 business business PROPN cblr-1732 72 37 law law PROPN cblr-1732 72 38 review review PROPN cblr-1732 72 39 ) ) PUNCT cblr-1732 72 40 ( ( PUNCT cblr-1732 72 41 noting note VERB cblr-1732 72 42 that that SCONJ cblr-1732 72 43 hedge hedge NOUN cblr-1732 72 44 funds fund NOUN cblr-1732 72 45 avoid avoid VERB cblr-1732 72 46 targets target NOUN cblr-1732 72 47 with with ADP cblr-1732 72 48 strong strong ADJ cblr-1732 72 49 incumbent incumbent ADJ cblr-1732 72 50 shareholders shareholder NOUN cblr-1732 72 51 ) ) PUNCT cblr-1732 72 52 . . PUNCT cblr-1732 73 1 kastiel kastiel PROPN cblr-1732 73 2 – – PUNCT cblr-1732 73 3 final final ADJ cblr-1732 73 4 66 66 NUM cblr-1732 73 5 columbia columbia PROPN cblr-1732 73 6 business business NOUN cblr-1732 73 7 law law NOUN cblr-1732 73 8 review review NOUN cblr-1732 74 1 [ [ X cblr-1732 74 2 vol vol NOUN cblr-1732 74 3 . . NOUN cblr-1732 74 4 2016 2016 NUM cblr-1732 74 5 the the DET cblr-1732 74 6 first first ADJ cblr-1732 74 7 comprehensive comprehensive ADJ cblr-1732 74 8 account account NOUN cblr-1732 74 9 of of ADP cblr-1732 74 10 hedge hedge NOUN cblr-1732 74 11 fund fund NOUN cblr-1732 74 12 activism activism NOUN cblr-1732 74 13 in in ADP cblr-1732 74 14 controlled control VERB cblr-1732 74 15 u.s u.s PROPN cblr-1732 74 16 . . PROPN cblr-1732 74 17 companies company NOUN cblr-1732 74 18 . . PUNCT cblr-1732 75 1 based base VERB cblr-1732 75 2 on on ADP cblr-1732 75 3 a a DET cblr-1732 75 4 review review NOUN cblr-1732 75 5 of of ADP cblr-1732 75 6 over over ADP cblr-1732 75 7 200 200 NUM cblr-1732 75 8 activist activist ADJ cblr-1732 75 9 engagements engagement NOUN cblr-1732 75 10 targeting target VERB cblr-1732 75 11 public public ADJ cblr-1732 75 12 companies company NOUN cblr-1732 75 13 with with ADP cblr-1732 75 14 concentrated concentrated ADJ cblr-1732 75 15 ownership ownership NOUN cblr-1732 75 16 from from ADP cblr-1732 75 17 2005 2005 NUM cblr-1732 75 18 to to ADP cblr-1732 75 19 2014 2014 NUM cblr-1732 75 20 , , PUNCT cblr-1732 75 21 it it PRON cblr-1732 75 22 unveils unveil VERB cblr-1732 75 23 the the DET cblr-1732 75 24 variety variety NOUN cblr-1732 75 25 of of ADP cblr-1732 75 26 channels channel NOUN cblr-1732 75 27 through through ADP cblr-1732 75 28 which which PRON cblr-1732 75 29 activism activism NOUN cblr-1732 75 30 is be AUX cblr-1732 75 31 deployed deploy VERB cblr-1732 75 32 against against ADP cblr-1732 75 33 controlled control VERB cblr-1732 75 34 companies company NOUN cblr-1732 75 35 , , PUNCT cblr-1732 75 36 as as ADV cblr-1732 75 37 well well ADV cblr-1732 75 38 as as ADP cblr-1732 75 39 their their PRON cblr-1732 75 40 limitations limitation NOUN cblr-1732 75 41 . . PUNCT cblr-1732 76 1 a a DET cblr-1732 76 2 detailed detailed ADJ cblr-1732 76 3 analysis analysis NOUN cblr-1732 76 4 of of ADP cblr-1732 76 5 the the DET cblr-1732 76 6 intensity intensity NOUN cblr-1732 76 7 of of ADP cblr-1732 76 8 activism activism NOUN cblr-1732 76 9 in in ADP cblr-1732 76 10 controlled control VERB cblr-1732 76 11 companies company NOUN cblr-1732 76 12 and and CCONJ cblr-1732 76 13 of of ADP cblr-1732 76 14 the the DET cblr-1732 76 15 channels channel NOUN cblr-1732 76 16 that that PRON cblr-1732 76 17 facilitate facilitate VERB cblr-1732 76 18 activist activist ADJ cblr-1732 76 19 campaigns campaign NOUN cblr-1732 76 20 against against ADP cblr-1732 76 21 those those DET cblr-1732 76 22 companies company NOUN cblr-1732 76 23 may may AUX cblr-1732 76 24 have have VERB cblr-1732 76 25 important important ADJ cblr-1732 76 26 implications implication NOUN cblr-1732 76 27 beyond beyond ADP cblr-1732 76 28 the the DET cblr-1732 76 29 descriptive descriptive ADJ cblr-1732 76 30 and and CCONJ cblr-1732 76 31 theoretical theoretical ADJ cblr-1732 76 32 levels level NOUN cblr-1732 76 33 . . PUNCT cblr-1732 77 1 first first ADV cblr-1732 77 2 , , PUNCT cblr-1732 77 3 such such ADJ cblr-1732 77 4 analysis analysis NOUN cblr-1732 77 5 is be AUX cblr-1732 77 6 a a DET cblr-1732 77 7 crucial crucial ADJ cblr-1732 77 8 step step NOUN cblr-1732 77 9 before before SCONJ cblr-1732 77 10 regulators regulator NOUN cblr-1732 77 11 decide decide VERB cblr-1732 77 12 whether whether SCONJ cblr-1732 77 13 to to PART cblr-1732 77 14 intervene intervene VERB cblr-1732 77 15 in in ADP cblr-1732 77 16 the the DET cblr-1732 77 17 marketplace marketplace NOUN cblr-1732 77 18 , , PUNCT cblr-1732 77 19 and and CCONJ cblr-1732 77 20 what what DET cblr-1732 77 21 measures measure NOUN cblr-1732 77 22 , , PUNCT cblr-1732 77 23 if if SCONJ cblr-1732 77 24 any any PRON cblr-1732 77 25 , , PUNCT cblr-1732 77 26 should should AUX cblr-1732 77 27 be be AUX cblr-1732 77 28 taken take VERB cblr-1732 77 29 to to PART cblr-1732 77 30 increase increase VERB cblr-1732 77 31 activism activism NOUN cblr-1732 77 32 in in ADP cblr-1732 77 33 controlled control VERB cblr-1732 77 34 companies company NOUN cblr-1732 77 35 . . PUNCT cblr-1732 78 1 second second ADJ cblr-1732 78 2 , , PUNCT cblr-1732 78 3 this this DET cblr-1732 78 4 setting setting NOUN cblr-1732 78 5 of of ADP cblr-1732 78 6 activism activism NOUN cblr-1732 78 7 against against ADP cblr-1732 78 8 controlling control VERB cblr-1732 78 9 shareholders shareholder NOUN cblr-1732 78 10 also also ADV cblr-1732 78 11 explores explore VERB cblr-1732 78 12 a a DET cblr-1732 78 13 new new ADJ cblr-1732 78 14 perspective perspective NOUN cblr-1732 78 15 on on ADP cblr-1732 78 16 an an DET cblr-1732 78 17 interesting interesting ADJ cblr-1732 78 18 , , PUNCT cblr-1732 78 19 long long ADV cblr-1732 78 20 - - PUNCT cblr-1732 78 21 standing stand VERB cblr-1732 78 22 issue issue NOUN cblr-1732 78 23 in in ADP cblr-1732 78 24 corporate corporate ADJ cblr-1732 78 25 governance governance NOUN cblr-1732 78 26 — — PUNCT cblr-1732 78 27 the the DET cblr-1732 78 28 potential potential ADJ cblr-1732 78 29 role role NOUN cblr-1732 78 30 of of ADP cblr-1732 78 31 reputation reputation NOUN cblr-1732 78 32 and and CCONJ cblr-1732 78 33 extra extra ADJ cblr-1732 78 34 - - ADJ cblr-1732 78 35 legal legal ADJ cblr-1732 78 36 forces force NOUN cblr-1732 78 37 as as ADP cblr-1732 78 38 alternative alternative ADJ cblr-1732 78 39 disciplinary disciplinary ADJ cblr-1732 78 40 mechanisms mechanism NOUN cblr-1732 78 41 . . PUNCT cblr-1732 79 1 a a DET cblr-1732 79 2 number number NOUN cblr-1732 79 3 of of ADP cblr-1732 79 4 scholars scholar NOUN cblr-1732 79 5 have have AUX cblr-1732 79 6 expressed express VERB cblr-1732 79 7 the the DET cblr-1732 79 8 view view NOUN cblr-1732 79 9 that that SCONJ cblr-1732 79 10 controlling control VERB cblr-1732 79 11 shareholders shareholder NOUN cblr-1732 79 12 might might AUX cblr-1732 79 13 limit limit VERB cblr-1732 79 14 their their PRON cblr-1732 79 15 efforts effort NOUN cblr-1732 79 16 to to PART cblr-1732 79 17 divert divert VERB cblr-1732 79 18 firm firm ADJ cblr-1732 79 19 resources resource NOUN cblr-1732 79 20 to to ADP cblr-1732 79 21 their their PRON cblr-1732 79 22 pockets pocket NOUN cblr-1732 79 23 out out ADP cblr-1732 79 24 of of ADP cblr-1732 79 25 concern concern NOUN cblr-1732 79 26 for for ADP cblr-1732 79 27 their their PRON cblr-1732 79 28 reputation,23 reputation,23 NOUN cblr-1732 79 29 but but CCONJ cblr-1732 79 30 there there PRON cblr-1732 79 31 is be VERB cblr-1732 79 32 little little ADJ cblr-1732 79 33 empirical empirical ADJ cblr-1732 79 34 evidence evidence NOUN cblr-1732 79 35 examining examine VERB cblr-1732 79 36 the the DET cblr-1732 79 37 extent extent NOUN cblr-1732 79 38 to to PART cblr-1732 79 39 which which PRON cblr-1732 79 40 reputation reputation NOUN cblr-1732 79 41 markets market NOUN cblr-1732 79 42 replace replace VERB cblr-1732 79 43 , , PUNCT cblr-1732 79 44 or or CCONJ cblr-1732 79 45 at at ADP cblr-1732 79 46 least least ADJ cblr-1732 79 47 supplement supplement ADJ cblr-1732 79 48 , , PUNCT cblr-1732 79 49 legal legal ADJ cblr-1732 79 50 mechanisms.24 mechanisms.24 NOUN cblr-1732 79 51 since since SCONJ cblr-1732 79 52 activists activist NOUN cblr-1732 79 53 have have VERB cblr-1732 79 54 a a DET cblr-1732 79 55 limited limited ADJ cblr-1732 79 56 ability ability NOUN cblr-1732 79 57 to to PART cblr-1732 79 58 influence influence VERB cblr-1732 79 59 firm firm ADJ cblr-1732 79 60 decision decision NOUN cblr-1732 79 61 - - PUNCT cblr-1732 79 62 making making NOUN cblr-1732 79 63 when when SCONJ cblr-1732 79 64 a a DET cblr-1732 79 65 target target NOUN cblr-1732 79 66 has have VERB cblr-1732 79 67 a a DET cblr-1732 79 68 controlling control VERB cblr-1732 79 69 shareholder shareholder NOUN cblr-1732 79 70 , , PUNCT cblr-1732 79 71 studying study VERB cblr-1732 79 72 activist activist ADJ cblr-1732 79 73 engagements engagement NOUN cblr-1732 79 74 with with ADP cblr-1732 79 75 controlled control VERB cblr-1732 79 76 companies company NOUN cblr-1732 79 77 is be AUX cblr-1732 79 78 useful useful ADJ cblr-1732 79 79 to to PART cblr-1732 79 80 examine examine VERB cblr-1732 79 81 whether whether SCONJ cblr-1732 79 82 reputation reputation NOUN cblr-1732 79 83 markets market NOUN cblr-1732 79 84 are be AUX cblr-1732 79 85 effective effective ADJ cblr-1732 79 86 enough enough ADV cblr-1732 79 87 in in ADP cblr-1732 79 88 23 23 NUM cblr-1732 79 89 see see NOUN cblr-1732 79 90 infra infra NOUN cblr-1732 79 91 note note VERB cblr-1732 79 92 149 149 NUM cblr-1732 79 93 . . PUNCT cblr-1732 79 94 24 24 NUM cblr-1732 79 95 dyck dyck NOUN cblr-1732 79 96 and and CCONJ cblr-1732 79 97 zingales zingale NOUN cblr-1732 79 98 provide provide VERB cblr-1732 79 99 in in ADP cblr-1732 79 100 their their PRON cblr-1732 79 101 paper paper NOUN cblr-1732 79 102 anecdotal anecdotal ADJ cblr-1732 79 103 examples example NOUN cblr-1732 79 104 of of ADP cblr-1732 79 105 the the DET cblr-1732 79 106 potential potential ADJ cblr-1732 79 107 disciplinary disciplinary ADJ cblr-1732 79 108 power power NOUN cblr-1732 79 109 of of ADP cblr-1732 79 110 reputation reputation NOUN cblr-1732 79 111 . . PUNCT cblr-1732 80 1 one one NUM cblr-1732 80 2 of of ADP cblr-1732 80 3 them they PRON cblr-1732 80 4 was be AUX cblr-1732 80 5 the the DET cblr-1732 80 6 successful successful ADJ cblr-1732 80 7 activist activist ADJ cblr-1732 80 8 engagement engagement NOUN cblr-1732 80 9 of of ADP cblr-1732 80 10 roberts roberts PROPN cblr-1732 80 11 monks monk NOUN cblr-1732 80 12 with with ADP cblr-1732 80 13 sears sear NOUN cblr-1732 80 14 . . PUNCT cblr-1732 81 1 monks monk NOUN cblr-1732 81 2 succeeded succeed VERB cblr-1732 81 3 in in ADP cblr-1732 81 4 initiating initiate VERB cblr-1732 81 5 some some DET cblr-1732 81 6 major major ADJ cblr-1732 81 7 changes change NOUN cblr-1732 81 8 at at ADP cblr-1732 81 9 the the DET cblr-1732 81 10 company company NOUN cblr-1732 81 11 after after ADP cblr-1732 81 12 exposing expose VERB cblr-1732 81 13 to to ADP cblr-1732 81 14 the the DET cblr-1732 81 15 wall wall PROPN cblr-1732 81 16 street street PROPN cblr-1732 81 17 journal journal PROPN cblr-1732 81 18 the the DET cblr-1732 81 19 identity identity NOUN cblr-1732 81 20 of of ADP cblr-1732 81 21 sears sear NOUN cblr-1732 81 22 ’ ' PUNCT cblr-1732 81 23 directors director NOUN cblr-1732 81 24 and and CCONJ cblr-1732 81 25 labeling label VERB cblr-1732 81 26 them they PRON cblr-1732 81 27 the the DET cblr-1732 81 28 “ " PUNCT cblr-1732 81 29 nonperforming nonperforme VERB cblr-1732 81 30 assets asset NOUN cblr-1732 81 31 of of ADP cblr-1732 81 32 the the DET cblr-1732 81 33 company company NOUN cblr-1732 81 34 . . PUNCT cblr-1732 81 35 " " PUNCT cblr-1732 82 1 according accord VERB cblr-1732 82 2 to to ADP cblr-1732 82 3 dyck dyck NOUN cblr-1732 82 4 and and CCONJ cblr-1732 82 5 zingales zingale NOUN cblr-1732 82 6 , , PUNCT cblr-1732 82 7 “ " PUNCT cblr-1732 82 8 [ [ X cblr-1732 82 9 t]he t]he X cblr-1732 82 10 embarrassment embarrassment NOUN cblr-1732 82 11 for for ADP cblr-1732 82 12 the the DET cblr-1732 82 13 directors director NOUN cblr-1732 82 14 was be AUX cblr-1732 82 15 so so ADV cblr-1732 82 16 great great ADJ cblr-1732 82 17 that that SCONJ cblr-1732 82 18 they they PRON cblr-1732 82 19 implemented implement VERB cblr-1732 82 20 all all DET cblr-1732 82 21 the the DET cblr-1732 82 22 changes change NOUN cblr-1732 82 23 proposed propose VERB cblr-1732 82 24 by by ADP cblr-1732 82 25 monks monk NOUN cblr-1732 82 26 . . PUNCT cblr-1732 82 27 ” " PUNCT cblr-1732 83 1 see see VERB cblr-1732 83 2 alexander alexander PROPN cblr-1732 83 3 dyck dyck PROPN cblr-1732 83 4 & & CCONJ cblr-1732 83 5 luigi luigi PROPN cblr-1732 83 6 zingales zingales PROPN cblr-1732 83 7 , , PUNCT cblr-1732 83 8 private private ADJ cblr-1732 83 9 benefits benefit NOUN cblr-1732 83 10 of of ADP cblr-1732 83 11 control control NOUN cblr-1732 83 12 : : PUNCT cblr-1732 83 13 an an DET cblr-1732 83 14 international international ADJ cblr-1732 83 15 comparison comparison NOUN cblr-1732 83 16 , , PUNCT cblr-1732 83 17 59 59 NUM cblr-1732 83 18 j. j. PROPN cblr-1732 83 19 fin fin PROPN cblr-1732 83 20 . . PUNCT cblr-1732 84 1 537 537 NUM cblr-1732 84 2 , , PUNCT cblr-1732 84 3 577 577 NUM cblr-1732 84 4 ( ( PUNCT cblr-1732 84 5 2004 2004 NUM cblr-1732 84 6 ) ) PUNCT cblr-1732 84 7 . . PUNCT cblr-1732 85 1 kastiel kastiel PROPN cblr-1732 85 2 – – PUNCT cblr-1732 85 3 final final ADJ cblr-1732 85 4 no no NOUN cblr-1732 85 5 . . PROPN cblr-1732 85 6 1:60 1:60 NUM cblr-1732 85 7 ] ] PUNCT cblr-1732 85 8 against against ADP cblr-1732 85 9 all all DET cblr-1732 85 10 odds odd NOUN cblr-1732 85 11 67 67 NUM cblr-1732 85 12 compelling compelling ADJ cblr-1732 85 13 controllers controller NOUN cblr-1732 85 14 to to PART cblr-1732 85 15 be be AUX cblr-1732 85 16 more more ADV cblr-1732 85 17 attentive attentive ADJ cblr-1732 85 18 to to ADP cblr-1732 85 19 activists activist NOUN cblr-1732 85 20 ’ ' PUNCT cblr-1732 85 21 demands demand NOUN cblr-1732 85 22 . . PUNCT cblr-1732 86 1 a a DET cblr-1732 86 2 review review NOUN cblr-1732 86 3 of of ADP cblr-1732 86 4 activists activist NOUN cblr-1732 86 5 ’ ' PUNCT cblr-1732 86 6 engagements engagement NOUN cblr-1732 86 7 with with ADP cblr-1732 86 8 controlled control VERB cblr-1732 86 9 companies company NOUN cblr-1732 86 10 reveals reveal VERB cblr-1732 86 11 a a DET cblr-1732 86 12 few few ADJ cblr-1732 86 13 important important ADJ cblr-1732 86 14 findings finding NOUN cblr-1732 86 15 . . PUNCT cblr-1732 87 1 first first ADV cblr-1732 87 2 , , PUNCT cblr-1732 87 3 it it PRON cblr-1732 87 4 shows show VERB cblr-1732 87 5 that that SCONJ cblr-1732 87 6 although although SCONJ cblr-1732 87 7 controlled controlled ADJ cblr-1732 87 8 companies company NOUN cblr-1732 87 9 are be AUX cblr-1732 87 10 more more ADV cblr-1732 87 11 insulated insulated ADJ cblr-1732 87 12 from from ADP cblr-1732 87 13 activism activism NOUN cblr-1732 87 14 than than ADP cblr-1732 87 15 widely widely ADV cblr-1732 87 16 held hold VERB cblr-1732 87 17 companies company NOUN cblr-1732 87 18 , , PUNCT cblr-1732 87 19 they they PRON cblr-1732 87 20 are be AUX cblr-1732 87 21 not not PART cblr-1732 87 22 fully fully ADV cblr-1732 87 23 immune immune ADJ cblr-1732 87 24 to to ADP cblr-1732 87 25 it it PRON cblr-1732 87 26 . . PUNCT cblr-1732 88 1 somewhat somewhat ADV cblr-1732 88 2 counter counter VERB cblr-1732 88 3 - - ADJ cblr-1732 88 4 intuitively intuitively ADV cblr-1732 88 5 , , PUNCT cblr-1732 88 6 this this DET cblr-1732 88 7 article article NOUN cblr-1732 88 8 documents document VERB cblr-1732 88 9 a a DET cblr-1732 88 10 non non ADJ cblr-1732 88 11 - - ADJ cblr-1732 88 12 negligible negligible ADJ cblr-1732 88 13 number number NOUN cblr-1732 88 14 of of ADP cblr-1732 88 15 shareholder shareholder NOUN cblr-1732 88 16 engagements engagement NOUN cblr-1732 88 17 with with ADP cblr-1732 88 18 controlled control VERB cblr-1732 88 19 firms,25 firms,25 ADJ cblr-1732 88 20 and and CCONJ cblr-1732 88 21 it it PRON cblr-1732 88 22 shows show VERB cblr-1732 88 23 that that SCONJ cblr-1732 88 24 activists activist NOUN cblr-1732 88 25 ’ ’ PART cblr-1732 88 26 bargaining bargaining NOUN cblr-1732 88 27 power power NOUN cblr-1732 88 28 vis vis X cblr-1732 88 29 - - PUNCT cblr-1732 88 30 à à X cblr-1732 88 31 - - PUNCT cblr-1732 88 32 vis vis X cblr-1732 88 33 controllers controller NOUN cblr-1732 88 34 is be AUX cblr-1732 88 35 not not PART cblr-1732 88 36 always always ADV cblr-1732 88 37 as as ADV cblr-1732 88 38 limited limit VERB cblr-1732 88 39 as as SCONJ cblr-1732 88 40 initially initially ADV cblr-1732 88 41 predicted predict VERB cblr-1732 88 42 . . PUNCT cblr-1732 89 1 it it PRON cblr-1732 89 2 also also ADV cblr-1732 89 3 shows show VERB cblr-1732 89 4 that that SCONJ cblr-1732 89 5 activism activism NOUN cblr-1732 89 6 in in ADP cblr-1732 89 7 controlled control VERB cblr-1732 89 8 companies company NOUN cblr-1732 89 9 is be AUX cblr-1732 89 10 not not PART cblr-1732 89 11 substantially substantially ADV cblr-1732 89 12 different different ADJ cblr-1732 89 13 in in ADP cblr-1732 89 14 nature nature NOUN cblr-1732 89 15 from from ADP cblr-1732 89 16 activism activism NOUN cblr-1732 89 17 conducted conduct VERB cblr-1732 89 18 in in ADP cblr-1732 89 19 widely widely ADV cblr-1732 89 20 held hold VERB cblr-1732 89 21 companies company NOUN cblr-1732 89 22 . . PUNCT cblr-1732 90 1 these these DET cblr-1732 90 2 engagements engagement NOUN cblr-1732 90 3 are be AUX cblr-1732 90 4 often often ADV cblr-1732 90 5 conferential conferential ADJ cblr-1732 90 6 , , PUNCT cblr-1732 90 7 and and CCONJ cblr-1732 90 8 in in ADP cblr-1732 90 9 a a DET cblr-1732 90 10 large large ADJ cblr-1732 90 11 number number NOUN cblr-1732 90 12 of of ADP cblr-1732 90 13 them they PRON cblr-1732 90 14 activists activist NOUN cblr-1732 90 15 also also ADV cblr-1732 90 16 try try VERB cblr-1732 90 17 to to PART cblr-1732 90 18 initiate initiate VERB cblr-1732 90 19 strategic strategic ADJ cblr-1732 90 20 changes change NOUN cblr-1732 90 21 aimed aim VERB cblr-1732 90 22 to to PART cblr-1732 90 23 improve improve VERB cblr-1732 90 24 the the DET cblr-1732 90 25 way way NOUN cblr-1732 90 26 controllers controller NOUN cblr-1732 90 27 manage manage VERB cblr-1732 90 28 their their PRON cblr-1732 90 29 companies.26 companies.26 ADJ cblr-1732 90 30 these these DET cblr-1732 90 31 unexpected unexpected ADJ cblr-1732 90 32 findings finding NOUN cblr-1732 90 33 trigger trigger VERB cblr-1732 90 34 a a DET cblr-1732 90 35 question question NOUN cblr-1732 90 36 that that PRON cblr-1732 90 37 stands stand VERB cblr-1732 90 38 at at ADP cblr-1732 90 39 the the DET cblr-1732 90 40 heart heart NOUN cblr-1732 90 41 of of ADP cblr-1732 90 42 this this DET cblr-1732 90 43 article article NOUN cblr-1732 90 44 : : PUNCT cblr-1732 90 45 what what DET cblr-1732 90 46 mechanisms mechanism NOUN cblr-1732 90 47 do do VERB cblr-1732 90 48 activist activist ADJ cblr-1732 90 49 hedge hedge NOUN cblr-1732 90 50 funds fund NOUN cblr-1732 90 51 use use VERB cblr-1732 90 52 when when SCONJ cblr-1732 90 53 engaging engage VERB cblr-1732 90 54 with with ADP cblr-1732 90 55 controlled control VERB cblr-1732 90 56 companies company NOUN cblr-1732 90 57 ? ? PUNCT cblr-1732 91 1 this this DET cblr-1732 91 2 article article NOUN cblr-1732 91 3 highlights highlight VERB cblr-1732 91 4 a a DET cblr-1732 91 5 few few ADJ cblr-1732 91 6 motivating motivating NOUN cblr-1732 91 7 forces force NOUN cblr-1732 91 8 that that PRON cblr-1732 91 9 increase increase VERB cblr-1732 91 10 activists activist NOUN cblr-1732 91 11 ’ ' PUNCT cblr-1732 91 12 bargaining bargaining NOUN cblr-1732 91 13 power power NOUN cblr-1732 91 14 vis vis X cblr-1732 91 15 - - PUNCT cblr-1732 91 16 à à X cblr-1732 91 17 - - PUNCT cblr-1732 91 18 vis vis X cblr-1732 91 19 controllers controller NOUN cblr-1732 91 20 and and CCONJ cblr-1732 91 21 encourage encourage VERB cblr-1732 91 22 activism activism NOUN cblr-1732 91 23 , , PUNCT cblr-1732 91 24 including include VERB cblr-1732 91 25 the the DET cblr-1732 91 26 ability ability NOUN cblr-1732 91 27 to to PART cblr-1732 91 28 nominate nominate VERB cblr-1732 91 29 and and CCONJ cblr-1732 91 30 elect elect VERB cblr-1732 91 31 minority minority NOUN cblr-1732 91 32 directors director NOUN cblr-1732 91 33 in in ADP cblr-1732 91 34 certain certain ADJ cblr-1732 91 35 dual dual ADJ cblr-1732 91 36 - - PUNCT cblr-1732 91 37 class class NOUN cblr-1732 91 38 firms27 firms27 NOUN cblr-1732 91 39 or or CCONJ cblr-1732 91 40 effectively effectively ADV cblr-1732 91 41 - - PUNCT cblr-1732 91 42 controlled control VERB cblr-1732 91 43 firms,28 firms,28 NOUN cblr-1732 91 44 to to PART cblr-1732 91 45 veto veto VERB cblr-1732 91 46 certain certain ADJ cblr-1732 91 47 conflicted conflicted ADJ cblr-1732 91 48 transactions transaction NOUN cblr-1732 91 49 ( ( PUNCT cblr-1732 91 50 such such ADJ cblr-1732 91 51 as as ADP cblr-1732 91 52 going go VERB cblr-1732 91 53 - - PUNCT cblr-1732 91 54 private private ADJ cblr-1732 91 55 transactions transaction NOUN cblr-1732 91 56 ) ) PUNCT cblr-1732 91 57 , , PUNCT cblr-1732 91 58 and and CCONJ cblr-1732 91 59 to to PART cblr-1732 91 60 conduct conduct VERB cblr-1732 91 61 activism activism NOUN cblr-1732 91 62 in in ADP cblr-1732 91 63 the the DET cblr-1732 91 64 shadow shadow NOUN cblr-1732 91 65 of of ADP cblr-1732 91 66 litigation.29 litigation.29 PROPN cblr-1732 91 67 25 25 NUM cblr-1732 91 68 see see NOUN cblr-1732 91 69 infra infra NOUN cblr-1732 91 70 part part NOUN cblr-1732 91 71 iii.a iii.a PROPN cblr-1732 91 72 . . NOUN cblr-1732 91 73 26 26 NUM cblr-1732 91 74 see see VERB cblr-1732 91 75 infra infra NOUN cblr-1732 91 76 part part NOUN cblr-1732 91 77 iii.b iii.b NOUN cblr-1732 91 78 . . PROPN cblr-1732 91 79 27 27 NUM cblr-1732 91 80 in in ADP cblr-1732 91 81 a a DET cblr-1732 91 82 typical typical ADJ cblr-1732 91 83 dual dual ADJ cblr-1732 91 84 - - PUNCT cblr-1732 91 85 class class NOUN cblr-1732 91 86 company company NOUN cblr-1732 91 87 , , PUNCT cblr-1732 91 88 there there PRON cblr-1732 91 89 is be VERB cblr-1732 91 90 a a DET cblr-1732 91 91 publicly publicly ADV cblr-1732 91 92 traded trade VERB cblr-1732 91 93 class class NOUN cblr-1732 91 94 of of ADP cblr-1732 91 95 stock stock NOUN cblr-1732 91 96 with with ADP cblr-1732 91 97 inferior inferior ADJ cblr-1732 91 98 voting voting NOUN cblr-1732 91 99 rights right NOUN cblr-1732 91 100 and and CCONJ cblr-1732 91 101 an an DET cblr-1732 91 102 additional additional ADJ cblr-1732 91 103 class class NOUN cblr-1732 91 104 of of ADP cblr-1732 91 105 stock stock NOUN cblr-1732 91 106 with with ADP cblr-1732 91 107 superior superior ADJ cblr-1732 91 108 voting voting NOUN cblr-1732 91 109 rights right NOUN cblr-1732 91 110 , , PUNCT cblr-1732 91 111 often often ADV cblr-1732 91 112 not not PART cblr-1732 91 113 publicly publicly ADV cblr-1732 91 114 traded trade VERB cblr-1732 91 115 . . PUNCT cblr-1732 92 1 this this DET cblr-1732 92 2 latter latter ADJ cblr-1732 92 3 class class NOUN cblr-1732 92 4 of of ADP cblr-1732 92 5 stock stock NOUN cblr-1732 92 6 is be AUX cblr-1732 92 7 usually usually ADV cblr-1732 92 8 owned own VERB cblr-1732 92 9 by by ADP cblr-1732 92 10 the the DET cblr-1732 92 11 insiders insider NOUN cblr-1732 92 12 of of ADP cblr-1732 92 13 the the DET cblr-1732 92 14 firm firm NOUN cblr-1732 92 15 and and CCONJ cblr-1732 92 16 causes cause VERB cblr-1732 92 17 a a DET cblr-1732 92 18 significant significant ADJ cblr-1732 92 19 wedge wedge NOUN cblr-1732 92 20 between between ADP cblr-1732 92 21 the the DET cblr-1732 92 22 insiders insider NOUN cblr-1732 92 23 ’ ’ PART cblr-1732 92 24 voting voting NOUN cblr-1732 92 25 and and CCONJ cblr-1732 92 26 cash cash NOUN cblr-1732 92 27 - - PUNCT cblr-1732 92 28 flow flow NOUN cblr-1732 92 29 rights right NOUN cblr-1732 92 30 . . PUNCT cblr-1732 93 1 see see VERB cblr-1732 93 2 paul paul PROPN cblr-1732 93 3 a. a. PROPN cblr-1732 93 4 gompers gompers PROPN cblr-1732 93 5 , , PUNCT cblr-1732 93 6 joy joy NOUN cblr-1732 93 7 ishii ishii PROPN cblr-1732 93 8 & & CCONJ cblr-1732 93 9 andrew andrew PROPN cblr-1732 93 10 metrick metrick PROPN cblr-1732 93 11 , , PUNCT cblr-1732 93 12 extreme extreme ADJ cblr-1732 93 13 governance governance NOUN cblr-1732 93 14 : : PUNCT cblr-1732 93 15 an an DET cblr-1732 93 16 analysis analysis NOUN cblr-1732 93 17 of of ADP cblr-1732 93 18 dualclass dualclass NOUN cblr-1732 93 19 firms firm NOUN cblr-1732 93 20 in in ADP cblr-1732 93 21 the the DET cblr-1732 93 22 united united PROPN cblr-1732 93 23 states states PROPN cblr-1732 93 24 , , PUNCT cblr-1732 93 25 23 23 NUM cblr-1732 93 26 rev rev X cblr-1732 93 27 . . PROPN cblr-1732 93 28 fin fin NOUN cblr-1732 93 29 . . PUNCT cblr-1732 93 30 stud stud PROPN cblr-1732 93 31 . . PUNCT cblr-1732 94 1 1051 1051 NUM cblr-1732 94 2 , , PUNCT cblr-1732 94 3 1052 1052 NUM cblr-1732 94 4 ( ( PUNCT cblr-1732 94 5 2010 2010 NUM cblr-1732 94 6 ) ) PUNCT cblr-1732 94 7 . . PUNCT cblr-1732 95 1 28 28 NUM cblr-1732 95 2 delaware delaware PROPN cblr-1732 95 3 law law PROPN cblr-1732 95 4 and and CCONJ cblr-1732 95 5 corporate corporate ADJ cblr-1732 95 6 scholars scholar NOUN cblr-1732 95 7 recognize recognize VERB cblr-1732 95 8 that that SCONJ cblr-1732 95 9 a a DET cblr-1732 95 10 stockholder stockholder NOUN cblr-1732 95 11 can can AUX cblr-1732 95 12 achieve achieve VERB cblr-1732 95 13 a a DET cblr-1732 95 14 controlling control VERB cblr-1732 95 15 status status NOUN cblr-1732 95 16 with with ADP cblr-1732 95 17 less less ADJ cblr-1732 95 18 than than ADP cblr-1732 95 19 50 50 NUM cblr-1732 95 20 % % NOUN cblr-1732 95 21 of of ADP cblr-1732 95 22 the the DET cblr-1732 95 23 voting voting NOUN cblr-1732 95 24 power power NOUN cblr-1732 95 25 . . PUNCT cblr-1732 96 1 for for ADP cblr-1732 96 2 a a DET cblr-1732 96 3 discussion discussion NOUN cblr-1732 96 4 , , PUNCT cblr-1732 96 5 see see VERB cblr-1732 96 6 infra infra NOUN cblr-1732 96 7 note note VERB cblr-1732 96 8 84 84 NUM cblr-1732 96 9 and and CCONJ cblr-1732 96 10 subpart subpart NOUN cblr-1732 96 11 iv.a.2 iv.a.2 PROPN cblr-1732 96 12 . . PUNCT cblr-1732 97 1 29 29 NUM cblr-1732 97 2 see see VERB cblr-1732 97 3 infra infra NOUN cblr-1732 97 4 part part NOUN cblr-1732 97 5 iv iv NOUN cblr-1732 97 6 . . PUNCT cblr-1732 97 7 kastiel kastiel PROPN cblr-1732 97 8 – – PUNCT cblr-1732 97 9 final final ADJ cblr-1732 97 10 68 68 NUM cblr-1732 97 11 columbia columbia PROPN cblr-1732 97 12 business business NOUN cblr-1732 97 13 law law NOUN cblr-1732 97 14 review review NOUN cblr-1732 97 15 [ [ X cblr-1732 97 16 vol vol NOUN cblr-1732 97 17 . . NOUN cblr-1732 97 18 2016 2016 NUM cblr-1732 97 19 activists activist NOUN cblr-1732 97 20 ’ ' PUNCT cblr-1732 97 21 ability ability NOUN cblr-1732 97 22 to to PART cblr-1732 97 23 elect elect VERB cblr-1732 97 24 minority minority NOUN cblr-1732 97 25 directors director NOUN cblr-1732 97 26 in in ADP cblr-1732 97 27 certain certain ADJ cblr-1732 97 28 dual dual ADJ cblr-1732 97 29 - - PUNCT cblr-1732 97 30 class class NOUN cblr-1732 97 31 firms firm NOUN cblr-1732 97 32 ( ( PUNCT cblr-1732 97 33 a a DET cblr-1732 97 34 mechanism mechanism NOUN cblr-1732 97 35 that that PRON cblr-1732 97 36 has have AUX cblr-1732 97 37 received receive VERB cblr-1732 97 38 little little ADJ cblr-1732 97 39 attention attention NOUN cblr-1732 97 40 from from ADP cblr-1732 97 41 legal legal ADJ cblr-1732 97 42 scholars scholar NOUN cblr-1732 97 43 ) ) PUNCT cblr-1732 97 44 is be AUX cblr-1732 97 45 of of ADP cblr-1732 97 46 particular particular ADJ cblr-1732 97 47 interest interest NOUN cblr-1732 97 48 , , PUNCT cblr-1732 97 49 as as SCONJ cblr-1732 97 50 such such DET cblr-1732 97 51 a a DET cblr-1732 97 52 mechanism mechanism NOUN cblr-1732 97 53 , , PUNCT cblr-1732 97 54 which which PRON cblr-1732 97 55 does do AUX cblr-1732 97 56 not not PART cblr-1732 97 57 depend depend VERB cblr-1732 97 58 upon upon SCONJ cblr-1732 97 59 the the DET cblr-1732 97 60 existence existence NOUN cblr-1732 97 61 of of ADP cblr-1732 97 62 a a DET cblr-1732 97 63 conflicted conflicted ADJ cblr-1732 97 64 transaction transaction NOUN cblr-1732 97 65 or or CCONJ cblr-1732 97 66 a a DET cblr-1732 97 67 breach breach NOUN cblr-1732 97 68 of of ADP cblr-1732 97 69 fiduciary fiduciary ADJ cblr-1732 97 70 duty duty NOUN cblr-1732 97 71 , , PUNCT cblr-1732 97 72 generates generate VERB cblr-1732 97 73 a a DET cblr-1732 97 74 relatively relatively ADV cblr-1732 97 75 high high ADJ cblr-1732 97 76 percentage percentage NOUN cblr-1732 97 77 of of ADP cblr-1732 97 78 successful successful ADJ cblr-1732 97 79 engagements engagement NOUN cblr-1732 97 80 with with ADP cblr-1732 97 81 controlled control VERB cblr-1732 97 82 companies company NOUN cblr-1732 97 83 . . PUNCT cblr-1732 98 1 an an DET cblr-1732 98 2 examination examination NOUN cblr-1732 98 3 of of ADP cblr-1732 98 4 the the DET cblr-1732 98 5 origin origin NOUN cblr-1732 98 6 of of ADP cblr-1732 98 7 this this DET cblr-1732 98 8 mechanism mechanism NOUN cblr-1732 98 9 shows show VERB cblr-1732 98 10 that that SCONJ cblr-1732 98 11 it it PRON cblr-1732 98 12 was be AUX cblr-1732 98 13 a a DET cblr-1732 98 14 product product NOUN cblr-1732 98 15 of of ADP cblr-1732 98 16 an an DET cblr-1732 98 17 historical historical ADJ cblr-1732 98 18 compromise compromise NOUN cblr-1732 98 19 between between ADP cblr-1732 98 20 the the DET cblr-1732 98 21 american american PROPN cblr-1732 98 22 stock stock PROPN cblr-1732 98 23 exchange exchange PROPN cblr-1732 98 24 ( ( PUNCT cblr-1732 98 25 “ " PUNCT cblr-1732 98 26 amex amex NOUN cblr-1732 98 27 ” " PUNCT cblr-1732 98 28 ) ) PUNCT cblr-1732 98 29 and and CCONJ cblr-1732 98 30 issuers issuer NOUN cblr-1732 98 31 who who PRON cblr-1732 98 32 wanted want VERB cblr-1732 98 33 to to PART cblr-1732 98 34 take take VERB cblr-1732 98 35 their their PRON cblr-1732 98 36 companies company NOUN cblr-1732 98 37 public public ADJ cblr-1732 98 38 with with ADP cblr-1732 98 39 a a DET cblr-1732 98 40 dual dual ADJ cblr-1732 98 41 - - PUNCT cblr-1732 98 42 class class NOUN cblr-1732 98 43 structure structure NOUN cblr-1732 98 44 during during ADP cblr-1732 98 45 a a DET cblr-1732 98 46 period period NOUN cblr-1732 98 47 when when SCONJ cblr-1732 98 48 the the DET cblr-1732 98 49 use use NOUN cblr-1732 98 50 of of ADP cblr-1732 98 51 dual dual ADJ cblr-1732 98 52 - - PUNCT cblr-1732 98 53 class class NOUN cblr-1732 98 54 stock stock NOUN cblr-1732 98 55 was be AUX cblr-1732 98 56 prohibited prohibit VERB cblr-1732 98 57 by by ADP cblr-1732 98 58 the the DET cblr-1732 98 59 most most ADV cblr-1732 98 60 important important ADJ cblr-1732 98 61 stock stock NOUN cblr-1732 98 62 exchange exchange NOUN cblr-1732 98 63 at at ADP cblr-1732 98 64 the the DET cblr-1732 98 65 time time NOUN cblr-1732 98 66 , , PUNCT cblr-1732 98 67 the the DET cblr-1732 98 68 new new PROPN cblr-1732 98 69 york york PROPN cblr-1732 98 70 stock stock PROPN cblr-1732 98 71 exchange exchange PROPN cblr-1732 98 72 ( ( PUNCT cblr-1732 98 73 “ " PUNCT cblr-1732 98 74 nyse nyse PROPN cblr-1732 98 75 ” " PUNCT cblr-1732 98 76 ) ) PUNCT cblr-1732 98 77 . . PUNCT cblr-1732 99 1 however however ADV cblr-1732 99 2 , , PUNCT cblr-1732 99 3 current current ADJ cblr-1732 99 4 listing listing NOUN cblr-1732 99 5 requirements requirement NOUN cblr-1732 99 6 of of ADP cblr-1732 99 7 the the DET cblr-1732 99 8 major major ADJ cblr-1732 99 9 u.s u.s PROPN cblr-1732 99 10 . . PROPN cblr-1732 99 11 stock stock NOUN cblr-1732 99 12 exchanges exchange NOUN cblr-1732 99 13 no no ADV cblr-1732 99 14 longer long ADV cblr-1732 99 15 impose impose VERB cblr-1732 99 16 any any DET cblr-1732 99 17 restrictions restriction NOUN cblr-1732 99 18 on on ADP cblr-1732 99 19 new new ADJ cblr-1732 99 20 issuances issuance NOUN cblr-1732 99 21 of of ADP cblr-1732 99 22 unequal unequal ADJ cblr-1732 99 23 voting voting NOUN cblr-1732 99 24 stock stock NOUN cblr-1732 99 25 , , PUNCT cblr-1732 99 26 and and CCONJ cblr-1732 99 27 controlled control VERB cblr-1732 99 28 companies company NOUN cblr-1732 99 29 that that PRON cblr-1732 99 30 went go VERB cblr-1732 99 31 public public ADJ cblr-1732 99 32 in in ADP cblr-1732 99 33 the the DET cblr-1732 99 34 past past ADJ cblr-1732 99 35 decade decade NOUN cblr-1732 99 36 , , PUNCT cblr-1732 99 37 when when SCONJ cblr-1732 99 38 hedge hedge NOUN cblr-1732 99 39 fund fund NOUN cblr-1732 99 40 activism activism NOUN cblr-1732 99 41 gained gain VERB cblr-1732 99 42 steam steam NOUN cblr-1732 99 43 , , PUNCT cblr-1732 99 44 were be AUX cblr-1732 99 45 less less ADV cblr-1732 99 46 likely likely ADJ cblr-1732 99 47 to to PART cblr-1732 99 48 voluntarily voluntarily ADV cblr-1732 99 49 adopt adopt VERB cblr-1732 99 50 such such DET cblr-1732 99 51 an an DET cblr-1732 99 52 arrangement arrangement NOUN cblr-1732 99 53 and and CCONJ cblr-1732 99 54 subject subject VERB cblr-1732 99 55 themselves themselves PRON cblr-1732 99 56 to to ADP cblr-1732 99 57 the the DET cblr-1732 99 58 disciplinary disciplinary ADJ cblr-1732 99 59 power power NOUN cblr-1732 99 60 of of ADP cblr-1732 99 61 activist activist ADJ cblr-1732 99 62 holders.30 holders.30 NOUN cblr-1732 99 63 this this PRON cblr-1732 99 64 raises raise VERB cblr-1732 99 65 another another DET cblr-1732 99 66 important important ADJ cblr-1732 99 67 question question NOUN cblr-1732 99 68 as as ADP cblr-1732 99 69 to to ADP cblr-1732 99 70 whether whether SCONJ cblr-1732 99 71 activist activist ADJ cblr-1732 99 72 shareholders shareholder NOUN cblr-1732 99 73 are be AUX cblr-1732 99 74 willing willing ADJ cblr-1732 99 75 to to PART cblr-1732 99 76 engage engage VERB cblr-1732 99 77 with with ADP cblr-1732 99 78 controlled control VERB cblr-1732 99 79 companies company NOUN cblr-1732 99 80 even even ADV cblr-1732 99 81 when when SCONJ cblr-1732 99 82 they they PRON cblr-1732 99 83 lack lack VERB cblr-1732 99 84 any any DET cblr-1732 99 85 formal formal ADJ cblr-1732 99 86 , , PUNCT cblr-1732 99 87 legal legal ADJ cblr-1732 99 88 rights right NOUN cblr-1732 99 89 that that PRON cblr-1732 99 90 could could AUX cblr-1732 99 91 facilitate facilitate VERB cblr-1732 99 92 those those DET cblr-1732 99 93 interactions interaction NOUN cblr-1732 99 94 . . PUNCT cblr-1732 100 1 this this DET cblr-1732 100 2 article article NOUN cblr-1732 100 3 uses use VERB cblr-1732 100 4 the the DET cblr-1732 100 5 setting setting NOUN cblr-1732 100 6 of of ADP cblr-1732 100 7 “ " PUNCT cblr-1732 100 8 against against ADP cblr-1732 100 9 all all DET cblr-1732 100 10 odds odd NOUN cblr-1732 100 11 ” " PUNCT cblr-1732 100 12 engagements engagement NOUN cblr-1732 100 13 — — PUNCT cblr-1732 100 14 engagements engagement NOUN cblr-1732 100 15 when when SCONJ cblr-1732 100 16 the the DET cblr-1732 100 17 control control NOUN cblr-1732 100 18 is be AUX cblr-1732 100 19 fully fully ADV cblr-1732 100 20 uncontested uncontested ADJ cblr-1732 100 21 and and CCONJ cblr-1732 100 22 the the DET cblr-1732 100 23 activists activist NOUN cblr-1732 100 24 have have VERB cblr-1732 100 25 no no DET cblr-1732 100 26 legal legal ADJ cblr-1732 100 27 rights right NOUN cblr-1732 100 28 to to PART cblr-1732 100 29 challenge challenge VERB cblr-1732 100 30 a a DET cblr-1732 100 31 controller controller NOUN cblr-1732 100 32 — — PUNCT cblr-1732 100 33 to to PART cblr-1732 100 34 explore explore VERB cblr-1732 100 35 whether whether SCONJ cblr-1732 100 36 the the DET cblr-1732 100 37 reputational reputational ADJ cblr-1732 100 38 concerns concern NOUN cblr-1732 100 39 of of ADP cblr-1732 100 40 controlling control VERB cblr-1732 100 41 shareholders shareholder NOUN cblr-1732 100 42 could could AUX cblr-1732 100 43 serve serve VERB cblr-1732 100 44 as as ADP cblr-1732 100 45 a a DET cblr-1732 100 46 substitute substitute NOUN cblr-1732 100 47 for for ADP cblr-1732 100 48 the the DET cblr-1732 100 49 formal formal ADJ cblr-1732 100 50 channels channel NOUN cblr-1732 100 51 of of ADP cblr-1732 100 52 activism activism NOUN cblr-1732 100 53 , , PUNCT cblr-1732 100 54 and and CCONJ cblr-1732 100 55 make make VERB cblr-1732 100 56 controllers controller NOUN cblr-1732 100 57 attentive attentive ADJ cblr-1732 100 58 to to ADP cblr-1732 100 59 activists activist NOUN cblr-1732 100 60 ’ ' PUNCT cblr-1732 100 61 demands demand NOUN cblr-1732 100 62 . . PUNCT cblr-1732 101 1 such such ADJ cblr-1732 101 2 examination examination NOUN cblr-1732 101 3 shows show VERB cblr-1732 101 4 that that SCONJ cblr-1732 101 5 reputational reputational ADJ cblr-1732 101 6 concerns concern NOUN cblr-1732 101 7 could could AUX cblr-1732 101 8 play play VERB cblr-1732 101 9 a a DET cblr-1732 101 10 role role NOUN cblr-1732 101 11 in in ADP cblr-1732 101 12 disciplining discipline VERB cblr-1732 101 13 controllers controller NOUN cblr-1732 101 14 , , PUNCT cblr-1732 101 15 but but CCONJ cblr-1732 101 16 mostly mostly ADV cblr-1732 101 17 when when SCONJ cblr-1732 101 18 these these DET cblr-1732 101 19 forces force NOUN cblr-1732 101 20 serve serve VERB cblr-1732 101 21 as as ADP cblr-1732 101 22 a a DET cblr-1732 101 23 complementary complementary ADJ cblr-1732 101 24 mechanism mechanism NOUN cblr-1732 101 25 , , PUNCT cblr-1732 101 26 operating operate VERB cblr-1732 101 27 in in ADP cblr-1732 101 28 conjunction conjunction NOUN cblr-1732 101 29 with with ADP cblr-1732 101 30 other other ADJ cblr-1732 101 31 formal formal ADJ cblr-1732 101 32 bargaining bargaining NOUN cblr-1732 101 33 mechanisms mechanism NOUN cblr-1732 101 34 that that PRON cblr-1732 101 35 increase increase VERB cblr-1732 101 36 the the DET cblr-1732 101 37 public public ADJ cblr-1732 101 38 profile profile NOUN cblr-1732 101 39 of of ADP cblr-1732 101 40 an an DET cblr-1732 101 41 engagement engagement NOUN cblr-1732 101 42 , , PUNCT cblr-1732 101 43 such such ADJ cblr-1732 101 44 as as ADP cblr-1732 101 45 activists activist NOUN cblr-1732 101 46 ’ ' PUNCT cblr-1732 101 47 ability ability NOUN cblr-1732 101 48 to to PART cblr-1732 101 49 nominate nominate VERB cblr-1732 101 50 a a DET cblr-1732 101 51 minority minority NOUN cblr-1732 101 52 director director NOUN cblr-1732 101 53 and and CCONJ cblr-1732 101 54 declare declare VERB cblr-1732 101 55 a a DET cblr-1732 101 56 proxy proxy NOUN cblr-1732 101 57 contest contest NOUN cblr-1732 101 58 against against ADP cblr-1732 101 59 the the DET cblr-1732 101 60 controller controller NOUN cblr-1732 101 61 . . PUNCT cblr-1732 102 1 when when SCONJ cblr-1732 102 2 activists activist NOUN cblr-1732 102 3 have have VERB cblr-1732 102 4 30 30 NUM cblr-1732 102 5 see see NOUN cblr-1732 102 6 infra infra NOUN cblr-1732 102 7 part part NOUN cblr-1732 102 8 iv.a iv.a VERB cblr-1732 102 9 . . PUNCT cblr-1732 103 1 kastiel kastiel PROPN cblr-1732 103 2 – – PUNCT cblr-1732 103 3 final final ADJ cblr-1732 103 4 no no NOUN cblr-1732 103 5 . . PROPN cblr-1732 103 6 1:60 1:60 NUM cblr-1732 103 7 ] ] PUNCT cblr-1732 103 8 against against ADP cblr-1732 103 9 all all DET cblr-1732 103 10 odds odd NOUN cblr-1732 103 11 69 69 NUM cblr-1732 103 12 no no DET cblr-1732 103 13 apparent apparent ADJ cblr-1732 103 14 formal formal ADJ cblr-1732 103 15 bargaining bargaining NOUN cblr-1732 103 16 mechanisms mechanism NOUN cblr-1732 103 17 , , PUNCT cblr-1732 103 18 reputational reputational ADJ cblr-1732 103 19 markets market NOUN cblr-1732 103 20 alone alone ADV cblr-1732 103 21 have have VERB cblr-1732 103 22 a a DET cblr-1732 103 23 mild mild ADJ cblr-1732 103 24 disciplinary disciplinary ADJ cblr-1732 103 25 effect effect NOUN cblr-1732 103 26 , , PUNCT cblr-1732 103 27 at at ADP cblr-1732 103 28 best good ADJ cblr-1732 103 29 , , PUNCT cblr-1732 103 30 on on ADP cblr-1732 103 31 controlling control VERB cblr-1732 103 32 shareholders.31 shareholders.31 NOUN cblr-1732 103 33 finally finally ADV cblr-1732 103 34 , , PUNCT cblr-1732 103 35 despite despite SCONJ cblr-1732 103 36 the the DET cblr-1732 103 37 evidence evidence NOUN cblr-1732 103 38 showing show VERB cblr-1732 103 39 that that SCONJ cblr-1732 103 40 controlled control VERB cblr-1732 103 41 companies company NOUN cblr-1732 103 42 are be AUX cblr-1732 103 43 not not PART cblr-1732 103 44 fully fully ADV cblr-1732 103 45 insulated insulate VERB cblr-1732 103 46 from from ADP cblr-1732 103 47 activist activist ADJ cblr-1732 103 48 interventions intervention NOUN cblr-1732 103 49 , , PUNCT cblr-1732 103 50 this this DET cblr-1732 103 51 article article NOUN cblr-1732 103 52 predicts predict VERB cblr-1732 103 53 that that SCONJ cblr-1732 103 54 activists activist NOUN cblr-1732 103 55 ’ ' PUNCT cblr-1732 103 56 ability ability NOUN cblr-1732 103 57 to to PART cblr-1732 103 58 continue continue VERB cblr-1732 103 59 engaging engage VERB cblr-1732 103 60 with with ADP cblr-1732 103 61 such such ADJ cblr-1732 103 62 companies company NOUN cblr-1732 103 63 could could AUX cblr-1732 103 64 be be AUX cblr-1732 103 65 severely severely ADV cblr-1732 103 66 limited limit VERB cblr-1732 103 67 in in ADP cblr-1732 103 68 the the DET cblr-1732 103 69 future future NOUN cblr-1732 103 70 . . PUNCT cblr-1732 104 1 a a DET cblr-1732 104 2 recent recent ADJ cblr-1732 104 3 upward upward ADJ cblr-1732 104 4 trend trend NOUN cblr-1732 104 5 in in ADP cblr-1732 104 6 the the DET cblr-1732 104 7 adoption adoption NOUN cblr-1732 104 8 of of ADP cblr-1732 104 9 dualclass dualclass NOUN cblr-1732 104 10 stock stock NOUN cblr-1732 104 11 without without ADP cblr-1732 104 12 any any DET cblr-1732 104 13 minority minority NOUN cblr-1732 104 14 protections protection NOUN cblr-1732 104 15 , , PUNCT cblr-1732 104 16 such such ADJ cblr-1732 104 17 as as ADP cblr-1732 104 18 board board NOUN cblr-1732 104 19 representation,32 representation,32 VERB cblr-1732 104 20 is be AUX cblr-1732 104 21 likely likely ADJ cblr-1732 104 22 to to PART cblr-1732 104 23 better well ADV cblr-1732 104 24 shield shield VERB cblr-1732 104 25 controllers controller NOUN cblr-1732 104 26 from from ADP cblr-1732 104 27 the the DET cblr-1732 104 28 disciplinary disciplinary ADJ cblr-1732 104 29 power power NOUN cblr-1732 104 30 of of ADP cblr-1732 104 31 activists activist NOUN cblr-1732 104 32 . . PUNCT cblr-1732 105 1 the the DET cblr-1732 105 2 article article NOUN cblr-1732 105 3 , , PUNCT cblr-1732 105 4 therefore therefore ADV cblr-1732 105 5 , , PUNCT cblr-1732 105 6 calls call VERB cblr-1732 105 7 upon upon SCONJ cblr-1732 105 8 regulators regulator NOUN cblr-1732 105 9 and and CCONJ cblr-1732 105 10 institutional institutional ADJ cblr-1732 105 11 investors investor NOUN cblr-1732 105 12 who who PRON cblr-1732 105 13 view view VERB cblr-1732 105 14 activism activism NOUN cblr-1732 105 15 as as ADP cblr-1732 105 16 an an DET cblr-1732 105 17 important important ADJ cblr-1732 105 18 disciplinary disciplinary ADJ cblr-1732 105 19 mechanism mechanism NOUN cblr-1732 105 20 to to PART cblr-1732 105 21 not not PART cblr-1732 105 22 rely rely VERB cblr-1732 105 23 solely solely ADV cblr-1732 105 24 on on ADP cblr-1732 105 25 the the DET cblr-1732 105 26 existing exist VERB cblr-1732 105 27 legal legal ADJ cblr-1732 105 28 framework framework NOUN cblr-1732 105 29 or or CCONJ cblr-1732 105 30 on on ADP cblr-1732 105 31 reputation reputation NOUN cblr-1732 105 32 markets market NOUN cblr-1732 105 33 to to PART cblr-1732 105 34 facilitate facilitate VERB cblr-1732 105 35 this this DET cblr-1732 105 36 activity activity NOUN cblr-1732 105 37 . . PUNCT cblr-1732 106 1 instead instead ADV cblr-1732 106 2 , , PUNCT cblr-1732 106 3 they they PRON cblr-1732 106 4 are be AUX cblr-1732 106 5 urged urge VERB cblr-1732 106 6 to to PART cblr-1732 106 7 adopt adopt VERB cblr-1732 106 8 arrangements arrangement NOUN cblr-1732 106 9 that that PRON cblr-1732 106 10 will will AUX cblr-1732 106 11 further far ADV cblr-1732 106 12 encourage encourage VERB cblr-1732 106 13 activism activism NOUN cblr-1732 106 14 in in ADP cblr-1732 106 15 controlled control VERB cblr-1732 106 16 companies company NOUN cblr-1732 106 17 , , PUNCT cblr-1732 106 18 and and CCONJ cblr-1732 106 19 the the DET cblr-1732 106 20 most most ADV cblr-1732 106 21 efficient efficient ADJ cblr-1732 106 22 way way NOUN cblr-1732 106 23 to to PART cblr-1732 106 24 accomplish accomplish VERB cblr-1732 106 25 this this DET cblr-1732 106 26 goal goal NOUN cblr-1732 106 27 would would AUX cblr-1732 106 28 be be AUX cblr-1732 106 29 to to PART cblr-1732 106 30 grant grant VERB cblr-1732 106 31 shareholders shareholder NOUN cblr-1732 106 32 unaffiliated unaffiliate VERB cblr-1732 106 33 with with ADP cblr-1732 106 34 the the DET cblr-1732 106 35 controllers controller NOUN cblr-1732 106 36 the the DET cblr-1732 106 37 right right NOUN cblr-1732 106 38 to to PART cblr-1732 106 39 elect elect VERB cblr-1732 106 40 minority minority NOUN cblr-1732 106 41 directors director NOUN cblr-1732 106 42 . . PUNCT cblr-1732 107 1 accordingly accordingly ADV cblr-1732 107 2 , , PUNCT cblr-1732 107 3 this this DET cblr-1732 107 4 article article NOUN cblr-1732 107 5 proceeds proceed VERB cblr-1732 107 6 as as SCONJ cblr-1732 107 7 follows follow VERB cblr-1732 107 8 . . PUNCT cblr-1732 108 1 part part PROPN cblr-1732 108 2 ii ii PROPN cblr-1732 108 3 lays lay VERB cblr-1732 108 4 out out ADP cblr-1732 108 5 the the DET cblr-1732 108 6 stakes stake NOUN cblr-1732 108 7 and and CCONJ cblr-1732 108 8 then then ADV cblr-1732 108 9 proceeds proceed VERB cblr-1732 108 10 to to PART cblr-1732 108 11 introduce introduce VERB cblr-1732 108 12 the the DET cblr-1732 108 13 initial initial ADJ cblr-1732 108 14 hypothesis hypothesis NOUN cblr-1732 108 15 regarding regard VERB cblr-1732 108 16 the the DET cblr-1732 108 17 relationship relationship NOUN cblr-1732 108 18 between between ADP cblr-1732 108 19 ownership ownership NOUN cblr-1732 108 20 structure structure NOUN cblr-1732 108 21 and and CCONJ cblr-1732 108 22 shareholder shareholder NOUN cblr-1732 108 23 activism activism NOUN cblr-1732 108 24 . . PUNCT cblr-1732 109 1 as as SCONJ cblr-1732 109 2 noted note VERB cblr-1732 109 3 , , PUNCT cblr-1732 109 4 this this DET cblr-1732 109 5 initial initial ADJ cblr-1732 109 6 hypothesis hypothesis NOUN cblr-1732 109 7 suggests suggest VERB cblr-1732 109 8 that that SCONJ cblr-1732 109 9 hedge hedge NOUN cblr-1732 109 10 fund fund NOUN cblr-1732 109 11 activism activism NOUN cblr-1732 109 12 “ " PUNCT cblr-1732 109 13 is be AUX cblr-1732 109 14 unlikely unlikely ADJ cblr-1732 109 15 to to PART cblr-1732 109 16 be be AUX cblr-1732 109 17 deployed deploy VERB cblr-1732 109 18 where where SCONJ cblr-1732 109 19 dispersed disperse VERB cblr-1732 109 20 ownership ownership NOUN cblr-1732 109 21 is be AUX cblr-1732 109 22 lacking lack VERB cblr-1732 109 23 . . PUNCT cblr-1732 110 1 ”33 ”33 VERB cblr-1732 110 2 part part NOUN cblr-1732 110 3 iii iii NUM cblr-1732 110 4 tests test VERB cblr-1732 110 5 the the DET cblr-1732 110 6 validity validity NOUN cblr-1732 110 7 of of ADP cblr-1732 110 8 the the DET cblr-1732 110 9 initial initial ADJ cblr-1732 110 10 hypothesis hypothesis NOUN cblr-1732 110 11 and and CCONJ cblr-1732 110 12 presents present VERB cblr-1732 110 13 data datum NOUN cblr-1732 110 14 that that PRON cblr-1732 110 15 is be AUX cblr-1732 110 16 somewhat somewhat ADV cblr-1732 110 17 counter counter ADJ cblr-1732 110 18 to to ADP cblr-1732 110 19 it it PRON cblr-1732 110 20 . . PUNCT cblr-1732 111 1 part part NOUN cblr-1732 111 2 iv iv NUM cblr-1732 111 3 presents present VERB cblr-1732 111 4 the the DET cblr-1732 111 5 formal formal ADJ cblr-1732 111 6 mechanisms mechanism NOUN cblr-1732 111 7 that that PRON cblr-1732 111 8 activist activist ADJ cblr-1732 111 9 hedge hedge NOUN cblr-1732 111 10 funds fund NOUN cblr-1732 111 11 use use VERB cblr-1732 111 12 when when SCONJ cblr-1732 111 13 engaging engage VERB cblr-1732 111 14 with with ADP cblr-1732 111 15 controlled control VERB cblr-1732 111 16 companies company NOUN cblr-1732 111 17 , , PUNCT cblr-1732 111 18 and and CCONJ cblr-1732 111 19 part part NOUN cblr-1732 111 20 v v X cblr-1732 111 21 supplements supplement NOUN cblr-1732 111 22 it it PRON cblr-1732 111 23 by by ADP cblr-1732 111 24 exploring explore VERB cblr-1732 111 25 the the DET cblr-1732 111 26 extent extent NOUN cblr-1732 111 27 to to PART cblr-1732 111 28 which which DET cblr-1732 111 29 reputation reputation NOUN cblr-1732 111 30 markets market VERB cblr-1732 111 31 discipline discipline NOUN cblr-1732 111 32 controllers controller NOUN cblr-1732 111 33 . . PUNCT cblr-1732 112 1 part part NOUN cblr-1732 112 2 vi vi PROPN cblr-1732 112 3 addresses address NOUN cblr-1732 112 4 concerns concern VERB cblr-1732 112 5 that that SCONJ cblr-1732 112 6 activists activist NOUN cblr-1732 112 7 ’ ' PUNCT cblr-1732 112 8 engagements engagement NOUN cblr-1732 112 9 with with ADP cblr-1732 112 10 controlled control VERB cblr-1732 112 11 companies company NOUN cblr-1732 112 12 could could AUX cblr-1732 112 13 be be AUX cblr-1732 112 14 harmful harmful ADJ cblr-1732 112 15 to to ADP cblr-1732 112 16 other other ADJ cblr-1732 112 17 minority minority NOUN cblr-1732 112 18 shareholders shareholder NOUN cblr-1732 112 19 . . PUNCT cblr-1732 113 1 it it PRON cblr-1732 113 2 also also ADV cblr-1732 113 3 shows show VERB cblr-1732 113 4 that that SCONJ cblr-1732 113 5 those those DET cblr-1732 113 6 31 31 NUM cblr-1732 113 7 see see VERB cblr-1732 113 8 infra infra NOUN cblr-1732 113 9 part part NOUN cblr-1732 113 10 v. v. ADP cblr-1732 113 11 32 32 NUM cblr-1732 113 12 see see VERB cblr-1732 113 13 supra supra PROPN cblr-1732 113 14 notes note NOUN cblr-1732 113 15 206 206 NUM cblr-1732 113 16 , , PUNCT cblr-1732 113 17 212 212 NUM cblr-1732 113 18 , , PUNCT cblr-1732 113 19 and and CCONJ cblr-1732 113 20 224 224 NUM cblr-1732 113 21 . . PUNCT cblr-1732 114 1 33 33 NUM cblr-1732 114 2 see see VERB cblr-1732 114 3 cheffins cheffin NOUN cblr-1732 114 4 & & CCONJ cblr-1732 114 5 armour armour PROPN cblr-1732 114 6 , , PUNCT cblr-1732 114 7 supra supra PROPN cblr-1732 114 8 note note NOUN cblr-1732 114 9 22 22 NUM cblr-1732 114 10 . . PUNCT cblr-1732 115 1 see see VERB cblr-1732 115 2 also also ADV cblr-1732 115 3 katelouzou katelouzou PROPN cblr-1732 115 4 , , PUNCT cblr-1732 115 5 worldwide worldwide ADJ cblr-1732 115 6 hedge hedge PROPN cblr-1732 115 7 fund fund PROPN cblr-1732 115 8 activism activism NOUN cblr-1732 115 9 , , PUNCT cblr-1732 115 10 supra supra PROPN cblr-1732 115 11 note note PROPN cblr-1732 115 12 22 22 NUM cblr-1732 115 13 ; ; PUNCT cblr-1732 115 14 drerup drerup NOUN cblr-1732 115 15 , , PUNCT cblr-1732 115 16 supra supra PROPN cblr-1732 115 17 note note NOUN cblr-1732 115 18 22 22 NUM cblr-1732 115 19 . . PUNCT cblr-1732 116 1 kastiel kastiel PROPN cblr-1732 116 2 – – PUNCT cblr-1732 116 3 final final ADJ cblr-1732 116 4 70 70 NUM cblr-1732 116 5 columbia columbia PROPN cblr-1732 116 6 business business NOUN cblr-1732 116 7 law law PROPN cblr-1732 116 8 review review NOUN cblr-1732 117 1 [ [ X cblr-1732 117 2 vol vol NOUN cblr-1732 117 3 . . NOUN cblr-1732 117 4 2016 2016 NUM cblr-1732 117 5 concerns concern NOUN cblr-1732 117 6 are be AUX cblr-1732 117 7 not not PART cblr-1732 117 8 supported support VERB cblr-1732 117 9 by by ADP cblr-1732 117 10 general general ADJ cblr-1732 117 11 evidence evidence NOUN cblr-1732 117 12 or or CCONJ cblr-1732 117 13 by by ADP cblr-1732 117 14 the the DET cblr-1732 117 15 data datum NOUN cblr-1732 117 16 presented present VERB cblr-1732 117 17 in in ADP cblr-1732 117 18 this this DET cblr-1732 117 19 article article NOUN cblr-1732 117 20 . . PUNCT cblr-1732 118 1 finally finally ADV cblr-1732 118 2 , , PUNCT cblr-1732 118 3 part part NOUN cblr-1732 118 4 vii vii PROPN cblr-1732 118 5 analyzes analyze VERB cblr-1732 118 6 the the DET cblr-1732 118 7 various various ADJ cblr-1732 118 8 policy policy NOUN cblr-1732 118 9 implications implication NOUN cblr-1732 118 10 of of ADP cblr-1732 118 11 the the DET cblr-1732 118 12 article article NOUN cblr-1732 118 13 ’s ’s PART cblr-1732 118 14 findings finding NOUN cblr-1732 118 15 . . PUNCT cblr-1732 119 1 ii ii PROPN cblr-1732 119 2 . . PUNCT cblr-1732 119 3 hedge hedge PROPN cblr-1732 119 4 fund fund PROPN cblr-1732 119 5 activism activism NOUN cblr-1732 119 6 in in ADP cblr-1732 119 7 controlled control VERB cblr-1732 119 8 companies company NOUN cblr-1732 119 9 : : PUNCT cblr-1732 119 10 background background NOUN cblr-1732 119 11 a. a. NOUN cblr-1732 119 12 the the DET cblr-1732 119 13 stakes stake NOUN cblr-1732 119 14 many many ADJ cblr-1732 119 15 scholars scholar NOUN cblr-1732 119 16 consider consider VERB cblr-1732 119 17 the the DET cblr-1732 119 18 emergence emergence NOUN cblr-1732 119 19 of of ADP cblr-1732 119 20 activist activist ADJ cblr-1732 119 21 hedge hedge NOUN cblr-1732 119 22 funds fund NOUN cblr-1732 119 23 as as ADP cblr-1732 119 24 a a DET cblr-1732 119 25 major major ADJ cblr-1732 119 26 , , PUNCT cblr-1732 119 27 ground ground NOUN cblr-1732 119 28 - - PUNCT cblr-1732 119 29 breaking break VERB cblr-1732 119 30 shift shift NOUN cblr-1732 119 31 in in ADP cblr-1732 119 32 the the DET cblr-1732 119 33 corporate corporate ADJ cblr-1732 119 34 governance governance NOUN cblr-1732 119 35 of of ADP cblr-1732 119 36 public public ADJ cblr-1732 119 37 firms firm NOUN cblr-1732 119 38 . . PUNCT cblr-1732 120 1 jonathan jonathan PROPN cblr-1732 120 2 macey macey PROPN cblr-1732 120 3 , , PUNCT cblr-1732 120 4 for for ADP cblr-1732 120 5 instance instance NOUN cblr-1732 120 6 , , PUNCT cblr-1732 120 7 claimed claim VERB cblr-1732 120 8 that that SCONJ cblr-1732 120 9 hedge hedge NOUN cblr-1732 120 10 funds fund NOUN cblr-1732 120 11 “ " PUNCT cblr-1732 120 12 are be AUX cblr-1732 120 13 the the DET cblr-1732 120 14 newest new ADJ cblr-1732 120 15 big big ADJ cblr-1732 120 16 thing thing NOUN cblr-1732 120 17 in in ADP cblr-1732 120 18 corporate corporate ADJ cblr-1732 120 19 governance”34 governance”34 PROPN cblr-1732 120 20 and and CCONJ cblr-1732 120 21 that that SCONJ cblr-1732 120 22 they they PRON cblr-1732 120 23 “ " PUNCT cblr-1732 120 24 actually actually ADV cblr-1732 120 25 deliver deliver VERB cblr-1732 120 26 on on ADP cblr-1732 120 27 their their PRON cblr-1732 120 28 promise promise NOUN cblr-1732 120 29 to to PART cblr-1732 120 30 provide provide VERB cblr-1732 120 31 more more ADV cblr-1732 120 32 disciplined discipline VERB cblr-1732 120 33 monitoring monitoring NOUN cblr-1732 120 34 of of ADP cblr-1732 120 35 management management NOUN cblr-1732 120 36 . . PUNCT cblr-1732 120 37 . . PUNCT cblr-1732 120 38 . . PUNCT cblr-1732 121 1 .”35 .”35 PROPN cblr-1732 122 1 frank frank PROPN cblr-1732 122 2 partnoy partnoy PROPN cblr-1732 122 3 and and CCONJ cblr-1732 122 4 randall randall PROPN cblr-1732 122 5 thomas thomas PROPN cblr-1732 122 6 argued argue VERB cblr-1732 122 7 that that SCONJ cblr-1732 122 8 “ " PUNCT cblr-1732 122 9 hedge hedge NOUN cblr-1732 122 10 funds fund NOUN cblr-1732 122 11 recently recently ADV cblr-1732 122 12 have have AUX cblr-1732 122 13 shaken shake VERB cblr-1732 122 14 up up ADP cblr-1732 122 15 boardrooms boardroom NOUN cblr-1732 122 16 and and CCONJ cblr-1732 122 17 forced force VERB cblr-1732 122 18 radical radical ADJ cblr-1732 122 19 changes change NOUN cblr-1732 122 20 at at ADP cblr-1732 122 21 many many ADJ cblr-1732 122 22 publiclytraded publiclytrade VERB cblr-1732 122 23 firms firm NOUN cblr-1732 122 24 . . PUNCT cblr-1732 123 1 ”36 ”36 NOUN cblr-1732 123 2 and and CCONJ cblr-1732 123 3 ronald ronald PROPN cblr-1732 123 4 gilson gilson PROPN cblr-1732 123 5 and and CCONJ cblr-1732 123 6 jeffrey jeffrey PROPN cblr-1732 123 7 gordon gordon PROPN cblr-1732 123 8 see see VERB cblr-1732 123 9 these these DET cblr-1732 123 10 activists activist NOUN cblr-1732 123 11 as as ADP cblr-1732 123 12 “ " PUNCT cblr-1732 123 13 governance governance NOUN cblr-1732 123 14 entrepreneurs entrepreneur NOUN cblr-1732 123 15 ” " PUNCT cblr-1732 123 16 who who PRON cblr-1732 123 17 “ " PUNCT cblr-1732 123 18 arbitrage arbitrage NOUN cblr-1732 123 19 governance governance NOUN cblr-1732 123 20 rights right NOUN cblr-1732 123 21 that that PRON cblr-1732 123 22 become become VERB cblr-1732 123 23 more more ADV cblr-1732 123 24 valuable valuable ADJ cblr-1732 123 25 through through ADP cblr-1732 123 26 their their PRON cblr-1732 123 27 activity activity NOUN cblr-1732 123 28 monitoring monitor VERB cblr-1732 123 29 companies company NOUN cblr-1732 123 30 to to PART cblr-1732 123 31 identify identify VERB cblr-1732 123 32 strategic strategic ADJ cblr-1732 123 33 opportunities opportunity NOUN cblr-1732 123 34 . . PUNCT cblr-1732 124 1 ”37 ”37 ADV cblr-1732 124 2 consistent consistent ADJ cblr-1732 124 3 with with ADP cblr-1732 124 4 these these DET cblr-1732 124 5 claims claim NOUN cblr-1732 124 6 , , PUNCT cblr-1732 124 7 compelling compelling ADJ cblr-1732 124 8 empirical empirical ADJ cblr-1732 124 9 evidence evidence NOUN cblr-1732 124 10 supports support VERB cblr-1732 124 11 the the DET cblr-1732 124 12 view view NOUN cblr-1732 124 13 that that SCONJ cblr-1732 124 14 activist activist ADJ cblr-1732 124 15 hedge hedge NOUN cblr-1732 124 16 funds fund NOUN cblr-1732 124 17 can can AUX cblr-1732 124 18 fill fill VERB cblr-1732 124 19 the the DET cblr-1732 124 20 monitoring monitoring NOUN cblr-1732 124 21 gap gap NOUN cblr-1732 124 22 created create VERB cblr-1732 124 23 by by ADP cblr-1732 124 24 “ " PUNCT cblr-1732 124 25 rationally rationally ADV cblr-1732 124 26 apathetic apathetic ADJ cblr-1732 124 27 ” " PUNCT cblr-1732 124 28 institutional institutional ADJ cblr-1732 124 29 shareholders shareholder NOUN cblr-1732 124 30 by by ADP cblr-1732 124 31 providing provide VERB cblr-1732 124 32 a a DET cblr-1732 124 33 closer close ADJ cblr-1732 124 34 check check NOUN cblr-1732 124 35 on on ADP cblr-1732 124 36 management management NOUN cblr-1732 124 37 action action NOUN cblr-1732 124 38 . . PUNCT cblr-1732 125 1 for for ADP cblr-1732 125 2 instance instance NOUN cblr-1732 125 3 , , PUNCT cblr-1732 125 4 numerous numerous ADJ cblr-1732 125 5 studies study NOUN cblr-1732 125 6 on on ADP cblr-1732 125 7 34 34 NUM cblr-1732 125 8 jonathan jonathan PROPN cblr-1732 125 9 r. r. PROPN cblr-1732 125 10 macey macey PROPN cblr-1732 125 11 , , PUNCT cblr-1732 125 12 corporate corporate ADJ cblr-1732 125 13 governance governance NOUN cblr-1732 125 14 : : PUNCT cblr-1732 125 15 promises promise NOUN cblr-1732 125 16 kept keep VERB cblr-1732 125 17 , , PUNCT cblr-1732 125 18 promises promise NOUN cblr-1732 125 19 broken break VERB cblr-1732 125 20 241 241 NUM cblr-1732 125 21 ( ( PUNCT cblr-1732 125 22 2008 2008 NUM cblr-1732 125 23 ) ) PUNCT cblr-1732 125 24 . . PUNCT cblr-1732 126 1 35 35 NUM cblr-1732 127 1 i i PRON cblr-1732 127 2 d. d. PROPN cblr-1732 127 3 , , PUNCT cblr-1732 127 4 at at ADP cblr-1732 127 5 272 272 NUM cblr-1732 127 6 . . PUNCT cblr-1732 127 7 see see VERB cblr-1732 127 8 also also ADV cblr-1732 127 9 kahan kahan PROPN cblr-1732 127 10 & & CCONJ cblr-1732 127 11 rock rock PROPN cblr-1732 127 12 , , PUNCT cblr-1732 127 13 supra supra PROPN cblr-1732 127 14 note note PROPN cblr-1732 127 15 16 16 NUM cblr-1732 127 16 , , PUNCT cblr-1732 127 17 at at ADP cblr-1732 127 18 1047 1047 NUM cblr-1732 127 19 ( ( PUNCT cblr-1732 127 20 hoping hope VERB cblr-1732 127 21 that that SCONJ cblr-1732 127 22 activist activist ADJ cblr-1732 127 23 hedge hedge NOUN cblr-1732 127 24 funds fund NOUN cblr-1732 127 25 “ " PUNCT cblr-1732 127 26 may may AUX cblr-1732 127 27 act act VERB cblr-1732 127 28 ‘ ' PUNCT cblr-1732 127 29 like like ADP cblr-1732 127 30 real real ADJ cblr-1732 127 31 owners owner NOUN cblr-1732 127 32 ’ ' PUNCT cblr-1732 127 33 and and CCONJ cblr-1732 127 34 provide provide VERB cblr-1732 127 35 a a DET cblr-1732 127 36 check check NOUN cblr-1732 127 37 on on ADP cblr-1732 127 38 management management NOUN cblr-1732 127 39 discretion discretion NOUN cblr-1732 127 40 ” " PUNCT cblr-1732 127 41 ) ) PUNCT cblr-1732 127 42 . . PUNCT cblr-1732 128 1 36 36 NUM cblr-1732 128 2 frank frank ADJ cblr-1732 128 3 partnoy partnoy PROPN cblr-1732 128 4 & & CCONJ cblr-1732 128 5 randall randall PROPN cblr-1732 128 6 thomas thomas PROPN cblr-1732 128 7 , , PUNCT cblr-1732 128 8 gap gap NOUN cblr-1732 128 9 filling filling NOUN cblr-1732 128 10 , , PUNCT cblr-1732 128 11 hedge hedge NOUN cblr-1732 128 12 funds fund NOUN cblr-1732 128 13 , , PUNCT cblr-1732 128 14 and and CCONJ cblr-1732 128 15 financial financial ADJ cblr-1732 128 16 innovation innovation NOUN cblr-1732 128 17 , , PUNCT cblr-1732 128 18 in in ADP cblr-1732 128 19 new new ADJ cblr-1732 128 20 financial financial ADJ cblr-1732 128 21 instruments instrument NOUN cblr-1732 128 22 and and CCONJ cblr-1732 128 23 institutions institution NOUN cblr-1732 128 24 : : PUNCT cblr-1732 128 25 opportunities opportunity NOUN cblr-1732 128 26 and and CCONJ cblr-1732 128 27 policy policy NOUN cblr-1732 128 28 challenges challenge NOUN cblr-1732 128 29 101 101 NUM cblr-1732 128 30 ( ( PUNCT cblr-1732 128 31 yasuyuki yasuyuki PROPN cblr-1732 128 32 fuchita fuchita PROPN cblr-1732 128 33 & & CCONJ cblr-1732 128 34 robert robert PROPN cblr-1732 128 35 e. e. PROPN cblr-1732 128 36 litan litan PROPN cblr-1732 128 37 eds eds PROPN cblr-1732 128 38 . . PROPN cblr-1732 128 39 , , PUNCT cblr-1732 128 40 2007 2007 NUM cblr-1732 128 41 ) ) PUNCT cblr-1732 128 42 . . PUNCT cblr-1732 129 1 37 37 NUM cblr-1732 129 2 ronald ronald PROPN cblr-1732 129 3 j. j. PROPN cblr-1732 129 4 gilson gilson PROPN cblr-1732 129 5 & & CCONJ cblr-1732 129 6 jeffrey jeffrey PROPN cblr-1732 129 7 n. n. PROPN cblr-1732 129 8 gordon gordon PROPN cblr-1732 129 9 , , PUNCT cblr-1732 129 10 the the DET cblr-1732 129 11 agency agency NOUN cblr-1732 129 12 costs cost NOUN cblr-1732 129 13 of of ADP cblr-1732 129 14 agency agency NOUN cblr-1732 129 15 capitalism capitalism NOUN cblr-1732 129 16 : : PUNCT cblr-1732 129 17 activist activist ADJ cblr-1732 129 18 investors investor NOUN cblr-1732 129 19 and and CCONJ cblr-1732 129 20 the the DET cblr-1732 129 21 revaluation revaluation NOUN cblr-1732 129 22 of of ADP cblr-1732 129 23 governance governance NOUN cblr-1732 129 24 rights right NOUN cblr-1732 129 25 , , PUNCT cblr-1732 129 26 113 113 NUM cblr-1732 129 27 colum colum NOUN cblr-1732 129 28 . . PUNCT cblr-1732 130 1 l. l. PROPN cblr-1732 130 2 rev rev PROPN cblr-1732 130 3 . . PROPN cblr-1732 130 4 863 863 NUM cblr-1732 130 5 , , PUNCT cblr-1732 130 6 897 897 NUM cblr-1732 130 7 ( ( PUNCT cblr-1732 130 8 2013 2013 NUM cblr-1732 130 9 ) ) PUNCT cblr-1732 130 10 . . PUNCT cblr-1732 131 1 kastiel kastiel PROPN cblr-1732 131 2 – – PUNCT cblr-1732 131 3 final final ADJ cblr-1732 131 4 no no NOUN cblr-1732 131 5 . . PROPN cblr-1732 131 6 1:60 1:60 NUM cblr-1732 131 7 ] ] PUNCT cblr-1732 131 8 against against ADP cblr-1732 131 9 all all DET cblr-1732 131 10 odds odd NOUN cblr-1732 131 11 71 71 NUM cblr-1732 131 12 hedge hedge NOUN cblr-1732 131 13 fund fund NOUN cblr-1732 131 14 activism activism NOUN cblr-1732 131 15 find find VERB cblr-1732 131 16 a a DET cblr-1732 131 17 correlation correlation NOUN cblr-1732 131 18 between between ADP cblr-1732 131 19 interventions intervention NOUN cblr-1732 131 20 by by ADP cblr-1732 131 21 activist activist ADJ cblr-1732 131 22 hedge hedge NOUN cblr-1732 131 23 funds fund NOUN cblr-1732 131 24 and and CCONJ cblr-1732 131 25 positive positive ADJ cblr-1732 131 26 stock stock NOUN cblr-1732 131 27 market market NOUN cblr-1732 131 28 reactions reaction NOUN cblr-1732 131 29 following follow VERB cblr-1732 131 30 the the DET cblr-1732 131 31 engagement engagement NOUN cblr-1732 131 32 announcements.38 announcements.38 ADP cblr-1732 131 33 moreover moreover ADV cblr-1732 131 34 , , PUNCT cblr-1732 131 35 a a DET cblr-1732 131 36 recent recent ADJ cblr-1732 131 37 study study NOUN cblr-1732 131 38 by by ADP cblr-1732 131 39 lucian lucian PROPN cblr-1732 131 40 bebchuk bebchuk PROPN cblr-1732 131 41 , , PUNCT cblr-1732 131 42 alon alon PROPN cblr-1732 131 43 brav brav PROPN cblr-1732 131 44 , , PUNCT cblr-1732 131 45 and and CCONJ cblr-1732 131 46 wei wei PROPN cblr-1732 131 47 jiang jiang PROPN cblr-1732 131 48 shows show VERB cblr-1732 131 49 that that SCONJ cblr-1732 131 50 improved improved ADJ cblr-1732 131 51 operating operating NOUN cblr-1732 131 52 performance performance NOUN cblr-1732 131 53 follows follow VERB cblr-1732 131 54 activist activist ADJ cblr-1732 131 55 interventions intervention NOUN cblr-1732 131 56 not not PART cblr-1732 131 57 only only ADV cblr-1732 131 58 in in ADP cblr-1732 131 59 the the DET cblr-1732 131 60 short short ADJ cblr-1732 131 61 term term NOUN cblr-1732 131 62 , , PUNCT cblr-1732 131 63 but but CCONJ cblr-1732 131 64 also also ADV cblr-1732 131 65 in in ADP cblr-1732 131 66 the the DET cblr-1732 131 67 long long ADJ cblr-1732 131 68 term term NOUN cblr-1732 131 69 , , PUNCT cblr-1732 131 70 during during ADP cblr-1732 131 71 the the DET cblr-1732 131 72 five five NUM cblr-1732 131 73 - - PUNCT cblr-1732 131 74 year year NOUN cblr-1732 131 75 period period NOUN cblr-1732 131 76 following follow VERB cblr-1732 131 77 these these DET cblr-1732 131 78 interventions.39 interventions.39 NOUN cblr-1732 131 79 finally finally ADV cblr-1732 131 80 , , PUNCT cblr-1732 131 81 a a DET cblr-1732 131 82 recent recent ADJ cblr-1732 131 83 survey survey NOUN cblr-1732 131 84 of of ADP cblr-1732 131 85 sixty sixty NUM cblr-1732 131 86 - - PUNCT cblr-1732 131 87 seven seven NUM cblr-1732 131 88 studies study NOUN cblr-1732 131 89 on on ADP cblr-1732 131 90 shareholder shareholder NOUN cblr-1732 131 91 activism activism NOUN cblr-1732 131 92 concludes conclude VERB cblr-1732 131 93 that that SCONJ cblr-1732 131 94 hedge hedge NOUN cblr-1732 131 95 fund fund NOUN cblr-1732 131 96 activism activism NOUN cblr-1732 131 97 , , PUNCT cblr-1732 131 98 which which PRON cblr-1732 131 99 often often ADV cblr-1732 131 100 involves involve VERB cblr-1732 131 101 the the DET cblr-1732 131 102 formation formation NOUN cblr-1732 131 103 of of ADP cblr-1732 131 104 ownership ownership NOUN cblr-1732 131 105 blocks block NOUN cblr-1732 131 106 , , PUNCT cblr-1732 131 107 is be AUX cblr-1732 131 108 associated associate VERB cblr-1732 131 109 with with ADP cblr-1732 131 110 improvements improvement NOUN cblr-1732 131 111 in in ADP cblr-1732 131 112 share share NOUN cblr-1732 131 113 values value NOUN cblr-1732 131 114 and and CCONJ cblr-1732 131 115 firm firm ADJ cblr-1732 131 116 operations operation NOUN cblr-1732 131 117 , , PUNCT cblr-1732 131 118 and and CCONJ cblr-1732 131 119 has have AUX cblr-1732 131 120 become become VERB cblr-1732 131 121 more more ADJ cblr-1732 131 122 value value NOUN cblr-1732 131 123 increasing increase VERB cblr-1732 131 124 over over ADP cblr-1732 131 125 time.40 time.40 PROPN cblr-1732 131 126 however however ADV cblr-1732 131 127 , , PUNCT cblr-1732 131 128 not not PART cblr-1732 131 129 everyone everyone PRON cblr-1732 131 130 sees see VERB cblr-1732 131 131 hedge hedge NOUN cblr-1732 131 132 fund fund NOUN cblr-1732 131 133 activism activism NOUN cblr-1732 131 134 as as ADP cblr-1732 131 135 a a DET cblr-1732 131 136 positive positive ADJ cblr-1732 131 137 development development NOUN cblr-1732 131 138 . . PUNCT cblr-1732 132 1 critics critic NOUN cblr-1732 132 2 of of ADP cblr-1732 132 3 hedge hedge PROPN cblr-1732 132 4 fund fund NOUN cblr-1732 132 5 activism activism NOUN cblr-1732 132 6 claim claim VERB cblr-1732 132 7 that that SCONJ cblr-1732 132 8 hedge hedge NOUN cblr-1732 132 9 fund fund NOUN cblr-1732 132 10 interventions intervention NOUN cblr-1732 132 11 are be AUX cblr-1732 132 12 value value NOUN cblr-1732 132 13 - - PUNCT cblr-1732 132 14 decreasing decrease VERB cblr-1732 132 15 in in ADP cblr-1732 132 16 the the DET cblr-1732 132 17 long long ADJ cblr-1732 132 18 term term NOUN cblr-1732 132 19 , , PUNCT cblr-1732 132 20 and and CCONJ cblr-1732 132 21 that that SCONJ cblr-1732 132 22 activists activist NOUN cblr-1732 132 23 tend tend VERB cblr-1732 132 24 to to PART cblr-1732 132 25 use use VERB cblr-1732 132 26 their their PRON cblr-1732 132 27 power power NOUN cblr-1732 132 28 to to PART cblr-1732 132 29 force force VERB cblr-1732 132 30 management management NOUN cblr-1732 132 31 to to PART cblr-1732 132 32 disgorge disgorge VERB cblr-1732 132 33 cash cash NOUN cblr-1732 132 34 in in ADP cblr-1732 132 35 lieu lieu NOUN cblr-1732 132 36 of of ADP cblr-1732 132 37 investing invest VERB cblr-1732 132 38 in in ADP cblr-1732 132 39 longterm longterm PROPN cblr-1732 132 40 growth,41 growth,41 PROPN cblr-1732 132 41 though though SCONJ cblr-1732 132 42 these these DET cblr-1732 132 43 criticisms criticism NOUN cblr-1732 132 44 are be AUX cblr-1732 132 45 generally generally ADV cblr-1732 132 46 made make VERB cblr-1732 132 47 with with ADP cblr-1732 132 48 limited limited ADJ cblr-1732 132 49 empirical empirical ADJ cblr-1732 132 50 evidence.42 evidence.42 NOUN cblr-1732 132 51 38 38 NUM cblr-1732 132 52 see see VERB cblr-1732 132 53 , , PUNCT cblr-1732 132 54 e.g. e.g. ADV cblr-1732 132 55 , , PUNCT cblr-1732 132 56 april april PROPN cblr-1732 132 57 klein klein PROPN cblr-1732 132 58 & & CCONJ cblr-1732 132 59 emanuel emanuel PROPN cblr-1732 132 60 zur zur PROPN cblr-1732 132 61 , , PUNCT cblr-1732 132 62 entrepreneurial entrepreneurial ADJ cblr-1732 132 63 shareholder shareholder NOUN cblr-1732 132 64 activism activism NOUN cblr-1732 132 65 : : PUNCT cblr-1732 132 66 hedge hedge NOUN cblr-1732 132 67 funds fund NOUN cblr-1732 132 68 and and CCONJ cblr-1732 132 69 other other ADJ cblr-1732 132 70 private private ADJ cblr-1732 132 71 investors investor NOUN cblr-1732 132 72 , , PUNCT cblr-1732 132 73 64 64 NUM cblr-1732 132 74 j. j. PROPN cblr-1732 132 75 fin fin PROPN cblr-1732 132 76 . . PROPN cblr-1732 132 77 , , PUNCT cblr-1732 132 78 187 187 NUM cblr-1732 132 79 , , PUNCT cblr-1732 132 80 207 207 NUM cblr-1732 132 81 – – PUNCT cblr-1732 132 82 11 11 NUM cblr-1732 132 83 , , PUNCT cblr-1732 132 84 225–26 225–26 NUM cblr-1732 132 85 ( ( PUNCT cblr-1732 132 86 2009 2009 NUM cblr-1732 132 87 ) ) PUNCT cblr-1732 132 88 ; ; PUNCT cblr-1732 132 89 brav brav PROPN cblr-1732 132 90 et et PROPN cblr-1732 132 91 al al PROPN cblr-1732 132 92 . . PROPN cblr-1732 132 93 , , PUNCT cblr-1732 132 94 hedge hedge NOUN cblr-1732 132 95 fund fund NOUN cblr-1732 132 96 activism activism NOUN cblr-1732 132 97 , , PUNCT cblr-1732 132 98 supra supra PROPN cblr-1732 132 99 note note PROPN cblr-1732 132 100 15 15 NUM cblr-1732 132 101 , , PUNCT cblr-1732 132 102 at at ADP cblr-1732 132 103 1755–57 1755–57 NUM cblr-1732 132 104 ; ; PUNCT cblr-1732 132 105 christopher christopher PROPN cblr-1732 132 106 p. p. PROPN cblr-1732 132 107 clifford clifford PROPN cblr-1732 132 108 , , PUNCT cblr-1732 132 109 value value NOUN cblr-1732 132 110 creation creation NOUN cblr-1732 132 111 or or CCONJ cblr-1732 132 112 destruction destruction NOUN cblr-1732 132 113 ? ? PUNCT cblr-1732 133 1 hedge hedge NOUN cblr-1732 133 2 funds fund NOUN cblr-1732 133 3 as as ADP cblr-1732 133 4 shareholder shareholder NOUN cblr-1732 133 5 activists activist NOUN cblr-1732 133 6 , , PUNCT cblr-1732 133 7 14 14 NUM cblr-1732 133 8 j. j. PROPN cblr-1732 133 9 corp corp PROPN cblr-1732 133 10 . . PROPN cblr-1732 133 11 fin fin PROPN cblr-1732 133 12 . . PUNCT cblr-1732 134 1 323 323 NUM cblr-1732 134 2 , , PUNCT cblr-1732 134 3 328–33 328–33 PROPN cblr-1732 134 4 ( ( PUNCT cblr-1732 134 5 2008 2008 NUM cblr-1732 134 6 ) ) PUNCT cblr-1732 134 7 . . PUNCT cblr-1732 135 1 see see VERB cblr-1732 135 2 also also ADV cblr-1732 135 3 robin robin PROPN cblr-1732 135 4 greenwood greenwood PROPN cblr-1732 135 5 & & CCONJ cblr-1732 135 6 michael michael PROPN cblr-1732 135 7 schor schor PROPN cblr-1732 135 8 , , PUNCT cblr-1732 135 9 investor investor NOUN cblr-1732 135 10 activism activism NOUN cblr-1732 135 11 and and CCONJ cblr-1732 135 12 takeovers takeover NOUN cblr-1732 135 13 , , PUNCT cblr-1732 135 14 92 92 NUM cblr-1732 135 15 j. j. PROPN cblr-1732 135 16 fin fin PROPN cblr-1732 135 17 . . PUNCT cblr-1732 135 18 econ econ PROPN cblr-1732 135 19 . . PROPN cblr-1732 135 20 , , PUNCT cblr-1732 135 21 362–75 362–75 NUM cblr-1732 135 22 ( ( PUNCT cblr-1732 135 23 2009 2009 NUM cblr-1732 135 24 ) ) PUNCT cblr-1732 135 25 ( ( PUNCT cblr-1732 135 26 finding find VERB cblr-1732 135 27 that that DET cblr-1732 135 28 hedge hedge NOUN cblr-1732 135 29 funds fund NOUN cblr-1732 135 30 specializing specialize VERB cblr-1732 135 31 in in ADP cblr-1732 135 32 forcing force VERB cblr-1732 135 33 mismanaged mismanage VERB cblr-1732 135 34 target target NOUN cblr-1732 135 35 firms firm NOUN cblr-1732 135 36 into into ADP cblr-1732 135 37 mergers merger NOUN cblr-1732 135 38 generate generate VERB cblr-1732 135 39 significantly significantly ADV cblr-1732 135 40 positive positive ADJ cblr-1732 135 41 returns return NOUN cblr-1732 135 42 ) ) PUNCT cblr-1732 135 43 . . PUNCT cblr-1732 136 1 39 39 NUM cblr-1732 136 2 lucian lucian PROPN cblr-1732 136 3 bebchuk bebchuk PROPN cblr-1732 136 4 , , PUNCT cblr-1732 136 5 alon alon PROPN cblr-1732 136 6 brav brav PROPN cblr-1732 136 7 & & CCONJ cblr-1732 136 8 wei wei PROPN cblr-1732 136 9 jiang jiang PROPN cblr-1732 136 10 , , PUNCT cblr-1732 136 11 the the DET cblr-1732 136 12 long long ADJ cblr-1732 136 13 - - PUNCT cblr-1732 136 14 term term NOUN cblr-1732 136 15 effects effect NOUN cblr-1732 136 16 of of ADP cblr-1732 136 17 hedge hedge NOUN cblr-1732 136 18 fund fund NOUN cblr-1732 136 19 activism activism NOUN cblr-1732 136 20 , , PUNCT cblr-1732 136 21 114 114 NUM cblr-1732 136 22 colum colum NOUN cblr-1732 136 23 . . PUNCT cblr-1732 137 1 l. l. PROPN cblr-1732 137 2 rev rev PROPN cblr-1732 137 3 . . PUNCT cblr-1732 138 1 ( ( PUNCT cblr-1732 138 2 forthcoming forthcoming ADJ cblr-1732 138 3 2015 2015 NUM cblr-1732 138 4 ) ) PUNCT cblr-1732 138 5 . . PUNCT cblr-1732 139 1 40 40 NUM cblr-1732 139 2 matthew matthew PROPN cblr-1732 139 3 denes denes PROPN cblr-1732 139 4 , , PUNCT cblr-1732 139 5 jonathan jonathan PROPN cblr-1732 139 6 m. m. PROPN cblr-1732 139 7 karpoff karpoff PROPN cblr-1732 139 8 & & CCONJ cblr-1732 139 9 victoria victoria PROPN cblr-1732 139 10 mcwilliams mcwilliams PROPN cblr-1732 139 11 , , PUNCT cblr-1732 139 12 thirty thirty NUM cblr-1732 139 13 years year NOUN cblr-1732 139 14 of of ADP cblr-1732 139 15 shareholder shareholder NOUN cblr-1732 139 16 activism activism NOUN cblr-1732 139 17 : : PUNCT cblr-1732 139 18 a a DET cblr-1732 139 19 survey survey NOUN cblr-1732 139 20 of of ADP cblr-1732 139 21 empirical empirical ADJ cblr-1732 139 22 research research NOUN cblr-1732 139 23 ( ( PUNCT cblr-1732 139 24 may may PROPN cblr-1732 139 25 18 18 NUM cblr-1732 139 26 , , PUNCT cblr-1732 139 27 2015 2015 NUM cblr-1732 139 28 ) ) PUNCT cblr-1732 139 29 ( ( PUNCT cblr-1732 139 30 unpublished unpublished ADJ cblr-1732 139 31 manuscript manuscript NOUN cblr-1732 139 32 ) ) PUNCT cblr-1732 139 33 , , PUNCT cblr-1732 139 34 http://ssrn.com/abstract=26 http://ssrn.com/abstract=26 X cblr-1732 139 35 08085 08085 NUM cblr-1732 140 1 [ [ X cblr-1732 140 2 http://perma.cc/78wj-yxl3 http://perma.cc/78wj-yxl3 X cblr-1732 140 3 ] ] X cblr-1732 140 4 . . PUNCT cblr-1732 141 1 41 41 NUM cblr-1732 141 2 see see VERB cblr-1732 141 3 , , PUNCT cblr-1732 141 4 e.g. e.g. ADV cblr-1732 141 5 , , PUNCT cblr-1732 141 6 ira ira PROPN cblr-1732 141 7 m. m. PROPN cblr-1732 141 8 millstein millstein ADV cblr-1732 141 9 , , PUNCT cblr-1732 141 10 re re VERB cblr-1732 141 11 - - VERB cblr-1732 141 12 examining examine VERB cblr-1732 141 13 board board NOUN cblr-1732 141 14 priorities priority NOUN cblr-1732 141 15 in in ADP cblr-1732 141 16 an an DET cblr-1732 141 17 era era NOUN cblr-1732 141 18 of of ADP cblr-1732 141 19 activism activism NOUN cblr-1732 141 20 , , PUNCT cblr-1732 141 21 n.y n.y PROPN cblr-1732 141 22 . . PROPN cblr-1732 141 23 times times PROPN cblr-1732 141 24 : : PUNCT cblr-1732 141 25 dealbook dealbook VERB cblr-1732 141 26 ( ( PUNCT cblr-1732 141 27 mar mar PROPN cblr-1732 141 28 . . PROPN cblr-1732 141 29 8 8 NUM cblr-1732 141 30 , , PUNCT cblr-1732 141 31 2013 2013 NUM cblr-1732 141 32 ) ) PUNCT cblr-1732 141 33 , , PUNCT cblr-1732 141 34 http://dealbook.ny http://dealbook.ny X cblr-1732 141 35 times.com/2013/03/08/re-examining-board-priorities-in-an-era-of-activism/ times.com/2013/03/08/re-examining-board-priorities-in-an-era-of-activism/ X cblr-1732 142 1 [ [ X cblr-1732 142 2 https://perma.cc/y7gj-xsat https://perma.cc/y7gj-xsat VERB cblr-1732 142 3 ] ] X cblr-1732 142 4 ; ; PUNCT cblr-1732 142 5 wachtell wachtell PROPN cblr-1732 142 6 , , PUNCT cblr-1732 142 7 lipton lipton PROPN cblr-1732 142 8 , , PUNCT cblr-1732 142 9 rosen rosen PROPN cblr-1732 142 10 & & CCONJ cblr-1732 142 11 katz katz PROPN cblr-1732 142 12 , , PUNCT cblr-1732 142 13 bite bite VERB cblr-1732 142 14 the the DET cblr-1732 142 15 apple apple NOUN cblr-1732 142 16 ; ; PUNCT cblr-1732 142 17 poison poison VERB cblr-1732 142 18 the the DET cblr-1732 142 19 apple apple NOUN cblr-1732 142 20 ; ; PUNCT cblr-1732 142 21 paralyze paralyze VERB cblr-1732 142 22 the the DET cblr-1732 142 23 company company NOUN cblr-1732 142 24 ; ; PUNCT cblr-1732 142 25 wreck wreck VERB cblr-1732 142 26 the the DET cblr-1732 142 27 economy economy NOUN cblr-1732 142 28 , , PUNCT cblr-1732 142 29 harv harv PROPN cblr-1732 142 30 . . PUNCT cblr-1732 143 1 l. l. PROPN cblr-1732 143 2 sch sch PROPN cblr-1732 143 3 . . PUNCT cblr-1732 144 1 f. f. PROPN cblr-1732 144 2 on on ADP cblr-1732 144 3 corp corp PROPN cblr-1732 144 4 . . PROPN cblr-1732 144 5 governance governance PROPN cblr-1732 144 6 & & CCONJ cblr-1732 144 7 fin fin PROPN cblr-1732 144 8 . . PUNCT cblr-1732 145 1 reg reg PROPN cblr-1732 145 2 . . PUNCT cblr-1732 146 1 ( ( PUNCT cblr-1732 146 2 feb feb PROPN cblr-1732 146 3 . . PROPN cblr-1732 146 4 23 23 NUM cblr-1732 146 5 , , PUNCT cblr-1732 146 6 2013 2013 NUM cblr-1732 146 7 ) ) PUNCT cblr-1732 146 8 , , PUNCT cblr-1732 146 9 kastiel kastiel PROPN cblr-1732 146 10 – – PUNCT cblr-1732 146 11 final final ADJ cblr-1732 146 12 72 72 NUM cblr-1732 146 13 columbia columbia PROPN cblr-1732 146 14 business business NOUN cblr-1732 146 15 law law PROPN cblr-1732 146 16 review review NOUN cblr-1732 147 1 [ [ X cblr-1732 147 2 vol vol NOUN cblr-1732 147 3 . . PUNCT cblr-1732 147 4 2016 2016 NUM cblr-1732 147 5 regardless regardless ADV cblr-1732 147 6 of of ADP cblr-1732 147 7 which which DET cblr-1732 147 8 side side NOUN cblr-1732 147 9 of of ADP cblr-1732 147 10 the the DET cblr-1732 147 11 debate debate NOUN cblr-1732 147 12 one one NUM cblr-1732 147 13 supports support VERB cblr-1732 147 14 , , PUNCT cblr-1732 147 15 one one NUM cblr-1732 147 16 thing thing NOUN cblr-1732 147 17 is be AUX cblr-1732 147 18 clear clear ADJ cblr-1732 147 19 : : PUNCT cblr-1732 147 20 activist activist ADJ cblr-1732 147 21 hedge hedge NOUN cblr-1732 147 22 funds fund NOUN cblr-1732 147 23 are be AUX cblr-1732 147 24 important important ADJ cblr-1732 147 25 players player NOUN cblr-1732 147 26 in in ADP cblr-1732 147 27 the the DET cblr-1732 147 28 corporate corporate ADJ cblr-1732 147 29 governance governance NOUN cblr-1732 147 30 arena arena NOUN cblr-1732 147 31 and and CCONJ cblr-1732 147 32 are be AUX cblr-1732 147 33 here here ADV cblr-1732 147 34 to to PART cblr-1732 147 35 stay stay VERB cblr-1732 147 36 . . PUNCT cblr-1732 148 1 the the DET cblr-1732 148 2 importance importance NOUN cblr-1732 148 3 of of ADP cblr-1732 148 4 activist activist ADJ cblr-1732 148 5 funds fund NOUN cblr-1732 148 6 is be AUX cblr-1732 148 7 also also ADV cblr-1732 148 8 reflected reflect VERB cblr-1732 148 9 by by ADP cblr-1732 148 10 the the DET cblr-1732 148 11 dramatic dramatic ADJ cblr-1732 148 12 increase increase NOUN cblr-1732 148 13 in in ADP cblr-1732 148 14 their their PRON cblr-1732 148 15 activity activity NOUN cblr-1732 148 16 over over ADP cblr-1732 148 17 the the DET cblr-1732 148 18 past past ADJ cblr-1732 148 19 fifteen fifteen NUM cblr-1732 148 20 years year NOUN cblr-1732 148 21 . . PUNCT cblr-1732 149 1 assets asset NOUN cblr-1732 149 2 managed manage VERB cblr-1732 149 3 by by ADP cblr-1732 149 4 activist activist ADJ cblr-1732 149 5 hedge hedge NOUN cblr-1732 149 6 funds fund NOUN cblr-1732 149 7 were be AUX cblr-1732 149 8 worth worth ADJ cblr-1732 149 9 $ $ SYM cblr-1732 149 10 23 23 NUM cblr-1732 149 11 billion billion NUM cblr-1732 149 12 in in ADP cblr-1732 149 13 2002,43 2002,43 NUM cblr-1732 149 14 grew grow VERB cblr-1732 149 15 to to ADP cblr-1732 149 16 $ $ SYM cblr-1732 149 17 100 100 NUM cblr-1732 149 18 billion billion NUM cblr-1732 149 19 in in ADP cblr-1732 149 20 2006,44 2006,44 NUM cblr-1732 149 21 and and CCONJ cblr-1732 149 22 to to ADP cblr-1732 149 23 approximately approximately ADV cblr-1732 149 24 $ $ SYM cblr-1732 149 25 200 200 NUM cblr-1732 149 26 billion billion NUM cblr-1732 149 27 by by ADP cblr-1732 149 28 the the DET cblr-1732 149 29 beginning beginning NOUN cblr-1732 149 30 of of ADP cblr-1732 149 31 2015.45 2015.45 NUM cblr-1732 149 32 according accord VERB cblr-1732 149 33 to to ADP cblr-1732 149 34 a a DET cblr-1732 149 35 recent recent ADJ cblr-1732 149 36 report report NOUN cblr-1732 149 37 , , PUNCT cblr-1732 149 38 the the DET cblr-1732 149 39 number number NOUN cblr-1732 149 40 of of ADP cblr-1732 149 41 activist activist ADJ cblr-1732 149 42 campaigns campaign NOUN cblr-1732 149 43 in in ADP cblr-1732 149 44 2014 2014 NUM cblr-1732 149 45 reached reach VERB cblr-1732 149 46 514 514 NUM cblr-1732 149 47 , , PUNCT cblr-1732 149 48 the the DET cblr-1732 149 49 highest high ADJ cblr-1732 149 50 since since SCONJ cblr-1732 149 51 the the DET cblr-1732 149 52 2008 2008 NUM cblr-1732 149 53 financial financial PROPN cblr-1732 149 54 crisis.46 crisis.46 PROPN cblr-1732 149 55 http://corpgov.law.harvard.edu/2013/02/26/bite-the-apple-poison-the-appleparalyze-the-company-wreck-the-economy/ http://corpgov.law.harvard.edu/2013/02/26/bite-the-apple-poison-the-appleparalyze-the-company-wreck-the-economy/ VERB cblr-1732 150 1 [ [ X cblr-1732 150 2 https://perma.cc/xe7x-q528 https://perma.cc/xe7x-q528 X cblr-1732 150 3 ] ] X cblr-1732 150 4 . . PUNCT cblr-1732 150 5 42 42 NUM cblr-1732 150 6 for for ADP cblr-1732 150 7 studies study NOUN cblr-1732 150 8 invoked invoke VERB cblr-1732 150 9 by by ADP cblr-1732 150 10 critics critic NOUN cblr-1732 150 11 of of ADP cblr-1732 150 12 hedge hedge NOUN cblr-1732 150 13 fund fund PROPN cblr-1732 150 14 activism activism NOUN cblr-1732 150 15 , , PUNCT cblr-1732 150 16 see see VERB cblr-1732 150 17 wachtell wachtell PROPN cblr-1732 150 18 , , PUNCT cblr-1732 150 19 lipton lipton PROPN cblr-1732 150 20 , , PUNCT cblr-1732 150 21 rosen rosen PROPN cblr-1732 150 22 & & CCONJ cblr-1732 150 23 katz katz PROPN cblr-1732 150 24 , , PUNCT cblr-1732 150 25 is be AUX cblr-1732 150 26 2015 2015 NUM cblr-1732 150 27 , , PUNCT cblr-1732 150 28 like like ADP cblr-1732 150 29 1985 1985 NUM cblr-1732 150 30 , , PUNCT cblr-1732 150 31 an an DET cblr-1732 150 32 inflection inflection NOUN cblr-1732 150 33 year year NOUN cblr-1732 150 34 ? ? PUNCT cblr-1732 150 35 , , PUNCT cblr-1732 150 36 harv harv PROPN cblr-1732 150 37 . . PUNCT cblr-1732 151 1 l. l. PROPN cblr-1732 151 2 sch sch PROPN cblr-1732 151 3 . . PUNCT cblr-1732 152 1 f. f. PROPN cblr-1732 152 2 on on ADP cblr-1732 152 3 corp corp PROPN cblr-1732 152 4 . . PROPN cblr-1732 152 5 governance governance PROPN cblr-1732 152 6 & & CCONJ cblr-1732 152 7 fin fin PROPN cblr-1732 152 8 . . PUNCT cblr-1732 153 1 reg reg PROPN cblr-1732 153 2 . . PUNCT cblr-1732 154 1 ( ( PUNCT cblr-1732 154 2 dec dec PROPN cblr-1732 154 3 . . PROPN cblr-1732 154 4 8 8 NUM cblr-1732 154 5 , , PUNCT cblr-1732 154 6 2015 2015 NUM cblr-1732 154 7 ) ) PUNCT cblr-1732 154 8 , , PUNCT cblr-1732 154 9 http://corpgov http://corpgov PROPN cblr-1732 154 10 . . PUNCT cblr-1732 155 1 law.harvard.edu/2015/12/08/is-2015-like-1985-an-inflection-year/ law.harvard.edu/2015/12/08/is-2015-like-1985-an-inflection-year/ PROPN cblr-1732 156 1 [ [ X cblr-1732 156 2 https:// https:// PROPN cblr-1732 156 3 perma.cc/32l9-yb69 perma.cc/32l9-yb69 VERB cblr-1732 156 4 ] ] X cblr-1732 156 5 . . 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PROPN cblr-1732 166 33 19 19 NUM cblr-1732 166 34 , , PUNCT cblr-1732 166 35 2015 2015 NUM cblr-1732 166 36 ) ) PUNCT cblr-1732 166 37 , , PUNCT cblr-1732 166 38 http://www.hedgetracker.com/article/ http://www.hedgetracker.com/article/ PRON cblr-1732 166 39 top top ADJ cblr-1732 166 40 - - PUNCT cblr-1732 166 41 activist activist ADJ cblr-1732 166 42 - - PUNCT cblr-1732 166 43 hedge hedge NOUN cblr-1732 166 44 - - PUNCT cblr-1732 166 45 funds fund NOUN cblr-1732 166 46 - - PUNCT cblr-1732 166 47 close close NOUN cblr-1732 166 48 - - PUNCT cblr-1732 166 49 in in ADP cblr-1732 166 50 - - PUNCT cblr-1732 166 51 on-200 on-200 NOUN cblr-1732 166 52 - - PUNCT cblr-1732 166 53 billion billion NUM cblr-1732 166 54 - - PUNCT cblr-1732 166 55 mark mark NOUN cblr-1732 166 56 - - PUNCT cblr-1732 166 57 valueact valueact NOUN cblr-1732 166 58 - - PUNCT cblr-1732 166 59 capitalelliott capitalelliott NOUN cblr-1732 166 60 - - PUNCT cblr-1732 166 61 management management NOUN cblr-1732 166 62 - - PUNCT cblr-1732 166 63 jana jana PROPN cblr-1732 166 64 - - PUNCT cblr-1732 166 65 partners partner NOUN cblr-1732 166 66 - - PUNCT cblr-1732 166 67 lead lead NOUN cblr-1732 166 68 - - PUNCT cblr-1732 166 69 the the DET cblr-1732 166 70 - - PUNCT cblr-1732 166 71 way way NOUN cblr-1732 166 72 [ [ X cblr-1732 166 73 http://perma.cc/6rfny7jg http://perma.cc/6rfny7jg X cblr-1732 166 74 ] ] X cblr-1732 166 75 . . PUNCT cblr-1732 167 1 even even ADV cblr-1732 167 2 according accord VERB cblr-1732 167 3 to to ADP cblr-1732 167 4 a a DET cblr-1732 167 5 more more ADV cblr-1732 167 6 conservative conservative ADJ cblr-1732 167 7 estimation estimation NOUN cblr-1732 167 8 , , PUNCT cblr-1732 167 9 the the DET cblr-1732 167 10 total total ADJ cblr-1732 167 11 assets asset NOUN cblr-1732 167 12 under under ADP cblr-1732 167 13 the the DET cblr-1732 167 14 management management NOUN cblr-1732 167 15 of of ADP cblr-1732 167 16 activists activist NOUN cblr-1732 167 17 funds fund NOUN cblr-1732 167 18 , , PUNCT cblr-1732 167 19 which which PRON cblr-1732 167 20 was be AUX cblr-1732 167 21 approximately approximately ADV cblr-1732 167 22 $ $ SYM cblr-1732 167 23 50 50 NUM cblr-1732 167 24 billion billion NUM cblr-1732 167 25 in in ADP cblr-1732 167 26 2012 2012 NUM cblr-1732 167 27 , , PUNCT cblr-1732 167 28 is be AUX cblr-1732 167 29 still still ADV cblr-1732 167 30 significant significant ADJ cblr-1732 167 31 . . PUNCT cblr-1732 168 1 see see VERB cblr-1732 168 2 thecityuk thecityuk NOUN cblr-1732 168 3 , , PUNCT cblr-1732 168 4 fin fin NOUN cblr-1732 168 5 . . PUNCT cblr-1732 169 1 markets market NOUN cblr-1732 169 2 series series NOUN cblr-1732 169 3 : : PUNCT cblr-1732 169 4 hedge hedge NOUN cblr-1732 169 5 funds fund NOUN cblr-1732 169 6 4 4 NUM cblr-1732 169 7 ( ( PUNCT cblr-1732 169 8 may may PROPN cblr-1732 169 9 2013 2013 NUM cblr-1732 169 10 ) ) PUNCT cblr-1732 169 11 . . PUNCT cblr-1732 170 1 46 46 NUM cblr-1732 170 2 david david PROPN cblr-1732 170 3 a. a. PROPN cblr-1732 170 4 katz katz PROPN cblr-1732 170 5 , , PUNCT cblr-1732 170 6 engagement engagement NOUN cblr-1732 170 7 and and CCONJ cblr-1732 170 8 activism activism NOUN cblr-1732 170 9 in in ADP cblr-1732 170 10 the the DET cblr-1732 170 11 2015 2015 NUM cblr-1732 170 12 proxy proxy NOUN cblr-1732 170 13 season season NOUN cblr-1732 170 14 , , PUNCT cblr-1732 170 15 harv harv PROPN cblr-1732 170 16 . . 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PROPN cblr-1732 178 95 holderness holderness PROPN cblr-1732 178 96 , , PUNCT cblr-1732 178 97 the the DET cblr-1732 178 98 myth myth NOUN cblr-1732 178 99 of of ADP cblr-1732 178 100 diffuse diffuse PROPN cblr-1732 178 101 ownership ownership NOUN cblr-1732 178 102 in in ADP cblr-1732 178 103 the the DET cblr-1732 178 104 united united PROPN cblr-1732 178 105 states states PROPN cblr-1732 178 106 , , PUNCT cblr-1732 178 107 22 22 NUM cblr-1732 178 108 rev rev X cblr-1732 178 109 . . PROPN cblr-1732 178 110 fin fin NOUN cblr-1732 178 111 . . PUNCT cblr-1732 178 112 stud stud PROPN cblr-1732 178 113 . . PUNCT cblr-1732 179 1 1377 1377 NUM cblr-1732 179 2 , , PUNCT cblr-1732 179 3 1382 1382 NUM cblr-1732 179 4 ( ( PUNCT cblr-1732 179 5 2009 2009 NUM cblr-1732 179 6 ) ) PUNCT cblr-1732 179 7 ( ( PUNCT cblr-1732 179 8 using use VERB cblr-1732 179 9 a a DET cblr-1732 179 10 sample sample NOUN cblr-1732 179 11 of of ADP cblr-1732 179 12 375 375 NUM cblr-1732 179 13 u.s u.s PROPN cblr-1732 179 14 . . PROPN cblr-1732 179 15 public public ADJ cblr-1732 179 16 corporations corporation NOUN cblr-1732 179 17 and and CCONJ cblr-1732 179 18 finding find VERB cblr-1732 179 19 that that SCONJ cblr-1732 179 20 the the DET cblr-1732 179 21 average average ADJ cblr-1732 179 22 size size NOUN cblr-1732 179 23 of of ADP cblr-1732 179 24 the the DET cblr-1732 179 25 largest large ADJ cblr-1732 179 26 block block NOUN cblr-1732 179 27 is be AUX cblr-1732 179 28 26 26 NUM cblr-1732 179 29 % % NOUN cblr-1732 179 30 ) ) PUNCT cblr-1732 179 31 ; ; PUNCT cblr-1732 179 32 ronald ronald PROPN cblr-1732 179 33 anderson anderson PROPN cblr-1732 179 34 , , PUNCT cblr-1732 179 35 augustine augustine PROPN cblr-1732 179 36 duru duru PROPN cblr-1732 179 37 & & CCONJ cblr-1732 179 38 david david PROPN cblr-1732 179 39 m. m. PROPN cblr-1732 179 40 reeb reeb PROPN cblr-1732 179 41 , , PUNCT cblr-1732 179 42 founders founder NOUN cblr-1732 179 43 , , PUNCT cblr-1732 179 44 heirs heir NOUN cblr-1732 179 45 , , PUNCT cblr-1732 179 46 and and CCONJ cblr-1732 179 47 corporate corporate ADJ cblr-1732 179 48 opacity opacity NOUN cblr-1732 179 49 in in ADP cblr-1732 179 50 the the DET cblr-1732 179 51 u.s u.s PROPN cblr-1732 179 52 . . PROPN cblr-1732 179 53 , , PUNCT cblr-1732 179 54 92 92 NUM cblr-1732 179 55 j. j. PROPN cblr-1732 179 56 fin fin PROPN cblr-1732 179 57 . . PUNCT cblr-1732 179 58 econ econ PROPN cblr-1732 179 59 . . 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PROPN cblr-1732 179 76 firms firm NOUN cblr-1732 179 77 , , PUNCT cblr-1732 179 78 founder founder NOUN cblr-1732 179 79 - - PUNCT cblr-1732 179 80 controlled control VERB cblr-1732 179 81 firms firm NOUN cblr-1732 179 82 constitute constitute VERB cblr-1732 179 83 22.3 22.3 NUM cblr-1732 179 84 % % NOUN cblr-1732 179 85 and and CCONJ cblr-1732 179 86 heir heir NOUN cblr-1732 179 87 - - PUNCT cblr-1732 179 88 controlled control VERB cblr-1732 179 89 firms firm NOUN cblr-1732 179 90 comprise comprise VERB cblr-1732 179 91 25.3 25.3 NUM cblr-1732 179 92 % % NOUN cblr-1732 179 93 , , PUNCT cblr-1732 179 94 with with ADP cblr-1732 179 95 average average ADJ cblr-1732 179 96 equity equity NOUN cblr-1732 179 97 stakes stake NOUN cblr-1732 179 98 of of ADP cblr-1732 179 99 approximately approximately ADV cblr-1732 179 100 18 18 NUM cblr-1732 179 101 % % NOUN cblr-1732 179 102 and and CCONJ cblr-1732 179 103 22 22 NUM cblr-1732 179 104 % % NOUN cblr-1732 179 105 , , PUNCT cblr-1732 179 106 respectively respectively ADV cblr-1732 179 107 ) ) PUNCT cblr-1732 179 108 . . PUNCT cblr-1732 180 1 48 48 NUM cblr-1732 180 2 this this DET cblr-1732 180 3 trend trend NOUN cblr-1732 180 4 gained gain VERB cblr-1732 180 5 steam steam NOUN cblr-1732 180 6 in in ADP cblr-1732 180 7 2004 2004 NUM cblr-1732 180 8 , , PUNCT cblr-1732 180 9 when when SCONJ cblr-1732 180 10 google google PROPN cblr-1732 180 11 decided decide VERB cblr-1732 180 12 to to PART cblr-1732 180 13 go go VERB cblr-1732 180 14 public public ADJ cblr-1732 180 15 with with ADP cblr-1732 180 16 a a DET cblr-1732 180 17 dual dual ADJ cblr-1732 180 18 - - PUNCT cblr-1732 180 19 class class NOUN cblr-1732 180 20 structure structure NOUN cblr-1732 180 21 , , PUNCT cblr-1732 180 22 granting grant VERB cblr-1732 180 23 its its PRON cblr-1732 180 24 co co NOUN cblr-1732 180 25 - - NOUN cblr-1732 180 26 founders founder NOUN cblr-1732 180 27 almost almost ADV cblr-1732 180 28 two two NUM cblr-1732 180 29 - - PUNCT cblr-1732 180 30 thirds third NOUN cblr-1732 180 31 of of ADP cblr-1732 180 32 company company NOUN cblr-1732 180 33 voting voting NOUN cblr-1732 180 34 power power NOUN cblr-1732 180 35 . . PUNCT cblr-1732 181 1 see see VERB cblr-1732 181 2 , , PUNCT cblr-1732 181 3 e.g. e.g. ADV cblr-1732 181 4 , , PUNCT cblr-1732 181 5 jeff jeff PROPN cblr-1732 181 6 green green PROPN cblr-1732 181 7 & & CCONJ cblr-1732 181 8 ari ari PROPN cblr-1732 181 9 levy levy PROPN cblr-1732 181 10 , , PUNCT cblr-1732 181 11 zuckerberg zuckerberg PROPN cblr-1732 181 12 grip grip NOUN cblr-1732 181 13 becomes become VERB cblr-1732 181 14 new new ADJ cblr-1732 181 15 normal normal ADJ cblr-1732 181 16 in in ADP cblr-1732 181 17 silicon silicon PROPN cblr-1732 181 18 valley valley PROPN cblr-1732 181 19 , , PUNCT cblr-1732 181 20 bloomberg bloomberg PROPN cblr-1732 181 21 ( ( PUNCT cblr-1732 181 22 may may PROPN cblr-1732 181 23 7 7 NUM cblr-1732 181 24 , , PUNCT cblr-1732 181 25 2012 2012 NUM cblr-1732 181 26 ) ) PUNCT cblr-1732 181 27 , , PUNCT cblr-1732 181 28 http:// http:// PROPN cblr-1732 181 29 www.bloomberg.com/news/articles/2012-05-07/zuckerberg-stock-grip-beco www.bloomberg.com/news/articles/2012-05-07/zuckerberg-stock-grip-beco PROPN cblr-1732 181 30 mes mes PROPN cblr-1732 181 31 - - PUNCT cblr-1732 181 32 new new ADJ cblr-1732 181 33 - - PUNCT cblr-1732 181 34 normal normal ADJ cblr-1732 181 35 - - PUNCT cblr-1732 181 36 in in ADP cblr-1732 181 37 - - PUNCT cblr-1732 181 38 silicon silicon NOUN cblr-1732 181 39 - - PUNCT cblr-1732 181 40 valley valley NOUN cblr-1732 181 41 - - PUNCT cblr-1732 181 42 tech tech NOUN cblr-1732 181 43 [ [ X cblr-1732 181 44 https://perma.cc/9mpq-kn5r https://perma.cc/9mpq-kn5r X cblr-1732 181 45 ] ] X cblr-1732 181 46 ( ( PUNCT cblr-1732 181 47 quoting quote VERB cblr-1732 181 48 lise lise PROPN cblr-1732 181 49 buyer buyer NOUN cblr-1732 181 50 , , PUNCT cblr-1732 181 51 principal principal NOUN cblr-1732 181 52 at at ADP cblr-1732 181 53 class class NOUN cblr-1732 181 54 v v PROPN cblr-1732 181 55 group group NOUN cblr-1732 181 56 in in ADP cblr-1732 181 57 california california PROPN cblr-1732 181 58 : : PUNCT cblr-1732 181 59 “ " PUNCT cblr-1732 181 60 when when SCONJ cblr-1732 181 61 google google PROPN cblr-1732 181 62 did do VERB cblr-1732 181 63 it it PRON cblr-1732 181 64 , , PUNCT cblr-1732 181 65 there there PRON cblr-1732 181 66 was be VERB cblr-1732 181 67 tremendous tremendous ADJ cblr-1732 181 68 pushback pushback NOUN cblr-1732 181 69 from from ADP cblr-1732 181 70 the the DET cblr-1732 181 71 banks bank NOUN cblr-1732 181 72 . . PUNCT cblr-1732 181 73 . . PUNCT cblr-1732 181 74 . . PUNCT cblr-1732 181 75 . . PUNCT cblr-1732 182 1 today today NOUN cblr-1732 182 2 the the DET cblr-1732 182 3 bankers banker NOUN cblr-1732 182 4 are be AUX cblr-1732 182 5 often often ADV cblr-1732 182 6 the the DET cblr-1732 182 7 ones one NOUN cblr-1732 182 8 suggesting suggest VERB cblr-1732 182 9 it it PRON cblr-1732 182 10 . . PUNCT cblr-1732 183 1 it it PRON cblr-1732 183 2 may may AUX cblr-1732 183 3 be be AUX cblr-1732 183 4 everybody everybody PRON cblr-1732 183 5 tries try VERB cblr-1732 183 6 it it PRON cblr-1732 183 7 , , PUNCT cblr-1732 183 8 because because SCONJ cblr-1732 183 9 the the DET cblr-1732 183 10 market market NOUN cblr-1732 183 11 seems seem VERB cblr-1732 183 12 to to PART cblr-1732 183 13 be be AUX cblr-1732 183 14 giving give VERB cblr-1732 183 15 everyone everyone PRON cblr-1732 183 16 a a DET cblr-1732 183 17 pass pass NOUN cblr-1732 183 18 . . PUNCT cblr-1732 183 19 ” " PUNCT cblr-1732 183 20 ) ) PUNCT cblr-1732 183 21 . . PUNCT cblr-1732 184 1 49 49 NUM cblr-1732 184 2 see see VERB cblr-1732 184 3 , , PUNCT cblr-1732 184 4 e.g. e.g. ADV cblr-1732 184 5 , , PUNCT cblr-1732 184 6 dionysia dionysia PROPN cblr-1732 184 7 katelouzou katelouzou PROPN cblr-1732 184 8 , , PUNCT cblr-1732 184 9 myths myth NOUN cblr-1732 184 10 and and CCONJ cblr-1732 184 11 realities reality NOUN cblr-1732 184 12 of of ADP cblr-1732 184 13 hedge hedge NOUN cblr-1732 184 14 fund fund NOUN cblr-1732 184 15 activism activism NOUN cblr-1732 184 16 : : PUNCT cblr-1732 184 17 some some DET cblr-1732 184 18 empirical empirical ADJ cblr-1732 184 19 evidence evidence NOUN cblr-1732 184 20 , , PUNCT cblr-1732 184 21 7 7 NUM cblr-1732 184 22 va va NOUN cblr-1732 184 23 . . PUNCT cblr-1732 184 24 l. l. PROPN cblr-1732 184 25 & & CCONJ cblr-1732 184 26 bus bus PROPN cblr-1732 184 27 . . PUNCT cblr-1732 185 1 rev rev AUX cblr-1732 185 2 . . PROPN cblr-1732 185 3 460 460 NUM cblr-1732 185 4 , , PUNCT cblr-1732 185 5 463–64 463–64 PROPN cblr-1732 185 6 ( ( PUNCT cblr-1732 185 7 2013 2013 NUM cblr-1732 185 8 ) ) PUNCT cblr-1732 185 9 ( ( PUNCT cblr-1732 185 10 showing show VERB cblr-1732 185 11 that that DET cblr-1732 185 12 hedge hedge NOUN cblr-1732 185 13 funds fund NOUN cblr-1732 185 14 in in ADP cblr-1732 185 15 europe europe PROPN cblr-1732 185 16 and and CCONJ cblr-1732 185 17 asia asia PROPN cblr-1732 185 18 have have AUX cblr-1732 185 19 become become VERB cblr-1732 185 20 more more ADV cblr-1732 185 21 active active ADJ cblr-1732 185 22 in in ADP cblr-1732 185 23 corporate corporate ADJ cblr-1732 185 24 governance governance NOUN cblr-1732 185 25 decisions decision NOUN cblr-1732 185 26 , , PUNCT cblr-1732 185 27 and and CCONJ cblr-1732 185 28 providing provide VERB cblr-1732 185 29 prominent prominent ADJ cblr-1732 185 30 examples example NOUN cblr-1732 185 31 ) ) PUNCT cblr-1732 186 1 [ [ X cblr-1732 186 2 hereinafter hereinafter NOUN cblr-1732 186 3 katelouzou katelouzou NOUN cblr-1732 186 4 , , PUNCT cblr-1732 186 5 myths myth NOUN cblr-1732 186 6 and and CCONJ cblr-1732 186 7 realities reality NOUN cblr-1732 186 8 of of ADP cblr-1732 186 9 hedge hedge NOUN cblr-1732 186 10 fund fund NOUN cblr-1732 186 11 activism activism NOUN cblr-1732 186 12 ] ] PUNCT cblr-1732 186 13 ; ; PUNCT cblr-1732 186 14 see see VERB cblr-1732 186 15 also also ADV cblr-1732 186 16 sources source NOUN cblr-1732 186 17 in in ADP cblr-1732 186 18 infra infra NOUN cblr-1732 186 19 notes note NOUN cblr-1732 186 20 60 60 NUM cblr-1732 186 21 , , PUNCT cblr-1732 186 22 65–68 65–68 NUM cblr-1732 186 23 . . PUNCT cblr-1732 186 24 50 50 NUM cblr-1732 186 25 see see NOUN cblr-1732 186 26 , , PUNCT cblr-1732 186 27 e.g. e.g. ADV cblr-1732 186 28 , , PUNCT cblr-1732 186 29 rafael rafael PROPN cblr-1732 186 30 la la PROPN cblr-1732 186 31 porta porta PROPN cblr-1732 186 32 , , PUNCT cblr-1732 186 33 florencio florencio PROPN cblr-1732 186 34 lopez lopez PROPN cblr-1732 186 35 - - PUNCT cblr-1732 186 36 de de NOUN cblr-1732 186 37 - - NOUN cblr-1732 186 38 silanes silane NOUN cblr-1732 186 39 & & CCONJ cblr-1732 186 40 andrei andrei PROPN cblr-1732 186 41 shleifer shleifer PROPN cblr-1732 186 42 , , PUNCT cblr-1732 186 43 corporate corporate ADJ cblr-1732 186 44 ownership ownership NOUN cblr-1732 186 45 around around ADP cblr-1732 186 46 the the DET cblr-1732 186 47 world world NOUN cblr-1732 186 48 , , PUNCT cblr-1732 186 49 54 54 NUM cblr-1732 186 50 j. j. PROPN cblr-1732 186 51 fin fin PROPN cblr-1732 186 52 . . PUNCT cblr-1732 187 1 471 471 NUM cblr-1732 187 2 , , PUNCT cblr-1732 187 3 491–97 491–97 PROPN cblr-1732 187 4 ( ( PUNCT cblr-1732 187 5 1999 1999 NUM cblr-1732 187 6 ) ) PUNCT cblr-1732 187 7 ; ; PUNCT cblr-1732 187 8 mara mara PROPN cblr-1732 187 9 faccio faccio PROPN cblr-1732 187 10 & & CCONJ cblr-1732 187 11 larry larry PROPN cblr-1732 187 12 h.p h.p PROPN cblr-1732 187 13 . . PROPN cblr-1732 187 14 lang lang PROPN cblr-1732 187 15 , , PUNCT cblr-1732 187 16 the the DET cblr-1732 187 17 ultimate ultimate ADJ cblr-1732 187 18 ownership ownership NOUN cblr-1732 187 19 of of ADP cblr-1732 187 20 western western ADJ cblr-1732 187 21 european european ADJ cblr-1732 187 22 corporations corporation NOUN cblr-1732 187 23 , , PUNCT cblr-1732 187 24 65 65 NUM cblr-1732 187 25 j. j. PROPN cblr-1732 187 26 fin fin PROPN cblr-1732 187 27 . . PUNCT cblr-1732 187 28 econ econ PROPN cblr-1732 187 29 . . PUNCT cblr-1732 188 1 365 365 NUM cblr-1732 188 2 , , PUNCT cblr-1732 188 3 365 365 NUM cblr-1732 188 4 ( ( PUNCT cblr-1732 188 5 2002 2002 NUM cblr-1732 188 6 ) ) PUNCT cblr-1732 188 7 . . PUNCT cblr-1732 189 1 kastiel kastiel PROPN cblr-1732 189 2 – – PUNCT cblr-1732 189 3 final final ADJ cblr-1732 189 4 74 74 NUM cblr-1732 189 5 columbia columbia PROPN cblr-1732 189 6 business business NOUN cblr-1732 189 7 law law PROPN cblr-1732 189 8 review review NOUN cblr-1732 190 1 [ [ X cblr-1732 190 2 vol vol NOUN cblr-1732 190 3 . . NOUN cblr-1732 190 4 2016 2016 NUM cblr-1732 190 5 findings finding NOUN cblr-1732 190 6 of of ADP cblr-1732 190 7 this this DET cblr-1732 190 8 article article NOUN cblr-1732 190 9 important important ADJ cblr-1732 190 10 to to ADP cblr-1732 190 11 policy policy NOUN cblr-1732 190 12 makers maker NOUN cblr-1732 190 13 both both CCONJ cblr-1732 190 14 in in ADP cblr-1732 190 15 the the DET cblr-1732 190 16 united united PROPN cblr-1732 190 17 states states PROPN cblr-1732 190 18 and and CCONJ cblr-1732 190 19 in in ADP cblr-1732 190 20 other other ADJ cblr-1732 190 21 countries country NOUN cblr-1732 190 22 . . PUNCT cblr-1732 191 1 b. b. PROPN cblr-1732 192 1 the the DET cblr-1732 192 2 initial initial ADJ cblr-1732 192 3 hypothesis hypothesis NOUN cblr-1732 192 4 on on ADP cblr-1732 192 5 its its PRON cblr-1732 192 6 own own ADJ cblr-1732 192 7 , , PUNCT cblr-1732 192 8 the the DET cblr-1732 192 9 presence presence NOUN cblr-1732 192 10 of of ADP cblr-1732 192 11 a a DET cblr-1732 192 12 controlling control VERB cblr-1732 192 13 shareholder shareholder NOUN cblr-1732 192 14 does do AUX cblr-1732 192 15 not not PART cblr-1732 192 16 preclude preclude VERB cblr-1732 192 17 other other ADJ cblr-1732 192 18 shareholders shareholder NOUN cblr-1732 192 19 from from ADP cblr-1732 192 20 acquiring acquire VERB cblr-1732 192 21 a a DET cblr-1732 192 22 minority minority NOUN cblr-1732 192 23 stake stake NOUN cblr-1732 192 24 in in ADP cblr-1732 192 25 a a DET cblr-1732 192 26 company company NOUN cblr-1732 192 27 . . PUNCT cblr-1732 193 1 in in ADP cblr-1732 193 2 theory theory NOUN cblr-1732 193 3 , , PUNCT cblr-1732 193 4 however however ADV cblr-1732 193 5 , , PUNCT cblr-1732 193 6 the the DET cblr-1732 193 7 existence existence NOUN cblr-1732 193 8 of of ADP cblr-1732 193 9 a a DET cblr-1732 193 10 controller controller NOUN cblr-1732 193 11 should should AUX cblr-1732 193 12 have have VERB cblr-1732 193 13 a a DET cblr-1732 193 14 chilling chilling ADJ cblr-1732 193 15 effect effect NOUN cblr-1732 193 16 on on ADP cblr-1732 193 17 shareholder shareholder NOUN cblr-1732 193 18 activism activism NOUN cblr-1732 193 19 as as ADP cblr-1732 193 20 a a DET cblr-1732 193 21 disciplinary disciplinary ADJ cblr-1732 193 22 mechanism mechanism NOUN cblr-1732 193 23 , , PUNCT cblr-1732 193 24 and and CCONJ cblr-1732 193 25 should should AUX cblr-1732 193 26 reduce reduce VERB cblr-1732 193 27 activists activist NOUN cblr-1732 193 28 ’ ' PUNCT cblr-1732 194 1 ex ex X cblr-1732 194 2 ante ante NOUN cblr-1732 194 3 incentives incentive VERB cblr-1732 194 4 to to PART cblr-1732 194 5 launch launch VERB cblr-1732 194 6 a a DET cblr-1732 194 7 campaign campaign NOUN cblr-1732 194 8 against against ADP cblr-1732 194 9 a a DET cblr-1732 194 10 company company NOUN cblr-1732 194 11 . . PUNCT cblr-1732 195 1 an an DET cblr-1732 195 2 activist activist ADJ cblr-1732 195 3 player player NOUN cblr-1732 195 4 will will AUX cblr-1732 195 5 choose choose VERB cblr-1732 195 6 to to PART cblr-1732 195 7 engage engage VERB cblr-1732 195 8 with with ADP cblr-1732 195 9 a a DET cblr-1732 195 10 target target NOUN cblr-1732 195 11 if if SCONJ cblr-1732 195 12 its its PRON cblr-1732 195 13 expected expect VERB cblr-1732 195 14 benefits benefit NOUN cblr-1732 195 15 from from ADP cblr-1732 195 16 an an DET cblr-1732 195 17 engagement engagement NOUN cblr-1732 195 18 outweigh outweigh VERB cblr-1732 195 19 its its PRON cblr-1732 195 20 costs,51 costs,51 NOUN cblr-1732 195 21 which which PRON cblr-1732 195 22 are be AUX cblr-1732 195 23 related relate VERB cblr-1732 195 24 to to ADP cblr-1732 195 25 identifying identify VERB cblr-1732 195 26 potential potential ADJ cblr-1732 195 27 targets target NOUN cblr-1732 195 28 , , PUNCT cblr-1732 195 29 financing finance VERB cblr-1732 195 30 an an DET cblr-1732 195 31 equity equity NOUN cblr-1732 195 32 position position NOUN cblr-1732 195 33 , , PUNCT cblr-1732 195 34 and and CCONJ cblr-1732 195 35 communicating communicate VERB cblr-1732 195 36 with with ADP cblr-1732 195 37 the the DET cblr-1732 195 38 target.52 target.52 NOUN cblr-1732 195 39 while while SCONJ cblr-1732 195 40 the the DET cblr-1732 195 41 ownership ownership NOUN cblr-1732 195 42 structure structure NOUN cblr-1732 195 43 of of ADP cblr-1732 195 44 a a DET cblr-1732 195 45 target target NOUN cblr-1732 195 46 does do AUX cblr-1732 195 47 not not PART cblr-1732 195 48 directly directly ADV cblr-1732 195 49 affect affect VERB cblr-1732 195 50 the the DET cblr-1732 195 51 costs cost NOUN cblr-1732 195 52 of of ADP cblr-1732 195 53 an an DET cblr-1732 195 54 activist activist ADJ cblr-1732 195 55 campaign campaign NOUN cblr-1732 195 56 , , PUNCT cblr-1732 195 57 the the DET cblr-1732 195 58 activist activist NOUN cblr-1732 195 59 ’s ’s PART cblr-1732 195 60 expected expect VERB cblr-1732 195 61 return return NOUN cblr-1732 195 62 , , PUNCT cblr-1732 195 63 which which PRON cblr-1732 195 64 is be AUX cblr-1732 195 65 a a DET cblr-1732 195 66 function function NOUN cblr-1732 195 67 of of ADP cblr-1732 195 68 the the DET cblr-1732 195 69 size size NOUN cblr-1732 195 70 of of ADP cblr-1732 195 71 its its PRON cblr-1732 195 72 block block NOUN cblr-1732 195 73 and and CCONJ cblr-1732 195 74 the the DET cblr-1732 195 75 expected expect VERB cblr-1732 195 76 increase increase NOUN cblr-1732 195 77 in in ADP cblr-1732 195 78 the the DET cblr-1732 195 79 target target NOUN cblr-1732 195 80 ’s ’s PART cblr-1732 195 81 stock stock NOUN cblr-1732 195 82 price price NOUN cblr-1732 195 83 as as ADP cblr-1732 195 84 a a DET cblr-1732 195 85 result result NOUN cblr-1732 195 86 of of ADP cblr-1732 195 87 a a DET cblr-1732 195 88 successful successful ADJ cblr-1732 195 89 intervention intervention NOUN cblr-1732 195 90 , , PUNCT cblr-1732 195 91 likely likely ADV cblr-1732 195 92 decreases decrease VERB cblr-1732 195 93 when when SCONJ cblr-1732 195 94 the the DET cblr-1732 195 95 ownership ownership NOUN cblr-1732 195 96 percentage percentage NOUN cblr-1732 195 97 of of ADP cblr-1732 195 98 the the DET cblr-1732 195 99 controller controller NOUN cblr-1732 195 100 increases increase VERB cblr-1732 195 101 . . PUNCT cblr-1732 196 1 this this PRON cblr-1732 196 2 happens happen VERB cblr-1732 196 3 for for ADP cblr-1732 196 4 two two NUM cblr-1732 196 5 main main ADJ cblr-1732 196 6 reasons reason NOUN cblr-1732 196 7 . . PUNCT cblr-1732 197 1 first first ADV cblr-1732 197 2 , , PUNCT cblr-1732 197 3 even even ADV cblr-1732 197 4 if if SCONJ cblr-1732 197 5 an an DET cblr-1732 197 6 activist activist ADJ cblr-1732 197 7 shareholder shareholder NOUN cblr-1732 197 8 attracts attract VERB cblr-1732 197 9 broad broad ADJ cblr-1732 197 10 support support NOUN cblr-1732 197 11 from from ADP cblr-1732 197 12 other other ADJ cblr-1732 197 13 passive passive ADJ cblr-1732 197 14 investors,53 investors,53 NOUN cblr-1732 197 15 the the DET cblr-1732 197 16 activist activist NOUN cblr-1732 197 17 likely likely ADV cblr-1732 197 18 can can AUX cblr-1732 197 19 not not PART cblr-1732 197 20 bring bring VERB cblr-1732 197 21 credible credible ADJ cblr-1732 197 22 proposals proposal NOUN cblr-1732 197 23 for for ADP cblr-1732 197 24 change change NOUN cblr-1732 197 25 when when SCONJ cblr-1732 197 26 a a DET cblr-1732 197 27 controlling control VERB cblr-1732 197 28 shareholder shareholder NOUN cblr-1732 197 29 , , PUNCT cblr-1732 197 30 who who PRON cblr-1732 197 31 often often ADV cblr-1732 197 32 captures capture VERB cblr-1732 197 33 significant significant ADJ cblr-1732 197 34 51 51 NUM cblr-1732 197 35 for for ADP cblr-1732 197 36 a a DET cblr-1732 197 37 comprehensive comprehensive ADJ cblr-1732 197 38 analysis analysis NOUN cblr-1732 197 39 as as ADP cblr-1732 197 40 to to ADP cblr-1732 197 41 when when SCONJ cblr-1732 197 42 shareholder shareholder NOUN cblr-1732 197 43 activism activism NOUN cblr-1732 197 44 is be AUX cblr-1732 197 45 a a DET cblr-1732 197 46 rational rational ADJ cblr-1732 197 47 strategy strategy NOUN cblr-1732 197 48 , , PUNCT cblr-1732 197 49 see see VERB cblr-1732 197 50 cheffins cheffin NOUN cblr-1732 197 51 & & CCONJ cblr-1732 197 52 armour armour PROPN cblr-1732 197 53 , , PUNCT cblr-1732 197 54 supra supra PROPN cblr-1732 197 55 note note NOUN cblr-1732 197 56 22 22 NUM cblr-1732 197 57 , , PUNCT cblr-1732 197 58 at at ADP cblr-1732 197 59 61–68 61–68 PRON cblr-1732 197 60 . . PUNCT cblr-1732 198 1 52 52 NUM cblr-1732 198 2 gilson gilson PROPN cblr-1732 198 3 & & CCONJ cblr-1732 198 4 gordon gordon PROPN cblr-1732 198 5 , , PUNCT cblr-1732 198 6 supra supra PROPN cblr-1732 198 7 note note PROPN cblr-1732 198 8 37 37 NUM cblr-1732 198 9 , , PUNCT cblr-1732 198 10 at at ADP cblr-1732 198 11 898 898 NUM cblr-1732 198 12 ( ( PUNCT cblr-1732 198 13 discussing discuss VERB cblr-1732 198 14 such such ADJ cblr-1732 198 15 costs cost NOUN cblr-1732 198 16 ) ) PUNCT cblr-1732 198 17 . . PUNCT cblr-1732 199 1 nickolay nickolay NOUN cblr-1732 199 2 gantchev gantchev PROPN cblr-1732 199 3 estimates estimate VERB cblr-1732 199 4 that that SCONJ cblr-1732 199 5 a a DET cblr-1732 199 6 public public ADJ cblr-1732 199 7 activist activist NOUN cblr-1732 199 8 campaign campaign NOUN cblr-1732 199 9 that that PRON cblr-1732 199 10 reaches reach VERB cblr-1732 199 11 the the DET cblr-1732 199 12 confrontational confrontational ADJ cblr-1732 199 13 level level NOUN cblr-1732 199 14 of of ADP cblr-1732 199 15 a a DET cblr-1732 199 16 proxy proxy NOUN cblr-1732 199 17 fight fight NOUN cblr-1732 199 18 costs cost VERB cblr-1732 199 19 $ $ SYM cblr-1732 199 20 10.5 10.5 NUM cblr-1732 199 21 million million NUM cblr-1732 199 22 , , PUNCT cblr-1732 199 23 on on ADP cblr-1732 199 24 average average ADJ cblr-1732 199 25 . . PUNCT cblr-1732 200 1 nickolay nickolay NOUN cblr-1732 200 2 gantchev gantchev PROPN cblr-1732 200 3 , , PUNCT cblr-1732 200 4 the the DET cblr-1732 200 5 costs cost NOUN cblr-1732 200 6 of of ADP cblr-1732 200 7 shareholder shareholder NOUN cblr-1732 200 8 activism activism NOUN cblr-1732 200 9 : : PUNCT cblr-1732 200 10 evidence evidence NOUN cblr-1732 200 11 from from ADP cblr-1732 200 12 a a DET cblr-1732 200 13 sequential sequential ADJ cblr-1732 200 14 decision decision NOUN cblr-1732 200 15 model model NOUN cblr-1732 200 16 , , PUNCT cblr-1732 200 17 107 107 NUM cblr-1732 200 18 j. j. PROPN cblr-1732 200 19 fin fin PROPN cblr-1732 200 20 . . PUNCT cblr-1732 200 21 econ econ PROPN cblr-1732 200 22 . . PUNCT cblr-1732 201 1 610 610 NUM cblr-1732 201 2 , , PUNCT cblr-1732 201 3 623 623 NUM cblr-1732 201 4 ( ( PUNCT cblr-1732 201 5 2013 2013 NUM cblr-1732 201 6 ) ) PUNCT cblr-1732 201 7 . . PUNCT cblr-1732 202 1 engagement engagement NOUN cblr-1732 202 2 costs cost NOUN cblr-1732 202 3 should should AUX cblr-1732 202 4 be be AUX cblr-1732 202 5 lower low ADJ cblr-1732 202 6 if if SCONJ cblr-1732 202 7 an an DET cblr-1732 202 8 activist activist NOUN cblr-1732 202 9 can can AUX cblr-1732 202 10 prompt prompt VERB cblr-1732 202 11 management management NOUN cblr-1732 202 12 to to PART cblr-1732 202 13 make make VERB cblr-1732 202 14 changes change NOUN cblr-1732 202 15 with with ADP cblr-1732 202 16 an an DET cblr-1732 202 17 initial initial ADJ cblr-1732 202 18 letter letter NOUN cblr-1732 202 19 , , PUNCT cblr-1732 202 20 telephone telephone NOUN cblr-1732 202 21 call call NOUN cblr-1732 202 22 , , PUNCT cblr-1732 202 23 or or CCONJ cblr-1732 202 24 e e NOUN cblr-1732 202 25 - - NOUN cblr-1732 202 26 mail mail NOUN cblr-1732 202 27 , , PUNCT cblr-1732 202 28 and and CCONJ cblr-1732 202 29 without without ADP cblr-1732 202 30 initiating initiate VERB cblr-1732 202 31 a a DET cblr-1732 202 32 fully fully ADV cblr-1732 202 33 - - PUNCT cblr-1732 202 34 fledged fledge VERB cblr-1732 202 35 proxy proxy NOUN cblr-1732 202 36 contest contest NOUN cblr-1732 202 37 . . PUNCT cblr-1732 203 1 53 53 NUM cblr-1732 203 2 gilson gilson PROPN cblr-1732 203 3 & & CCONJ cblr-1732 203 4 gordon gordon PROPN cblr-1732 203 5 , , PUNCT cblr-1732 203 6 supra supra PROPN cblr-1732 203 7 note note PROPN cblr-1732 203 8 37 37 NUM cblr-1732 203 9 , , PUNCT cblr-1732 203 10 at at ADP cblr-1732 203 11 897–98 897–98 PROPN cblr-1732 203 12 ( ( PUNCT cblr-1732 203 13 noting note VERB cblr-1732 203 14 in in ADP cblr-1732 203 15 the the DET cblr-1732 203 16 context context NOUN cblr-1732 203 17 of of ADP cblr-1732 203 18 widely widely ADV cblr-1732 203 19 held hold VERB cblr-1732 203 20 firms firm NOUN cblr-1732 203 21 that that PRON cblr-1732 203 22 hedge hedge NOUN cblr-1732 203 23 fund fund NOUN cblr-1732 203 24 intervention intervention NOUN cblr-1732 203 25 could could AUX cblr-1732 203 26 succeed succeed VERB cblr-1732 203 27 if if SCONJ cblr-1732 203 28 the the DET cblr-1732 203 29 hedge hedge NOUN cblr-1732 203 30 fund fund NOUN cblr-1732 203 31 manages manage VERB cblr-1732 203 32 to to PART cblr-1732 203 33 “ " PUNCT cblr-1732 203 34 attract attract VERB cblr-1732 203 35 broad broad ADJ cblr-1732 203 36 support support NOUN cblr-1732 203 37 from from ADP cblr-1732 203 38 institutional institutional ADJ cblr-1732 203 39 investors investor NOUN cblr-1732 203 40 capable capable ADJ cblr-1732 203 41 of of ADP cblr-1732 203 42 assessing assess VERB cblr-1732 203 43 alternative alternative ADJ cblr-1732 203 44 strategies strategy NOUN cblr-1732 203 45 presented present VERB cblr-1732 203 46 to to ADP cblr-1732 203 47 them they PRON cblr-1732 203 48 ” " PUNCT cblr-1732 203 49 ) ) PUNCT cblr-1732 203 50 . . PUNCT cblr-1732 204 1 kastiel kastiel PROPN cblr-1732 204 2 – – PUNCT cblr-1732 204 3 final final ADJ cblr-1732 204 4 no no NOUN cblr-1732 204 5 . . PROPN cblr-1732 204 6 1:60 1:60 NUM cblr-1732 204 7 ] ] PUNCT cblr-1732 204 8 against against ADP cblr-1732 204 9 all all DET cblr-1732 204 10 odds odd NOUN cblr-1732 204 11 75 75 NUM cblr-1732 204 12 private private ADJ cblr-1732 204 13 benefits benefit NOUN cblr-1732 204 14 from from ADP cblr-1732 204 15 the the DET cblr-1732 204 16 status status NOUN cblr-1732 204 17 quo quo NOUN cblr-1732 204 18 , , PUNCT cblr-1732 204 19 controls control VERB cblr-1732 204 20 a a DET cblr-1732 204 21 sufficiently sufficiently ADV cblr-1732 204 22 large large ADJ cblr-1732 204 23 block block NOUN cblr-1732 204 24 of of ADP cblr-1732 204 25 votes vote NOUN cblr-1732 204 26 to to PART cblr-1732 204 27 deter deter VERB cblr-1732 204 28 or or CCONJ cblr-1732 204 29 veto veto VERB cblr-1732 204 30 unwelcome unwelcome ADJ cblr-1732 204 31 shareholder shareholder NOUN cblr-1732 204 32 initiatives.54 initiatives.54 NOUN cblr-1732 204 33 since since SCONJ cblr-1732 204 34 activists activist NOUN cblr-1732 204 35 ’ ' PUNCT cblr-1732 204 36 opportunity opportunity NOUN cblr-1732 204 37 to to PART cblr-1732 204 38 generate generate VERB cblr-1732 204 39 profits profit NOUN cblr-1732 204 40 from from ADP cblr-1732 204 41 an an DET cblr-1732 204 42 undervalued undervalue VERB cblr-1732 204 43 company company NOUN cblr-1732 204 44 depends depend VERB cblr-1732 204 45 on on ADP cblr-1732 204 46 the the DET cblr-1732 204 47 feasibility feasibility NOUN cblr-1732 204 48 of of ADP cblr-1732 204 49 bringing bring VERB cblr-1732 204 50 about about ADP cblr-1732 204 51 change change NOUN cblr-1732 204 52 , , PUNCT cblr-1732 204 53 the the DET cblr-1732 204 54 existence existence NOUN cblr-1732 204 55 of of ADP cblr-1732 204 56 a a DET cblr-1732 204 57 controller controller NOUN cblr-1732 204 58 , , PUNCT cblr-1732 204 59 who who PRON cblr-1732 204 60 can can AUX cblr-1732 204 61 block block VERB cblr-1732 204 62 any any DET cblr-1732 204 63 proposal proposal NOUN cblr-1732 204 64 for for ADP cblr-1732 204 65 change change NOUN cblr-1732 204 66 , , PUNCT cblr-1732 204 67 should should AUX cblr-1732 204 68 discourage discourage VERB cblr-1732 204 69 activism.55 activism.55 NOUN cblr-1732 204 70 second second ADJ cblr-1732 204 71 , , PUNCT cblr-1732 204 72 most most ADJ cblr-1732 204 73 activist activist ADJ cblr-1732 204 74 campaigns campaign NOUN cblr-1732 204 75 operate operate VERB cblr-1732 204 76 in in ADP cblr-1732 204 77 the the DET cblr-1732 204 78 shadow shadow NOUN cblr-1732 204 79 of of ADP cblr-1732 204 80 a a DET cblr-1732 204 81 proxy proxy NOUN cblr-1732 204 82 fight fight NOUN cblr-1732 204 83 for for ADP cblr-1732 204 84 board board NOUN cblr-1732 204 85 representation representation NOUN cblr-1732 204 86 . . PUNCT cblr-1732 205 1 although although SCONJ cblr-1732 205 2 only only ADV cblr-1732 205 3 a a DET cblr-1732 205 4 relatively relatively ADV cblr-1732 205 5 small small ADJ cblr-1732 205 6 number number NOUN cblr-1732 205 7 of of ADP cblr-1732 205 8 campaigns campaign NOUN cblr-1732 205 9 result result VERB cblr-1732 205 10 in in ADP cblr-1732 205 11 an an DET cblr-1732 205 12 actual actual ADJ cblr-1732 205 13 proxy proxy NOUN cblr-1732 205 14 fight fight NOUN cblr-1732 205 15 and and CCONJ cblr-1732 205 16 activist activist ADJ cblr-1732 205 17 hedge hedge NOUN cblr-1732 205 18 funds fund NOUN cblr-1732 205 19 rarely rarely ADV cblr-1732 205 20 seek seek VERB cblr-1732 205 21 to to PART cblr-1732 205 22 obtain obtain VERB cblr-1732 205 23 full full ADJ cblr-1732 205 24 - - PUNCT cblr-1732 205 25 scale scale NOUN cblr-1732 205 26 voting voting NOUN cblr-1732 205 27 control control NOUN cblr-1732 205 28 in in ADP cblr-1732 205 29 their their PRON cblr-1732 205 30 targets,56 targets,56 NOUN cblr-1732 205 31 the the DET cblr-1732 205 32 mere mere ADJ cblr-1732 205 33 threat threat NOUN cblr-1732 205 34 of of ADP cblr-1732 205 35 activists activist NOUN cblr-1732 205 36 to to PART cblr-1732 205 37 nominate nominate VERB cblr-1732 205 38 their their PRON cblr-1732 205 39 representatives representative NOUN cblr-1732 205 40 to to ADP cblr-1732 205 41 the the DET cblr-1732 205 42 board board NOUN cblr-1732 205 43 encourages encourage VERB cblr-1732 205 44 management management NOUN cblr-1732 205 45 of of ADP cblr-1732 205 46 target target NOUN cblr-1732 205 47 companies company NOUN cblr-1732 205 48 to to PART cblr-1732 205 49 settle settle VERB cblr-1732 205 50 with with ADP cblr-1732 205 51 the the DET cblr-1732 205 52 activists.57 activists.57 PROPN cblr-1732 205 53 this this DET cblr-1732 205 54 threat threat NOUN cblr-1732 205 55 of of ADP cblr-1732 205 56 a a DET cblr-1732 205 57 proxy proxy NOUN cblr-1732 205 58 fight fight NOUN cblr-1732 205 59 , , PUNCT cblr-1732 205 60 however however ADV cblr-1732 205 61 , , PUNCT cblr-1732 205 62 lacks lack VERB cblr-1732 205 63 bite bite VERB cblr-1732 205 64 when when SCONJ cblr-1732 205 65 a a DET cblr-1732 205 66 controlling control VERB cblr-1732 205 67 shareholder shareholder NOUN cblr-1732 205 68 exercises exercise NOUN cblr-1732 205 69 control control VERB cblr-1732 205 70 over over ADP cblr-1732 205 71 the the DET cblr-1732 205 72 firm firm NOUN cblr-1732 205 73 ’s ’s PART cblr-1732 205 74 voting voting NOUN cblr-1732 205 75 rights right NOUN cblr-1732 205 76 . . PUNCT cblr-1732 206 1 since since SCONJ cblr-1732 206 2 activist activist ADJ cblr-1732 206 3 shareholders shareholder NOUN cblr-1732 206 4 have have VERB cblr-1732 206 5 limited limit VERB cblr-1732 206 6 resources resource NOUN cblr-1732 206 7 for for ADP cblr-1732 206 8 engagements engagement NOUN cblr-1732 206 9 , , PUNCT cblr-1732 206 10 they they PRON cblr-1732 206 11 prioritize prioritize VERB cblr-1732 206 12 targets target NOUN cblr-1732 206 13 . . PUNCT cblr-1732 207 1 all all PRON cblr-1732 207 2 else else ADV cblr-1732 207 3 being be AUX cblr-1732 207 4 equal equal ADJ cblr-1732 207 5 , , PUNCT cblr-1732 207 6 54 54 NUM cblr-1732 207 7 initiating initiate VERB cblr-1732 207 8 governance governance NOUN cblr-1732 207 9 changes change NOUN cblr-1732 207 10 is be AUX cblr-1732 207 11 a a DET cblr-1732 207 12 complicated complicated ADJ cblr-1732 207 13 task task NOUN cblr-1732 207 14 even even ADV cblr-1732 207 15 in in ADP cblr-1732 207 16 widely widely ADV cblr-1732 207 17 held hold VERB cblr-1732 207 18 firms firm NOUN cblr-1732 207 19 ( ( PUNCT cblr-1732 207 20 see see VERB cblr-1732 207 21 , , PUNCT cblr-1732 207 22 e.g. e.g. ADV cblr-1732 207 23 , , PUNCT cblr-1732 207 24 sharon sharon PROPN cblr-1732 207 25 hannes hannes PROPN cblr-1732 207 26 , , PUNCT cblr-1732 207 27 the the DET cblr-1732 207 28 determinants determinant NOUN cblr-1732 207 29 and and CCONJ cblr-1732 207 30 consequences consequence NOUN cblr-1732 207 31 of of ADP cblr-1732 207 32 corporate corporate ADJ cblr-1732 207 33 stagnation stagnation NOUN cblr-1732 207 34 : : PUNCT cblr-1732 207 35 discussion discussion NOUN cblr-1732 207 36 and and CCONJ cblr-1732 207 37 reform reform NOUN cblr-1732 207 38 proposal proposal NOUN cblr-1732 207 39 , , PUNCT cblr-1732 207 40 30 30 NUM cblr-1732 207 41 j. j. PROPN cblr-1732 207 42 corp corp PROPN cblr-1732 207 43 . . PROPN cblr-1732 207 44 l. l. PROPN cblr-1732 207 45 51 51 NUM cblr-1732 207 46 , , PUNCT cblr-1732 207 47 63–64 63–64 NUM cblr-1732 207 48 ( ( PUNCT cblr-1732 207 49 2004 2004 NUM cblr-1732 207 50 ) ) PUNCT cblr-1732 207 51 ) ) PUNCT cblr-1732 207 52 , , PUNCT cblr-1732 207 53 and and CCONJ cblr-1732 207 54 it it PRON cblr-1732 207 55 becomes become VERB cblr-1732 207 56 almost almost ADV cblr-1732 207 57 impossible impossible ADJ cblr-1732 207 58 when when SCONJ cblr-1732 207 59 firms firm NOUN cblr-1732 207 60 have have VERB cblr-1732 207 61 a a DET cblr-1732 207 62 controlling control VERB cblr-1732 207 63 shareholder shareholder NOUN cblr-1732 207 64 . . PUNCT cblr-1732 208 1 55 55 NUM cblr-1732 208 2 cheffins cheffin NOUN cblr-1732 208 3 & & CCONJ cblr-1732 208 4 armour armour NOUN cblr-1732 208 5 , , PUNCT cblr-1732 208 6 supra supra PROPN cblr-1732 208 7 note note NOUN cblr-1732 208 8 22 22 NUM cblr-1732 208 9 , , PUNCT cblr-1732 208 10 at at ADP cblr-1732 208 11 68–69 68–69 NUM cblr-1732 208 12 . . PUNCT cblr-1732 209 1 see see VERB cblr-1732 209 2 also also ADV cblr-1732 209 3 katelouzou katelouzou PROPN cblr-1732 209 4 , , PUNCT cblr-1732 209 5 worldwide worldwide ADJ cblr-1732 209 6 hedge hedge PROPN cblr-1732 209 7 fund fund PROPN cblr-1732 209 8 activism activism NOUN cblr-1732 209 9 , , PUNCT cblr-1732 209 10 supra supra PROPN cblr-1732 209 11 note note PROPN cblr-1732 209 12 22 22 NUM cblr-1732 209 13 ; ; PUNCT cblr-1732 209 14 drerup drerup NOUN cblr-1732 209 15 , , PUNCT cblr-1732 209 16 supra supra PROPN cblr-1732 209 17 note note NOUN cblr-1732 209 18 22 22 NUM cblr-1732 209 19 . . PUNCT cblr-1732 210 1 56 56 NUM cblr-1732 210 2 brav brav PROPN cblr-1732 210 3 et et PROPN cblr-1732 210 4 al al PROPN cblr-1732 210 5 . . PROPN cblr-1732 210 6 , , PUNCT cblr-1732 210 7 hedge hedge NOUN cblr-1732 210 8 fund fund NOUN cblr-1732 210 9 activism activism NOUN cblr-1732 210 10 , , PUNCT cblr-1732 210 11 supra supra PROPN cblr-1732 210 12 note note PROPN cblr-1732 210 13 15 15 NUM cblr-1732 210 14 , , PUNCT cblr-1732 210 15 at at ADP cblr-1732 210 16 1743 1743 NUM cblr-1732 210 17 ( ( PUNCT cblr-1732 210 18 reporting report VERB cblr-1732 210 19 that that SCONJ cblr-1732 210 20 in in ADP cblr-1732 210 21 only only ADV cblr-1732 210 22 4 4 NUM cblr-1732 210 23 % % NOUN cblr-1732 210 24 of of ADP cblr-1732 210 25 their their PRON cblr-1732 210 26 sampled sample VERB cblr-1732 210 27 activist activist ADJ cblr-1732 210 28 interventions intervention NOUN cblr-1732 210 29 , , PUNCT cblr-1732 210 30 the the DET cblr-1732 210 31 activist activist ADJ cblr-1732 210 32 funds fund NOUN cblr-1732 210 33 intended intend VERB cblr-1732 210 34 to to PART cblr-1732 210 35 take take VERB cblr-1732 210 36 the the DET cblr-1732 210 37 target target NOUN cblr-1732 210 38 over over ADV cblr-1732 210 39 , , PUNCT cblr-1732 210 40 and and CCONJ cblr-1732 210 41 in in ADP cblr-1732 210 42 only only ADV cblr-1732 210 43 13 13 NUM cblr-1732 210 44 % % NOUN cblr-1732 210 45 of of ADP cblr-1732 210 46 the the DET cblr-1732 210 47 interventions intervention NOUN cblr-1732 210 48 , , PUNCT cblr-1732 210 49 the the DET cblr-1732 210 50 activists activist NOUN cblr-1732 210 51 launched launch VERB cblr-1732 210 52 a a DET cblr-1732 210 53 proxy proxy NOUN cblr-1732 210 54 contest contest NOUN cblr-1732 210 55 ) ) PUNCT cblr-1732 210 56 ; ; PUNCT cblr-1732 211 1 gantchev gantchev PROPN cblr-1732 211 2 , , PUNCT cblr-1732 211 3 supra supra PROPN cblr-1732 211 4 note note NOUN cblr-1732 211 5 52 52 NUM cblr-1732 211 6 , , PUNCT cblr-1732 211 7 at at ADP cblr-1732 211 8 618–19 618–19 NUM cblr-1732 211 9 ( ( PUNCT cblr-1732 211 10 showing show VERB cblr-1732 211 11 that that SCONJ cblr-1732 211 12 only only ADV cblr-1732 211 13 6.4 6.4 NUM cblr-1732 211 14 % % NOUN cblr-1732 211 15 of of ADP cblr-1732 211 16 the the DET cblr-1732 211 17 activist activist ADJ cblr-1732 211 18 campaigns campaign NOUN cblr-1732 211 19 actually actually ADV cblr-1732 211 20 end end VERB cblr-1732 211 21 up up ADP cblr-1732 211 22 in in ADP cblr-1732 211 23 a a DET cblr-1732 211 24 proxy proxy NOUN cblr-1732 211 25 contest contest NOUN cblr-1732 211 26 ) ) PUNCT cblr-1732 211 27 ; ; PUNCT cblr-1732 211 28 katelouzou katelouzou NOUN cblr-1732 211 29 , , PUNCT cblr-1732 211 30 myths myth NOUN cblr-1732 211 31 and and CCONJ cblr-1732 211 32 realities reality NOUN cblr-1732 211 33 of of ADP cblr-1732 211 34 hedge hedge NOUN cblr-1732 211 35 fund fund NOUN cblr-1732 211 36 activism activism NOUN cblr-1732 211 37 , , PUNCT cblr-1732 211 38 supra supra PROPN cblr-1732 211 39 note note NOUN cblr-1732 211 40 49 49 NUM cblr-1732 211 41 , , PUNCT cblr-1732 211 42 at at ADP cblr-1732 211 43 493 493 NUM cblr-1732 211 44 ( ( PUNCT cblr-1732 211 45 showing show VERB cblr-1732 211 46 that that SCONJ cblr-1732 211 47 only only ADV cblr-1732 211 48 3.9 3.9 NUM cblr-1732 211 49 % % NOUN cblr-1732 211 50 of of ADP cblr-1732 211 51 the the DET cblr-1732 211 52 campaigns campaign NOUN cblr-1732 211 53 seek seek VERB cblr-1732 211 54 to to PART cblr-1732 211 55 launch launch VERB cblr-1732 211 56 a a DET cblr-1732 211 57 takeover takeover NOUN cblr-1732 211 58 bid bid NOUN cblr-1732 211 59 ) ) PUNCT cblr-1732 211 60 . . PUNCT cblr-1732 212 1 57 57 NUM cblr-1732 212 2 see see NOUN cblr-1732 212 3 , , PUNCT cblr-1732 212 4 e.g. e.g. ADV cblr-1732 212 5 , , PUNCT cblr-1732 212 6 partnoy partnoy PROPN cblr-1732 212 7 & & CCONJ cblr-1732 212 8 thomas thomas PROPN cblr-1732 212 9 , , PUNCT cblr-1732 212 10 supra supra PROPN cblr-1732 212 11 note note PROPN cblr-1732 212 12 36 36 NUM cblr-1732 212 13 , , PUNCT cblr-1732 212 14 at at ADP cblr-1732 212 15 136 136 NUM cblr-1732 212 16 ( ( PUNCT cblr-1732 212 17 noting note VERB cblr-1732 212 18 that that SCONJ cblr-1732 212 19 “ " PUNCT cblr-1732 212 20 just just ADV cblr-1732 212 21 the the DET cblr-1732 212 22 potential potential ADJ cblr-1732 212 23 threat threat NOUN cblr-1732 212 24 of of ADP cblr-1732 212 25 hedge hedge NOUN cblr-1732 212 26 fund fund NOUN cblr-1732 212 27 activism activism NOUN cblr-1732 212 28 may may AUX cblr-1732 212 29 stimulate stimulate VERB cblr-1732 212 30 corporate corporate ADJ cblr-1732 212 31 managers manager NOUN cblr-1732 212 32 to to PART cblr-1732 212 33 engage engage VERB cblr-1732 212 34 in in ADP cblr-1732 212 35 value value NOUN cblr-1732 212 36 maximizing maximize VERB cblr-1732 212 37 change change NOUN cblr-1732 212 38 of of ADP cblr-1732 212 39 control control NOUN cblr-1732 212 40 transactions transaction NOUN cblr-1732 212 41 before before SCONJ cblr-1732 212 42 they they PRON cblr-1732 212 43 become become VERB cblr-1732 212 44 targets target NOUN cblr-1732 212 45 ” " PUNCT cblr-1732 212 46 ) ) PUNCT cblr-1732 212 47 ; ; PUNCT cblr-1732 212 48 katelouzou katelouzou NOUN cblr-1732 212 49 , , PUNCT cblr-1732 212 50 myths myth NOUN cblr-1732 212 51 and and CCONJ cblr-1732 212 52 realities reality NOUN cblr-1732 212 53 of of ADP cblr-1732 212 54 hedge hedge NOUN cblr-1732 212 55 fund fund NOUN cblr-1732 212 56 activism activism NOUN cblr-1732 212 57 , , PUNCT cblr-1732 212 58 supra supra PROPN cblr-1732 212 59 note note NOUN cblr-1732 212 60 49 49 NUM cblr-1732 212 61 , , PUNCT cblr-1732 212 62 at at ADP cblr-1732 212 63 497 497 NUM cblr-1732 212 64 ( ( PUNCT cblr-1732 212 65 noting note VERB cblr-1732 212 66 that that SCONJ cblr-1732 212 67 “ " PUNCT cblr-1732 212 68 [ [ X cblr-1732 212 69 p]erhaps p]erhaps ADP cblr-1732 212 70 the the DET cblr-1732 212 71 most most ADV cblr-1732 212 72 drastic drastic ADJ cblr-1732 212 73 strategy strategy NOUN cblr-1732 212 74 an an DET cblr-1732 212 75 activist activist ADJ cblr-1732 212 76 hedge hedge NOUN cblr-1732 212 77 fund fund NOUN cblr-1732 212 78 can can AUX cblr-1732 212 79 employ employ VERB cblr-1732 212 80 in in ADP cblr-1732 212 81 the the DET cblr-1732 212 82 course course NOUN cblr-1732 212 83 of of ADP cblr-1732 212 84 an an DET cblr-1732 212 85 activist activist ADJ cblr-1732 212 86 campaign campaign NOUN cblr-1732 212 87 is be AUX cblr-1732 212 88 to to PART cblr-1732 212 89 threaten threaten VERB cblr-1732 212 90 to to PART cblr-1732 212 91 launch launch VERB cblr-1732 212 92 — — PUNCT cblr-1732 212 93 or or CCONJ cblr-1732 212 94 actually actually ADV cblr-1732 212 95 launch launch VERB cblr-1732 212 96 — — PUNCT cblr-1732 212 97 a a DET cblr-1732 212 98 takeover takeover NOUN cblr-1732 212 99 bid bid NOUN cblr-1732 212 100 ” " PUNCT cblr-1732 212 101 ) ) PUNCT cblr-1732 212 102 . . PUNCT cblr-1732 213 1 kastiel kastiel PROPN cblr-1732 213 2 – – PUNCT cblr-1732 213 3 final final ADJ cblr-1732 213 4 76 76 NUM cblr-1732 213 5 columbia columbia PROPN cblr-1732 213 6 business business NOUN cblr-1732 213 7 law law PROPN cblr-1732 213 8 review review NOUN cblr-1732 214 1 [ [ X cblr-1732 214 2 vol vol NOUN cblr-1732 214 3 . . NOUN cblr-1732 214 4 2016 2016 NUM cblr-1732 214 5 the the DET cblr-1732 214 6 general general ADJ cblr-1732 214 7 hypothesis hypothesis NOUN cblr-1732 214 8 suggests suggest VERB cblr-1732 214 9 that that SCONJ cblr-1732 214 10 the the DET cblr-1732 214 11 presence presence NOUN cblr-1732 214 12 of of ADP cblr-1732 214 13 a a DET cblr-1732 214 14 controlling control VERB cblr-1732 214 15 shareholder shareholder NOUN cblr-1732 214 16 should should AUX cblr-1732 214 17 make make VERB cblr-1732 214 18 controlled control VERB cblr-1732 214 19 companies company NOUN cblr-1732 214 20 less less ADV cblr-1732 214 21 attractive attractive ADJ cblr-1732 214 22 targets target NOUN cblr-1732 214 23 for for ADP cblr-1732 214 24 activists activist NOUN cblr-1732 214 25 than than ADP cblr-1732 214 26 widely widely ADV cblr-1732 214 27 held hold VERB cblr-1732 214 28 companies.58 companies.58 NOUN cblr-1732 214 29 or or CCONJ cblr-1732 214 30 , , PUNCT cblr-1732 214 31 as as SCONJ cblr-1732 214 32 some some DET cblr-1732 214 33 scholars scholar NOUN cblr-1732 214 34 predict predict VERB cblr-1732 214 35 , , PUNCT cblr-1732 214 36 “ " PUNCT cblr-1732 214 37 [ [ X cblr-1732 214 38 d]ispersed d]isperse VERB cblr-1732 214 39 stock stock NOUN cblr-1732 214 40 ownership ownership NOUN cblr-1732 214 41 therefore therefore ADV cblr-1732 214 42 is be AUX cblr-1732 214 43 typically typically ADV cblr-1732 214 44 a a DET cblr-1732 214 45 necessary necessary ADJ cblr-1732 214 46 precondition precondition NOUN cblr-1732 214 47 for for ADP cblr-1732 214 48 an an DET cblr-1732 214 49 influence influence NOUN cblr-1732 214 50 - - PUNCT cblr-1732 214 51 based base VERB cblr-1732 214 52 intervention intervention NOUN cblr-1732 214 53 . . PUNCT cblr-1732 215 1 ”59 ”59 PROPN cblr-1732 215 2 c. c. PROPN cblr-1732 215 3 prior prior ADJ cblr-1732 215 4 empirical empirical ADJ cblr-1732 215 5 research research NOUN cblr-1732 215 6 although although SCONJ cblr-1732 215 7 there there PRON cblr-1732 215 8 is be VERB cblr-1732 215 9 a a DET cblr-1732 215 10 large large ADJ cblr-1732 215 11 body body NOUN cblr-1732 215 12 of of ADP cblr-1732 215 13 literature literature NOUN cblr-1732 215 14 on on ADP cblr-1732 215 15 hedge hedge NOUN cblr-1732 215 16 fund fund NOUN cblr-1732 215 17 activism activism NOUN cblr-1732 215 18 , , PUNCT cblr-1732 215 19 none none NOUN cblr-1732 215 20 of of ADP cblr-1732 215 21 the the DET cblr-1732 215 22 research research NOUN cblr-1732 215 23 focuses focus VERB cblr-1732 215 24 specifically specifically ADV cblr-1732 215 25 on on ADP cblr-1732 215 26 activism activism NOUN cblr-1732 215 27 in in ADP cblr-1732 215 28 controlled control VERB cblr-1732 215 29 u.s u.s PROPN cblr-1732 215 30 . . PROPN cblr-1732 215 31 companies company NOUN cblr-1732 215 32 or or CCONJ cblr-1732 215 33 on on ADP cblr-1732 215 34 the the DET cblr-1732 215 35 channels channel NOUN cblr-1732 215 36 through through ADP cblr-1732 215 37 which which PRON cblr-1732 215 38 activists activist NOUN cblr-1732 215 39 operate operate VERB cblr-1732 215 40 in in ADP cblr-1732 215 41 these these DET cblr-1732 215 42 companies company NOUN cblr-1732 215 43 . . PUNCT cblr-1732 216 1 a a DET cblr-1732 216 2 couple couple NOUN cblr-1732 216 3 of of ADP cblr-1732 216 4 comparative comparative ADJ cblr-1732 216 5 studies study NOUN cblr-1732 216 6 investigating investigate VERB cblr-1732 216 7 hedge hedge NOUN cblr-1732 216 8 fund fund NOUN cblr-1732 216 9 activism activism NOUN cblr-1732 216 10 mostly mostly ADV cblr-1732 216 11 in in ADP cblr-1732 216 12 europe europe PROPN cblr-1732 216 13 , , PUNCT cblr-1732 216 14 where where SCONJ cblr-1732 216 15 companies company NOUN cblr-1732 216 16 with with ADP cblr-1732 216 17 concentrated concentrated ADJ cblr-1732 216 18 ownership ownership NOUN cblr-1732 216 19 are be AUX cblr-1732 216 20 more more ADV cblr-1732 216 21 prevalent prevalent ADJ cblr-1732 216 22 , , PUNCT cblr-1732 216 23 found find VERB cblr-1732 216 24 some some DET cblr-1732 216 25 evidence evidence NOUN cblr-1732 216 26 of of ADP cblr-1732 216 27 activism activism NOUN cblr-1732 216 28 . . PUNCT cblr-1732 217 1 the the DET cblr-1732 217 2 most most ADV cblr-1732 217 3 notable notable ADJ cblr-1732 217 4 study study NOUN cblr-1732 217 5 by by ADP cblr-1732 217 6 marco marco PROPN cblr-1732 217 7 becht becht PROPN cblr-1732 217 8 et et PROPN cblr-1732 217 9 al al PROPN cblr-1732 217 10 . . PROPN cblr-1732 217 11 covers cover VERB cblr-1732 217 12 nearly nearly ADV cblr-1732 217 13 1800 1800 NUM cblr-1732 217 14 activist activist ADJ cblr-1732 217 15 interventions intervention NOUN cblr-1732 217 16 in in ADP cblr-1732 217 17 twentythree twentythree NOUN cblr-1732 217 18 countries,60 countries,60 NOUN cblr-1732 217 19 and and CCONJ cblr-1732 217 20 it it PRON cblr-1732 217 21 documents document VERB cblr-1732 217 22 activist activist ADJ cblr-1732 217 23 interventions intervention NOUN cblr-1732 217 24 in in ADP cblr-1732 217 25 countries country NOUN cblr-1732 217 26 with with ADP cblr-1732 217 27 concentrated concentrated ADJ cblr-1732 217 28 ownership ownership NOUN cblr-1732 217 29 , , PUNCT cblr-1732 217 30 such such ADJ cblr-1732 217 31 as as ADP cblr-1732 217 32 belgium belgium NOUN cblr-1732 217 33 , , PUNCT cblr-1732 217 34 58 58 NUM cblr-1732 217 35 as as SCONJ cblr-1732 217 36 noted note VERB cblr-1732 217 37 , , PUNCT cblr-1732 217 38 the the DET cblr-1732 217 39 expected expect VERB cblr-1732 217 40 benefit benefit NOUN cblr-1732 217 41 from from ADP cblr-1732 217 42 an an DET cblr-1732 217 43 activist activist ADJ cblr-1732 217 44 intervention intervention NOUN cblr-1732 217 45 is be AUX cblr-1732 217 46 a a DET cblr-1732 217 47 function function NOUN cblr-1732 217 48 of of ADP cblr-1732 217 49 both both CCONJ cblr-1732 217 50 the the DET cblr-1732 217 51 probability probability NOUN cblr-1732 217 52 of of ADP cblr-1732 217 53 success success NOUN cblr-1732 217 54 and and CCONJ cblr-1732 217 55 the the DET cblr-1732 217 56 increase increase NOUN cblr-1732 217 57 in in ADP cblr-1732 217 58 the the DET cblr-1732 217 59 target target NOUN cblr-1732 217 60 share share NOUN cblr-1732 217 61 price price NOUN cblr-1732 217 62 as as ADP cblr-1732 217 63 a a DET cblr-1732 217 64 result result NOUN cblr-1732 217 65 of of ADP cblr-1732 217 66 the the DET cblr-1732 217 67 intervention intervention NOUN cblr-1732 217 68 . . PUNCT cblr-1732 218 1 in in ADP cblr-1732 218 2 theory theory NOUN cblr-1732 218 3 , , PUNCT cblr-1732 218 4 one one PRON cblr-1732 218 5 could could AUX cblr-1732 218 6 argue argue VERB cblr-1732 218 7 that that SCONJ cblr-1732 218 8 since since SCONJ cblr-1732 218 9 certain certain ADJ cblr-1732 218 10 controlled control VERB cblr-1732 218 11 companies company NOUN cblr-1732 218 12 enjoy enjoy VERB cblr-1732 218 13 strong strong ADJ cblr-1732 218 14 insulation insulation NOUN cblr-1732 218 15 from from ADP cblr-1732 218 16 market market NOUN cblr-1732 218 17 mechanisms mechanism NOUN cblr-1732 218 18 , , PUNCT cblr-1732 218 19 they they PRON cblr-1732 218 20 are be AUX cblr-1732 218 21 , , PUNCT cblr-1732 218 22 on on ADP cblr-1732 218 23 average average ADJ cblr-1732 218 24 , , PUNCT cblr-1732 218 25 more more ADV cblr-1732 218 26 likely likely ADJ cblr-1732 218 27 to to PART cblr-1732 218 28 underperform underperform VERB cblr-1732 218 29 , , PUNCT cblr-1732 218 30 and and CCONJ cblr-1732 218 31 therefore therefore ADV cblr-1732 218 32 the the DET cblr-1732 218 33 higher high ADJ cblr-1732 218 34 expected expect VERB cblr-1732 218 35 returns return NOUN cblr-1732 218 36 from from ADP cblr-1732 218 37 an an DET cblr-1732 218 38 activist activist ADJ cblr-1732 218 39 engagement engagement NOUN cblr-1732 218 40 with with ADP cblr-1732 218 41 these these DET cblr-1732 218 42 companies company NOUN cblr-1732 218 43 may may AUX cblr-1732 218 44 compensate compensate VERB cblr-1732 218 45 , , PUNCT cblr-1732 218 46 at at ADP cblr-1732 218 47 least least ADJ cblr-1732 218 48 partially partially ADV cblr-1732 218 49 , , PUNCT cblr-1732 218 50 for for ADP cblr-1732 218 51 the the DET cblr-1732 218 52 lower low ADJ cblr-1732 218 53 success success NOUN cblr-1732 218 54 rate rate NOUN cblr-1732 218 55 . . PUNCT cblr-1732 219 1 however however ADV cblr-1732 219 2 , , PUNCT cblr-1732 219 3 an an DET cblr-1732 219 4 activist activist NOUN cblr-1732 219 5 will will AUX cblr-1732 219 6 prefer prefer VERB cblr-1732 219 7 to to PART cblr-1732 219 8 engage engage VERB cblr-1732 219 9 with with ADP cblr-1732 219 10 a a DET cblr-1732 219 11 widely widely ADV cblr-1732 219 12 held hold VERB cblr-1732 219 13 firm firm ADJ cblr-1732 219 14 if if SCONJ cblr-1732 219 15 ( ( PUNCT cblr-1732 219 16 i i NOUN cblr-1732 219 17 ) ) PUNCT cblr-1732 219 18 target target NOUN cblr-1732 219 19 past past ADJ cblr-1732 219 20 performance performance NOUN cblr-1732 219 21 is be AUX cblr-1732 219 22 held hold VERB cblr-1732 219 23 equal equal ADJ cblr-1732 219 24 or or CCONJ cblr-1732 219 25 ( ( PUNCT cblr-1732 219 26 ii ii NOUN cblr-1732 219 27 ) ) PUNCT cblr-1732 219 28 if if SCONJ cblr-1732 219 29 the the DET cblr-1732 219 30 activist activist NOUN cblr-1732 219 31 estimates estimate VERB cblr-1732 219 32 the the DET cblr-1732 219 33 success success NOUN cblr-1732 219 34 probability probability NOUN cblr-1732 219 35 of of ADP cblr-1732 219 36 a a DET cblr-1732 219 37 campaign campaign NOUN cblr-1732 219 38 against against ADP cblr-1732 219 39 a a DET cblr-1732 219 40 controlled control VERB cblr-1732 219 41 company company NOUN cblr-1732 219 42 to to PART cblr-1732 219 43 be be AUX cblr-1732 219 44 close close ADJ cblr-1732 219 45 to to ADP cblr-1732 219 46 zero zero NUM cblr-1732 219 47 . . PUNCT cblr-1732 220 1 59 59 NUM cblr-1732 220 2 cheffins cheffin NOUN cblr-1732 220 3 & & CCONJ cblr-1732 220 4 armour armour NOUN cblr-1732 220 5 , , PUNCT cblr-1732 220 6 supra supra PROPN cblr-1732 220 7 note note NOUN cblr-1732 220 8 22 22 NUM cblr-1732 220 9 , , PUNCT cblr-1732 220 10 at at ADP cblr-1732 220 11 68–69 68–69 NUM cblr-1732 220 12 . . PUNCT cblr-1732 221 1 the the DET cblr-1732 221 2 authors author NOUN cblr-1732 221 3 also also ADV cblr-1732 221 4 note note VERB cblr-1732 221 5 , , PUNCT cblr-1732 221 6 however however ADV cblr-1732 221 7 , , PUNCT cblr-1732 221 8 that that SCONJ cblr-1732 221 9 there there PRON cblr-1732 221 10 can can AUX cblr-1732 221 11 be be AUX cblr-1732 221 12 exceptions exception NOUN cblr-1732 221 13 , , PUNCT cblr-1732 221 14 such such ADJ cblr-1732 221 15 as as ADP cblr-1732 221 16 when when SCONJ cblr-1732 221 17 minority minority NOUN cblr-1732 221 18 shareholders shareholder NOUN cblr-1732 221 19 have have AUX cblr-1732 221 20 the the DET cblr-1732 221 21 right right NOUN cblr-1732 221 22 to to PART cblr-1732 221 23 select select VERB cblr-1732 221 24 a a DET cblr-1732 221 25 director director NOUN cblr-1732 221 26 in in ADP cblr-1732 221 27 a a DET cblr-1732 221 28 company company NOUN cblr-1732 221 29 that that PRON cblr-1732 221 30 provides provide VERB cblr-1732 221 31 for for ADP cblr-1732 221 32 “ " PUNCT cblr-1732 221 33 cumulative cumulative ADJ cblr-1732 221 34 ” " PUNCT cblr-1732 221 35 voting voting NOUN cblr-1732 221 36 for for ADP cblr-1732 221 37 directors director NOUN cblr-1732 221 38 , , PUNCT cblr-1732 221 39 or or CCONJ cblr-1732 221 40 when when SCONJ cblr-1732 221 41 the the DET cblr-1732 221 42 activist activist ADJ cblr-1732 221 43 lobbies lobby NOUN cblr-1732 221 44 for for ADP cblr-1732 221 45 the the DET cblr-1732 221 46 company company NOUN cblr-1732 221 47 to to PART cblr-1732 221 48 dismantle dismantle VERB cblr-1732 221 49 its its PRON cblr-1732 221 50 dual dual ADJ cblr-1732 221 51 - - PUNCT cblr-1732 221 52 class class NOUN cblr-1732 221 53 share share NOUN cblr-1732 221 54 structure structure NOUN cblr-1732 221 55 by by ADP cblr-1732 221 56 buying buy VERB cblr-1732 221 57 out out ADP cblr-1732 221 58 the the DET cblr-1732 221 59 special special ADJ cblr-1732 221 60 class class NOUN cblr-1732 221 61 of of ADP cblr-1732 221 62 shares share NOUN cblr-1732 221 63 . . PUNCT cblr-1732 222 1 see see VERB cblr-1732 222 2 also also ADV cblr-1732 222 3 katelouzou katelouzou PROPN cblr-1732 222 4 , , PUNCT cblr-1732 222 5 worldwide worldwide ADJ cblr-1732 222 6 hedge hedge PROPN cblr-1732 222 7 fund fund PROPN cblr-1732 222 8 activism activism NOUN cblr-1732 222 9 , , PUNCT cblr-1732 222 10 supra supra PROPN cblr-1732 222 11 note note NOUN cblr-1732 222 12 22 22 NUM cblr-1732 222 13 . . PUNCT cblr-1732 223 1 60 60 NUM cblr-1732 223 2 see see VERB cblr-1732 223 3 marco marco PROPN cblr-1732 223 4 becht becht PROPN cblr-1732 223 5 , , PUNCT cblr-1732 223 6 julian julian PROPN cblr-1732 223 7 r. r. PROPN cblr-1732 223 8 franks franks PROPN cblr-1732 223 9 , , PUNCT cblr-1732 223 10 jeremy jeremy PROPN cblr-1732 223 11 grant grant PROPN cblr-1732 223 12 & & CCONJ cblr-1732 223 13 hannes hannes PROPN cblr-1732 223 14 f. f. PROPN cblr-1732 223 15 wagner wagner PROPN cblr-1732 223 16 , , PUNCT cblr-1732 223 17 the the DET cblr-1732 223 18 returns return NOUN cblr-1732 223 19 to to PART cblr-1732 223 20 hedge hedge VERB cblr-1732 223 21 fund fund NOUN cblr-1732 223 22 activism activism NOUN cblr-1732 223 23 : : PUNCT cblr-1732 223 24 an an DET cblr-1732 223 25 international international ADJ cblr-1732 223 26 study study NOUN cblr-1732 223 27 , , PUNCT cblr-1732 223 28 1 1 NUM cblr-1732 223 29 ( ( PUNCT cblr-1732 223 30 european european PROPN cblr-1732 223 31 corp corp PROPN cblr-1732 223 32 . . PROPN cblr-1732 223 33 governance governance PROPN cblr-1732 223 34 inst inst PROPN cblr-1732 223 35 . . PROPN cblr-1732 223 36 , , PUNCT cblr-1732 223 37 working working NOUN cblr-1732 223 38 paper paper NOUN cblr-1732 223 39 , , PUNCT cblr-1732 223 40 2014 2014 NUM cblr-1732 223 41 ) ) PUNCT cblr-1732 223 42 ( ( PUNCT cblr-1732 223 43 researching research VERB cblr-1732 223 44 interventions intervention NOUN cblr-1732 223 45 between between ADP cblr-1732 223 46 2000–2010 2000–2010 NUM cblr-1732 223 47 ) ) PUNCT cblr-1732 223 48 . . PUNCT cblr-1732 224 1 kastiel kastiel PROPN cblr-1732 224 2 – – PUNCT cblr-1732 224 3 final final ADJ cblr-1732 224 4 no no NOUN cblr-1732 224 5 . . PROPN cblr-1732 224 6 1:60 1:60 NUM cblr-1732 224 7 ] ] PUNCT cblr-1732 224 8 against against ADP cblr-1732 224 9 all all DET cblr-1732 224 10 odds odd NOUN cblr-1732 224 11 77 77 NUM cblr-1732 224 12 canada canada PROPN cblr-1732 224 13 , , PUNCT cblr-1732 224 14 france france PROPN cblr-1732 224 15 , , PUNCT cblr-1732 224 16 germany germany PROPN cblr-1732 224 17 , , PUNCT cblr-1732 224 18 italy italy PROPN cblr-1732 224 19 , , PUNCT cblr-1732 224 20 the the DET cblr-1732 224 21 netherlands netherlands PROPN cblr-1732 224 22 , , PUNCT cblr-1732 224 23 south south PROPN cblr-1732 224 24 korea korea PROPN cblr-1732 224 25 , , PUNCT cblr-1732 224 26 and and CCONJ cblr-1732 224 27 sweden sweden PROPN cblr-1732 224 28 , , PUNCT cblr-1732 224 29 although although SCONJ cblr-1732 224 30 the the DET cblr-1732 224 31 number number NOUN cblr-1732 224 32 of of ADP cblr-1732 224 33 activist activist ADJ cblr-1732 224 34 incidents incident NOUN cblr-1732 224 35 in in ADP cblr-1732 224 36 those those DET cblr-1732 224 37 countries country NOUN cblr-1732 224 38 is be AUX cblr-1732 224 39 still still ADV cblr-1732 224 40 substantially substantially ADV cblr-1732 224 41 lower low ADJ cblr-1732 224 42 than than ADP cblr-1732 224 43 in in ADP cblr-1732 224 44 the the DET cblr-1732 224 45 united united PROPN cblr-1732 224 46 states states PROPN cblr-1732 224 47 and and CCONJ cblr-1732 224 48 the the DET cblr-1732 224 49 united united PROPN cblr-1732 224 50 kingdom.61 kingdom.61 PROPN cblr-1732 224 51 another another DET cblr-1732 224 52 recent recent ADJ cblr-1732 224 53 study study NOUN cblr-1732 224 54 also also ADV cblr-1732 224 55 shows show VERB cblr-1732 224 56 that that SCONJ cblr-1732 224 57 while while SCONJ cblr-1732 224 58 activist activist ADJ cblr-1732 224 59 interventions intervention NOUN cblr-1732 224 60 exist exist VERB cblr-1732 224 61 even even ADV cblr-1732 224 62 in in ADP cblr-1732 224 63 countries country NOUN cblr-1732 224 64 with with ADP cblr-1732 224 65 concentrated concentrated ADJ cblr-1732 224 66 ownership,62 ownership,62 ADJ cblr-1732 224 67 the the DET cblr-1732 224 68 incidence incidence NOUN cblr-1732 224 69 of of ADP cblr-1732 224 70 activism activism NOUN cblr-1732 224 71 in in ADP cblr-1732 224 72 those those DET cblr-1732 224 73 countries country NOUN cblr-1732 224 74 is be AUX cblr-1732 224 75 significantly significantly ADV cblr-1732 224 76 lower low ADJ cblr-1732 224 77 than than ADP cblr-1732 224 78 in in ADP cblr-1732 224 79 countries country NOUN cblr-1732 224 80 with with ADP cblr-1732 224 81 dispersed disperse VERB cblr-1732 224 82 ownership ownership NOUN cblr-1732 224 83 , , PUNCT cblr-1732 224 84 such such ADJ cblr-1732 224 85 as as ADP cblr-1732 224 86 the the DET cblr-1732 224 87 united united ADJ cblr-1732 224 88 kingdom kingdom PROPN cblr-1732 224 89 and and CCONJ cblr-1732 224 90 japan.63 japan.63 ADJ cblr-1732 224 91 other other ADJ cblr-1732 224 92 studies study NOUN cblr-1732 224 93 focus focus VERB cblr-1732 224 94 on on ADP cblr-1732 224 95 hedge hedge NOUN cblr-1732 224 96 fund fund NOUN cblr-1732 224 97 activism activism NOUN cblr-1732 224 98 in in ADP cblr-1732 224 99 specific specific ADJ cblr-1732 224 100 european european ADJ cblr-1732 224 101 countries country NOUN cblr-1732 224 102 . . PUNCT cblr-1732 225 1 for for ADP cblr-1732 225 2 instance instance NOUN cblr-1732 225 3 , , PUNCT cblr-1732 225 4 massimo massimo PROPN cblr-1732 225 5 belcredi belcredi PROPN cblr-1732 225 6 and and CCONJ cblr-1732 225 7 luca luca PROPN cblr-1732 225 8 enriques enrique NOUN cblr-1732 225 9 find find VERB cblr-1732 225 10 that that SCONJ cblr-1732 225 11 corporate corporate ADJ cblr-1732 225 12 governance governance NOUN cblr-1732 225 13 reforms reform NOUN cblr-1732 225 14 implemented implement VERB cblr-1732 225 15 in in ADP cblr-1732 225 16 italy italy PROPN cblr-1732 225 17 over over ADP cblr-1732 225 18 the the DET cblr-1732 225 19 last last ADJ cblr-1732 225 20 twenty twenty NUM cblr-1732 225 21 years year NOUN cblr-1732 225 22 have have AUX cblr-1732 225 23 increased increase VERB cblr-1732 225 24 the the DET cblr-1732 225 25 scope scope NOUN cblr-1732 225 26 of of ADP cblr-1732 225 27 hedge hedge NOUN cblr-1732 225 28 - - PUNCT cblr-1732 225 29 fund fund NOUN cblr-1732 225 30 activism activism NOUN cblr-1732 225 31 with with ADP cblr-1732 225 32 italian italian ADJ cblr-1732 225 33 public public ADJ cblr-1732 225 34 firms.64 firms.64 NOUN cblr-1732 225 35 similarly similarly ADV cblr-1732 225 36 , , PUNCT cblr-1732 225 37 matteo matteo PROPN cblr-1732 225 38 erede erede NOUN cblr-1732 225 39 shows show VERB cblr-1732 225 40 that that SCONJ cblr-1732 225 41 activist activist ADJ cblr-1732 225 42 funds fund NOUN cblr-1732 225 43 made make VERB cblr-1732 225 44 substantial substantial ADJ cblr-1732 225 45 investments investment NOUN cblr-1732 225 46 , , PUNCT cblr-1732 225 47 reaching reach VERB cblr-1732 225 48 a a DET cblr-1732 225 49 total total ADJ cblr-1732 225 50 value value NOUN cblr-1732 225 51 of of ADP cblr-1732 225 52 more more ADJ cblr-1732 225 53 than than ADP cblr-1732 225 54 $ $ SYM cblr-1732 225 55 3.5 3.5 NUM cblr-1732 225 56 billion billion NUM cblr-1732 225 57 in in ADP cblr-1732 225 58 forty forty NUM cblr-1732 225 59 italian italian ADJ cblr-1732 225 60 - - PUNCT cblr-1732 225 61 listed list VERB cblr-1732 225 62 companies company NOUN cblr-1732 225 63 in in ADP cblr-1732 225 64 early early ADJ cblr-1732 225 65 2008,65 2008,65 PROPN cblr-1732 225 66 the the DET cblr-1732 225 67 vast vast ADJ cblr-1732 225 68 majority majority NOUN cblr-1732 225 69 of of ADP cblr-1732 225 70 which which PRON cblr-1732 225 71 ( ( PUNCT cblr-1732 225 72 thirty thirty NUM cblr-1732 225 73 - - PUNCT cblr-1732 225 74 three three NUM cblr-1732 225 75 ) ) PUNCT cblr-1732 225 76 are be AUX cblr-1732 225 77 controlled.66 controlled.66 NOUN cblr-1732 225 78 61 61 NUM cblr-1732 225 79 i i PRON cblr-1732 225 80 d. d. NOUN cblr-1732 225 81 at at ADP cblr-1732 225 82 50 50 NUM cblr-1732 225 83 ( ( PUNCT cblr-1732 225 84 see see VERB cblr-1732 225 85 table table NOUN cblr-1732 225 86 noting note VERB cblr-1732 225 87 the the DET cblr-1732 225 88 number number NOUN cblr-1732 225 89 of of ADP cblr-1732 225 90 engagement engagement NOUN cblr-1732 225 91 in in ADP cblr-1732 225 92 those those DET cblr-1732 225 93 countries country NOUN cblr-1732 225 94 ) ) PUNCT cblr-1732 225 95 . . PUNCT cblr-1732 226 1 62 62 NUM cblr-1732 226 2 see see VERB cblr-1732 226 3 katelouzou katelouzou NOUN cblr-1732 226 4 , , PUNCT cblr-1732 226 5 myths myth NOUN cblr-1732 226 6 and and CCONJ cblr-1732 226 7 realities reality NOUN cblr-1732 226 8 of of ADP cblr-1732 226 9 hedge hedge NOUN cblr-1732 226 10 fund fund NOUN cblr-1732 226 11 activism activism NOUN cblr-1732 226 12 , , PUNCT cblr-1732 226 13 supra supra PROPN cblr-1732 226 14 note note NOUN cblr-1732 226 15 49 49 NUM cblr-1732 226 16 , , PUNCT cblr-1732 226 17 at at ADP cblr-1732 226 18 473–74 473–74 NUM cblr-1732 226 19 ; ; PUNCT cblr-1732 226 20 katelouzou katelouzou NOUN cblr-1732 226 21 , , PUNCT cblr-1732 226 22 worldwide worldwide ADJ cblr-1732 226 23 hedge hedge PROPN cblr-1732 226 24 fund fund PROPN cblr-1732 226 25 activism activism NOUN cblr-1732 226 26 , , PUNCT cblr-1732 226 27 supra supra PROPN cblr-1732 226 28 note note NOUN cblr-1732 226 29 22 22 NUM cblr-1732 226 30 , , PUNCT cblr-1732 226 31 at at ADP cblr-1732 226 32 43 43 NUM cblr-1732 226 33 ( ( PUNCT cblr-1732 226 34 detailing detail VERB cblr-1732 226 35 the the DET cblr-1732 226 36 number number NOUN cblr-1732 226 37 of of ADP cblr-1732 226 38 activist activist ADJ cblr-1732 226 39 events event NOUN cblr-1732 226 40 in in ADP cblr-1732 226 41 different different ADJ cblr-1732 226 42 european european ADJ cblr-1732 226 43 countries country NOUN cblr-1732 226 44 , , PUNCT cblr-1732 226 45 including include VERB cblr-1732 226 46 the the DET cblr-1732 226 47 following following NOUN cblr-1732 226 48 : : PUNCT cblr-1732 226 49 germany germany PROPN cblr-1732 226 50 ( ( PUNCT cblr-1732 226 51 thirty thirty NUM cblr-1732 226 52 ) ) PUNCT cblr-1732 226 53 , , PUNCT cblr-1732 226 54 france france PROPN cblr-1732 226 55 ( ( PUNCT cblr-1732 226 56 twenty twenty NUM cblr-1732 226 57 - - PUNCT cblr-1732 226 58 five five NUM cblr-1732 226 59 ) ) PUNCT cblr-1732 226 60 , , PUNCT cblr-1732 226 61 the the DET cblr-1732 226 62 netherlands netherlands PROPN cblr-1732 226 63 ( ( PUNCT cblr-1732 226 64 twenty twenty NUM cblr-1732 226 65 ) ) PUNCT cblr-1732 226 66 , , PUNCT cblr-1732 226 67 italy italy PROPN cblr-1732 226 68 ( ( PUNCT cblr-1732 226 69 eleven eleven PROPN cblr-1732 226 70 ) ) PUNCT cblr-1732 226 71 , , PUNCT cblr-1732 226 72 and and CCONJ cblr-1732 226 73 switzerland switzerland NOUN cblr-1732 226 74 ( ( PUNCT cblr-1732 226 75 ten ten NUM cblr-1732 226 76 ) ) PUNCT cblr-1732 226 77 . . PUNCT cblr-1732 227 1 activist activist ADJ cblr-1732 227 2 events event NOUN cblr-1732 227 3 were be AUX cblr-1732 227 4 also also ADV cblr-1732 227 5 reported report VERB cblr-1732 227 6 in in ADP cblr-1732 227 7 brazil brazil PROPN cblr-1732 227 8 , , PUNCT cblr-1732 227 9 spain spain PROPN cblr-1732 227 10 and and CCONJ cblr-1732 227 11 sweden sweden PROPN cblr-1732 227 12 ) ) PUNCT cblr-1732 227 13 . . PUNCT cblr-1732 228 1 63 63 NUM cblr-1732 228 2 katelouzou katelouzou NOUN cblr-1732 228 3 , , PUNCT cblr-1732 228 4 worldwide worldwide ADJ cblr-1732 228 5 hedge hedge PROPN cblr-1732 228 6 fund fund PROPN cblr-1732 228 7 activism activism NOUN cblr-1732 228 8 , , PUNCT cblr-1732 228 9 supra supra PROPN cblr-1732 228 10 note note NOUN cblr-1732 228 11 22 22 NUM cblr-1732 228 12 , , PUNCT cblr-1732 228 13 at at ADP cblr-1732 228 14 42 42 NUM cblr-1732 228 15 ( ( PUNCT cblr-1732 228 16 presenting present VERB cblr-1732 228 17 a a DET cblr-1732 228 18 sample sample NOUN cblr-1732 228 19 of of ADP cblr-1732 228 20 432 432 NUM cblr-1732 228 21 activist activist ADJ cblr-1732 228 22 campaigns campaign NOUN cblr-1732 228 23 , , PUNCT cblr-1732 228 24 and and CCONJ cblr-1732 228 25 finding find VERB cblr-1732 228 26 that that SCONJ cblr-1732 228 27 the the DET cblr-1732 228 28 united united PROPN cblr-1732 228 29 kingdom kingdom PROPN cblr-1732 228 30 and and CCONJ cblr-1732 228 31 japan japan PROPN cblr-1732 228 32 dominate dominate VERB cblr-1732 228 33 the the DET cblr-1732 228 34 sample sample NOUN cblr-1732 228 35 , , PUNCT cblr-1732 228 36 making make VERB cblr-1732 228 37 up up ADP cblr-1732 228 38 53.47 53.47 NUM cblr-1732 228 39 % % NOUN cblr-1732 228 40 of of ADP cblr-1732 228 41 the the DET cblr-1732 228 42 total total ADJ cblr-1732 228 43 targets target NOUN cblr-1732 228 44 ) ) PUNCT cblr-1732 228 45 . . PUNCT cblr-1732 229 1 64 64 NUM cblr-1732 229 2 massimo massimo ADJ cblr-1732 229 3 belcredi belcredi PROPN cblr-1732 229 4 & & CCONJ cblr-1732 229 5 luca luca PROPN cblr-1732 229 6 enriques enrique NOUN cblr-1732 229 7 , , PUNCT cblr-1732 229 8 institutional institutional ADJ cblr-1732 229 9 investor investor NOUN cblr-1732 229 10 activism activism NOUN cblr-1732 229 11 in in ADP cblr-1732 229 12 a a DET cblr-1732 229 13 context context NOUN cblr-1732 229 14 of of ADP cblr-1732 229 15 concentrated concentrated ADJ cblr-1732 229 16 ownership ownership NOUN cblr-1732 229 17 and and CCONJ cblr-1732 229 18 high high ADJ cblr-1732 229 19 private private ADJ cblr-1732 229 20 benefits benefit NOUN cblr-1732 229 21 of of ADP cblr-1732 229 22 control control NOUN cblr-1732 229 23 : : PUNCT cblr-1732 229 24 the the DET cblr-1732 229 25 case case NOUN cblr-1732 229 26 of of ADP cblr-1732 229 27 italy italy PROPN cblr-1732 229 28 14–15 14–15 NUM cblr-1732 229 29 ( ( PUNCT cblr-1732 229 30 european european PROPN cblr-1732 229 31 corp corp PROPN cblr-1732 229 32 . . PROPN cblr-1732 229 33 governance governance PROPN cblr-1732 229 34 inst inst PROPN cblr-1732 229 35 . . PROPN cblr-1732 229 36 , , PUNCT cblr-1732 229 37 law law NOUN cblr-1732 229 38 working working NOUN cblr-1732 229 39 paper paper NOUN cblr-1732 229 40 no no NOUN cblr-1732 229 41 . . PROPN cblr-1732 229 42 225/2013 225/2013 NUM cblr-1732 229 43 , , PUNCT cblr-1732 229 44 2014 2014 NUM cblr-1732 229 45 ) ) PUNCT cblr-1732 229 46 , , PUNCT cblr-1732 229 47 http://ssrn.com/abstract=2325421 http://ssrn.com/abstract=2325421 PROPN cblr-1732 230 1 [ [ X cblr-1732 230 2 http://perma.cc/l5bl-pt5 http://perma.cc/l5bl-pt5 NOUN cblr-1732 230 3 m m X cblr-1732 230 4 ] ] X cblr-1732 230 5 ( ( PUNCT cblr-1732 230 6 observing observe VERB cblr-1732 230 7 369 369 NUM cblr-1732 230 8 hedge hedge NOUN cblr-1732 230 9 fund fund NOUN cblr-1732 230 10 transactions transaction NOUN cblr-1732 230 11 with with ADP cblr-1732 230 12 italian italian ADJ cblr-1732 230 13 public public ADJ cblr-1732 230 14 companies company NOUN cblr-1732 230 15 between between ADP cblr-1732 230 16 2001 2001 NUM cblr-1732 230 17 to to ADP cblr-1732 230 18 2013 2013 NUM cblr-1732 230 19 ) ) PUNCT cblr-1732 230 20 . . PUNCT cblr-1732 231 1 65 65 NUM cblr-1732 231 2 matteo matteo PROPN cblr-1732 231 3 erede erede NOUN cblr-1732 231 4 , , PUNCT cblr-1732 231 5 governing govern VERB cblr-1732 231 6 corporations corporation NOUN cblr-1732 231 7 with with ADP cblr-1732 231 8 concentrated concentrated ADJ cblr-1732 231 9 ownership ownership NOUN cblr-1732 231 10 structure structure NOUN cblr-1732 231 11 : : PUNCT cblr-1732 231 12 an an DET cblr-1732 231 13 empirical empirical ADJ cblr-1732 231 14 analysis analysis NOUN cblr-1732 231 15 of of ADP cblr-1732 231 16 hedge hedge NOUN cblr-1732 231 17 fund fund NOUN cblr-1732 231 18 activism activism NOUN cblr-1732 231 19 in in ADP cblr-1732 231 20 italy italy PROPN cblr-1732 231 21 and and CCONJ cblr-1732 231 22 germany germany PROPN cblr-1732 231 23 , , PUNCT cblr-1732 231 24 and and CCONJ cblr-1732 231 25 its its PRON cblr-1732 231 26 evolution evolution NOUN cblr-1732 231 27 , , PUNCT cblr-1732 231 28 10 10 NUM cblr-1732 231 29 eur eur NOUN cblr-1732 231 30 . . PUNCT cblr-1732 231 31 company company NOUN cblr-1732 231 32 & & CCONJ cblr-1732 231 33 fin fin PROPN cblr-1732 231 34 . . PUNCT cblr-1732 232 1 l. l. PROPN cblr-1732 232 2 rev rev PROPN cblr-1732 232 3 . . PROPN cblr-1732 232 4 kastiel kastiel PROPN cblr-1732 232 5 – – PUNCT cblr-1732 232 6 final final ADJ cblr-1732 232 7 78 78 NUM cblr-1732 232 8 columbia columbia PROPN cblr-1732 232 9 business business NOUN cblr-1732 232 10 law law NOUN cblr-1732 232 11 review review NOUN cblr-1732 233 1 [ [ X cblr-1732 233 2 vol vol NOUN cblr-1732 233 3 . . PUNCT cblr-1732 233 4 2016 2016 NUM cblr-1732 233 5 another another DET cblr-1732 233 6 study study NOUN cblr-1732 233 7 exploring explore VERB cblr-1732 233 8 hedge hedge NOUN cblr-1732 233 9 fund fund NOUN cblr-1732 233 10 engagements engagement NOUN cblr-1732 233 11 in in ADP cblr-1732 233 12 germany67 germany67 NOUN cblr-1732 233 13 used use VERB cblr-1732 233 14 a a DET cblr-1732 233 15 sample sample NOUN cblr-1732 233 16 of of ADP cblr-1732 233 17 blockholders blockholder NOUN cblr-1732 233 18 who who PRON cblr-1732 233 19 possessed possess VERB cblr-1732 233 20 , , PUNCT cblr-1732 233 21 on on ADP cblr-1732 233 22 average average ADJ cblr-1732 233 23 , , PUNCT cblr-1732 233 24 36 36 NUM cblr-1732 233 25 % % NOUN cblr-1732 233 26 of of ADP cblr-1732 233 27 all all DET cblr-1732 233 28 outstanding outstanding ADJ cblr-1732 233 29 shares.68 shares.68 NOUN cblr-1732 233 30 the the DET cblr-1732 233 31 authors author NOUN cblr-1732 233 32 anticipated anticipate VERB cblr-1732 233 33 that that SCONJ cblr-1732 233 34 the the DET cblr-1732 233 35 ability ability NOUN cblr-1732 233 36 of of ADP cblr-1732 233 37 hedge hedge NOUN cblr-1732 233 38 funds fund NOUN cblr-1732 233 39 to to PART cblr-1732 233 40 restructure restructure VERB cblr-1732 233 41 target target NOUN cblr-1732 233 42 firms firm NOUN cblr-1732 233 43 might might AUX cblr-1732 233 44 be be AUX cblr-1732 233 45 weakened weaken VERB cblr-1732 233 46 when when SCONJ cblr-1732 233 47 other other ADJ cblr-1732 233 48 dominant dominant ADJ cblr-1732 233 49 shareholders shareholder NOUN cblr-1732 233 50 invested invest VERB cblr-1732 233 51 in in ADP cblr-1732 233 52 the the DET cblr-1732 233 53 target target NOUN cblr-1732 233 54 firm firm NOUN cblr-1732 233 55 , , PUNCT cblr-1732 233 56 since since SCONJ cblr-1732 233 57 those those DET cblr-1732 233 58 shareholders shareholder NOUN cblr-1732 233 59 are be AUX cblr-1732 233 60 able able ADJ cblr-1732 233 61 to to PART cblr-1732 233 62 capture capture VERB cblr-1732 233 63 significant significant ADJ cblr-1732 233 64 private private ADJ cblr-1732 233 65 benefits benefit NOUN cblr-1732 233 66 from from ADP cblr-1732 233 67 the the DET cblr-1732 233 68 status status NOUN cblr-1732 233 69 quo quo NOUN cblr-1732 233 70 , , PUNCT cblr-1732 233 71 and and CCONJ cblr-1732 233 72 thus thus ADV cblr-1732 233 73 have have VERB cblr-1732 233 74 strong strong ADJ cblr-1732 233 75 incentives incentive NOUN cblr-1732 233 76 to to PART cblr-1732 233 77 oppose oppose VERB cblr-1732 233 78 hedge hedge NOUN cblr-1732 233 79 funds fund NOUN cblr-1732 233 80 ’ ' PUNCT cblr-1732 233 81 demands.69 demands.69 NOUN cblr-1732 233 82 indeed indeed ADV cblr-1732 233 83 , , PUNCT cblr-1732 233 84 the the DET cblr-1732 233 85 authors author NOUN cblr-1732 233 86 found find VERB cblr-1732 233 87 that that SCONJ cblr-1732 233 88 engagements engagement NOUN cblr-1732 233 89 with with ADP cblr-1732 233 90 firms firm NOUN cblr-1732 233 91 with with ADP cblr-1732 233 92 dominant dominant ADJ cblr-1732 233 93 shareholders shareholder NOUN cblr-1732 233 94 had have VERB cblr-1732 233 95 significantly significantly ADV cblr-1732 233 96 lower low ADJ cblr-1732 233 97 short short ADJ cblr-1732 233 98 - - PUNCT cblr-1732 233 99 term term NOUN cblr-1732 233 100 announcement announcement NOUN cblr-1732 233 101 returns.70 returns.70 VERB cblr-1732 233 102 although although SCONJ cblr-1732 233 103 the the DET cblr-1732 233 104 comparative comparative ADJ cblr-1732 233 105 studies study NOUN cblr-1732 233 106 mentioned mention VERB cblr-1732 233 107 in in ADP cblr-1732 233 108 this this DET cblr-1732 233 109 part part NOUN cblr-1732 233 110 clearly clearly ADV cblr-1732 233 111 show show VERB cblr-1732 233 112 that that SCONJ cblr-1732 233 113 hedge hedge NOUN cblr-1732 233 114 fund fund NOUN cblr-1732 233 115 activism activism NOUN cblr-1732 233 116 is be AUX cblr-1732 233 117 more more ADV cblr-1732 233 118 prevalent prevalent ADJ cblr-1732 233 119 in in ADP cblr-1732 233 120 the the DET cblr-1732 233 121 united united PROPN cblr-1732 233 122 states states PROPN cblr-1732 233 123 than than ADP cblr-1732 233 124 in in ADP cblr-1732 233 125 countries country NOUN cblr-1732 233 126 with with ADP cblr-1732 233 127 more more ADV cblr-1732 233 128 concentrated concentrated ADJ cblr-1732 233 129 ownership,71 ownership,71 ADJ cblr-1732 233 130 it it PRON cblr-1732 233 131 is be AUX cblr-1732 233 132 unclear unclear ADJ cblr-1732 233 133 whether whether SCONJ cblr-1732 233 134 the the DET cblr-1732 233 135 variation variation NOUN cblr-1732 233 136 in in ADP cblr-1732 233 137 the the DET cblr-1732 233 138 level level NOUN cblr-1732 233 139 of of ADP cblr-1732 233 140 activism activism NOUN cblr-1732 233 141 across across ADP cblr-1732 233 142 countries country NOUN cblr-1732 233 143 can can AUX cblr-1732 233 144 be be AUX cblr-1732 233 145 attributed attribute VERB cblr-1732 233 146 to to ADP cblr-1732 233 147 the the DET cblr-1732 233 148 differences difference NOUN cblr-1732 233 149 in in ADP cblr-1732 233 150 ownership ownership NOUN cblr-1732 233 151 structure structure NOUN cblr-1732 233 152 or or CCONJ cblr-1732 233 153 to to ADP cblr-1732 233 154 other other ADJ cblr-1732 233 155 variables variable NOUN cblr-1732 233 156 , , PUNCT cblr-1732 233 157 such such ADJ cblr-1732 233 158 as as ADP cblr-1732 233 159 financial financial ADJ cblr-1732 233 160 , , PUNCT cblr-1732 233 161 legal legal ADJ cblr-1732 233 162 , , PUNCT cblr-1732 233 163 and and CCONJ cblr-1732 233 164 historical historical ADJ cblr-1732 233 165 differences difference NOUN cblr-1732 233 166 between between ADP cblr-1732 233 167 those those DET cblr-1732 233 168 regimes regime NOUN cblr-1732 233 169 and and CCONJ cblr-1732 233 170 the the DET cblr-1732 233 171 united united PROPN cblr-1732 233 172 states.72 states.72 PROPN cblr-1732 233 173 for for ADP cblr-1732 233 174 instance instance NOUN cblr-1732 233 175 , , PUNCT cblr-1732 233 176 differences difference NOUN cblr-1732 233 177 among among ADP cblr-1732 233 178 countries country NOUN cblr-1732 233 179 regarding regard VERB cblr-1732 233 180 legal legal ADJ cblr-1732 233 181 rules rule NOUN cblr-1732 233 182 and and CCONJ cblr-1732 233 183 in in ADP cblr-1732 233 184 the the DET cblr-1732 233 185 intensity intensity NOUN cblr-1732 233 186 of of ADP cblr-1732 233 187 law law NOUN cblr-1732 233 188 enforcement enforcement NOUN cblr-1732 233 189 could could AUX cblr-1732 233 190 have have VERB cblr-1732 233 191 a a DET cblr-1732 233 192 major major ADJ cblr-1732 233 193 impact impact NOUN cblr-1732 233 194 on on ADP cblr-1732 233 195 the the DET cblr-1732 233 196 ease ease NOUN cblr-1732 233 197 with with ADP cblr-1732 233 198 328 328 NUM cblr-1732 233 199 , , PUNCT cblr-1732 233 200 356–59 356–59 PROPN cblr-1732 233 201 ( ( PUNCT cblr-1732 233 202 2013 2013 NUM cblr-1732 233 203 ) ) PUNCT cblr-1732 233 204 ( ( PUNCT cblr-1732 233 205 also also ADV cblr-1732 233 206 noting note VERB cblr-1732 233 207 that that SCONJ cblr-1732 233 208 most most ADJ cblr-1732 233 209 of of ADP cblr-1732 233 210 these these DET cblr-1732 233 211 funds fund NOUN cblr-1732 233 212 are be AUX cblr-1732 233 213 event event NOUN cblr-1732 233 214 - - PUNCT cblr-1732 233 215 driven drive VERB cblr-1732 233 216 ones one NOUN cblr-1732 233 217 ) ) PUNCT cblr-1732 233 218 . . PUNCT cblr-1732 234 1 66 66 NUM cblr-1732 235 1 i i PRON cblr-1732 235 2 d. d. NOUN cblr-1732 235 3 at at ADP cblr-1732 235 4 358 358 NUM cblr-1732 235 5 . . PUNCT cblr-1732 236 1 67 67 NUM cblr-1732 236 2 wolfgang wolfgang PROPN cblr-1732 236 3 bessler bessler PROPN cblr-1732 236 4 , , PUNCT cblr-1732 236 5 wolfgang wolfgang PROPN cblr-1732 236 6 drobetz drobetz PROPN cblr-1732 236 7 & & CCONJ cblr-1732 236 8 julian julian PROPN cblr-1732 236 9 holler holler PROPN cblr-1732 236 10 , , PUNCT cblr-1732 236 11 the the DET cblr-1732 236 12 returns return NOUN cblr-1732 236 13 to to PART cblr-1732 236 14 hedge hedge VERB cblr-1732 236 15 fund fund NOUN cblr-1732 236 16 activism activism NOUN cblr-1732 236 17 in in ADP cblr-1732 236 18 germany germany PROPN cblr-1732 236 19 , , PUNCT cblr-1732 236 20 1 1 NUM cblr-1732 236 21 eur eur NOUN cblr-1732 236 22 . . PUNCT cblr-1732 237 1 fin fin NOUN cblr-1732 237 2 . . PUNCT cblr-1732 238 1 mgmt mgmt PROPN cblr-1732 238 2 1 1 NUM cblr-1732 238 3 , , PUNCT cblr-1732 238 4 116 116 NUM cblr-1732 238 5 ( ( PUNCT cblr-1732 238 6 2013 2013 NUM cblr-1732 238 7 ) ) PUNCT cblr-1732 238 8 ( ( PUNCT cblr-1732 238 9 using use VERB cblr-1732 238 10 a a DET cblr-1732 238 11 sample sample NOUN cblr-1732 238 12 from from ADP cblr-1732 238 13 2000 2000 NUM cblr-1732 238 14 to to ADP cblr-1732 238 15 2006 2006 NUM cblr-1732 238 16 ) ) PUNCT cblr-1732 238 17 . . PUNCT cblr-1732 239 1 for for ADP cblr-1732 239 2 an an DET cblr-1732 239 3 additional additional ADJ cblr-1732 239 4 study study NOUN cblr-1732 239 5 on on ADP cblr-1732 239 6 hedge hedge NOUN cblr-1732 239 7 funds fund NOUN cblr-1732 239 8 activism activism NOUN cblr-1732 239 9 in in ADP cblr-1732 239 10 germany germany PROPN cblr-1732 239 11 , , PUNCT cblr-1732 239 12 see see VERB cblr-1732 239 13 drerup drerup NOUN cblr-1732 239 14 , , PUNCT cblr-1732 239 15 supra supra PROPN cblr-1732 239 16 note note PROPN cblr-1732 239 17 22 22 NUM cblr-1732 239 18 ( ( PUNCT cblr-1732 239 19 finding find VERB cblr-1732 239 20 that that SCONJ cblr-1732 239 21 funds fund NOUN cblr-1732 239 22 ’ ' PUNCT cblr-1732 239 23 investments investment NOUN cblr-1732 239 24 are be AUX cblr-1732 239 25 more more ADV cblr-1732 239 26 probable probable ADJ cblr-1732 239 27 if if SCONJ cblr-1732 239 28 larger large ADJ cblr-1732 239 29 percentages percentage NOUN cblr-1732 239 30 of of ADP cblr-1732 239 31 shares share NOUN cblr-1732 239 32 are be AUX cblr-1732 239 33 considered consider VERB cblr-1732 239 34 as as ADP cblr-1732 239 35 free free ADJ cblr-1732 239 36 float float NOUN cblr-1732 239 37 ) ) PUNCT cblr-1732 239 38 . . PUNCT cblr-1732 240 1 68 68 NUM cblr-1732 240 2 wolfgang wolfgang PROPN cblr-1732 240 3 bessler bessler PROPN cblr-1732 240 4 , , PUNCT cblr-1732 240 5 wolfgang wolfgang PROPN cblr-1732 240 6 drobetz drobetz PROPN cblr-1732 240 7 & & CCONJ cblr-1732 240 8 julian julian PROPN cblr-1732 240 9 holler holler PROPN cblr-1732 240 10 , , PUNCT cblr-1732 240 11 the the DET cblr-1732 240 12 returns return NOUN cblr-1732 240 13 to to PART cblr-1732 240 14 hedge hedge VERB cblr-1732 240 15 fund fund NOUN cblr-1732 240 16 activism activism NOUN cblr-1732 240 17 in in ADP cblr-1732 240 18 germany germany PROPN cblr-1732 240 19 , , PUNCT cblr-1732 240 20 1 1 NUM cblr-1732 240 21 eur eur NOUN cblr-1732 240 22 . . PUNCT cblr-1732 241 1 fin fin NOUN cblr-1732 241 2 . . PUNCT cblr-1732 242 1 mgmt mgmt PROPN cblr-1732 242 2 1 1 NUM cblr-1732 242 3 , , PUNCT cblr-1732 242 4 124 124 NUM cblr-1732 242 5 ( ( PUNCT cblr-1732 242 6 2013 2013 NUM cblr-1732 242 7 ) ) PUNCT cblr-1732 243 1 ( ( PUNCT cblr-1732 243 2 providing provide VERB cblr-1732 243 3 data datum NOUN cblr-1732 243 4 on on ADP cblr-1732 243 5 ownership ownership NOUN cblr-1732 243 6 structure structure NOUN cblr-1732 243 7 of of ADP cblr-1732 243 8 hedge hedge NOUN cblr-1732 243 9 funds fund NOUN cblr-1732 243 10 ’ ' PUNCT cblr-1732 243 11 target target NOUN cblr-1732 243 12 firms firm NOUN cblr-1732 243 13 ) ) PUNCT cblr-1732 243 14 . . PUNCT cblr-1732 244 1 69 69 NUM cblr-1732 245 1 i i PRON cblr-1732 245 2 d. d. PROPN cblr-1732 245 3 at at ADP cblr-1732 245 4 109 109 NUM cblr-1732 245 5 . . PUNCT cblr-1732 245 6 70 70 NUM cblr-1732 246 1 i i PRON cblr-1732 246 2 d. d. NOUN cblr-1732 246 3 at at ADP cblr-1732 246 4 136 136 NUM cblr-1732 246 5 . . PUNCT cblr-1732 247 1 the the DET cblr-1732 247 2 authors author NOUN cblr-1732 247 3 also also ADV cblr-1732 247 4 show show VERB cblr-1732 247 5 that that SCONJ cblr-1732 247 6 total total ADJ cblr-1732 247 7 return return NOUN cblr-1732 247 8 is be AUX cblr-1732 247 9 significantly significantly ADV cblr-1732 247 10 higher high ADJ cblr-1732 247 11 if if SCONJ cblr-1732 247 12 the the DET cblr-1732 247 13 dominant dominant ADJ cblr-1732 247 14 shareholder shareholder NOUN cblr-1732 247 15 is be AUX cblr-1732 247 16 a a DET cblr-1732 247 17 corporation corporation NOUN cblr-1732 247 18 . . PUNCT cblr-1732 248 1 according accord VERB cblr-1732 248 2 to to ADP cblr-1732 248 3 them they PRON cblr-1732 248 4 , , PUNCT cblr-1732 248 5 such such ADJ cblr-1732 248 6 blockholders blockholder NOUN cblr-1732 248 7 ( ( PUNCT cblr-1732 248 8 corporations corporation NOUN cblr-1732 248 9 ) ) PUNCT cblr-1732 248 10 are be AUX cblr-1732 248 11 less less ADV cblr-1732 248 12 likely likely ADJ cblr-1732 248 13 to to PART cblr-1732 248 14 oppose oppose VERB cblr-1732 248 15 hedge hedge NOUN cblr-1732 248 16 funds fund NOUN cblr-1732 248 17 ’ ' PUNCT cblr-1732 248 18 demands demand NOUN cblr-1732 248 19 . . PUNCT cblr-1732 249 1 71 71 NUM cblr-1732 249 2 see see VERB cblr-1732 249 3 becht becht NOUN cblr-1732 249 4 et et PROPN cblr-1732 249 5 al al PROPN cblr-1732 249 6 . . PROPN cblr-1732 249 7 , , PUNCT cblr-1732 249 8 supra supra PROPN cblr-1732 249 9 note note NOUN cblr-1732 249 10 60 60 NUM cblr-1732 249 11 , , PUNCT cblr-1732 249 12 at at ADP cblr-1732 249 13 50 50 NUM cblr-1732 249 14 ; ; PUNCT cblr-1732 249 15 katelouzou katelouzou NOUN cblr-1732 249 16 , , PUNCT cblr-1732 249 17 worldwide worldwide ADJ cblr-1732 249 18 hedge hedge PROPN cblr-1732 249 19 fund fund PROPN cblr-1732 249 20 activism activism NOUN cblr-1732 249 21 , , PUNCT cblr-1732 249 22 supra supra PROPN cblr-1732 249 23 note note NOUN cblr-1732 249 24 22 22 NUM cblr-1732 249 25 . . PUNCT cblr-1732 249 26 72 72 NUM cblr-1732 249 27 see see VERB cblr-1732 249 28 infra infra NOUN cblr-1732 249 29 notes note VERB cblr-1732 249 30 73–76 73–76 PROPN cblr-1732 249 31 . . PUNCT cblr-1732 250 1 kastiel kastiel PROPN cblr-1732 250 2 – – PUNCT cblr-1732 250 3 final final ADJ cblr-1732 250 4 no no NOUN cblr-1732 250 5 . . PROPN cblr-1732 250 6 1:60 1:60 NUM cblr-1732 250 7 ] ] PUNCT cblr-1732 250 8 against against ADP cblr-1732 250 9 all all DET cblr-1732 250 10 odds odd NOUN cblr-1732 250 11 79 79 NUM cblr-1732 250 12 which which PRON cblr-1732 250 13 shareholders shareholder NOUN cblr-1732 250 14 can can AUX cblr-1732 250 15 intervene intervene VERB cblr-1732 250 16 in in ADP cblr-1732 250 17 a a DET cblr-1732 250 18 target target NOUN cblr-1732 250 19 company company NOUN cblr-1732 250 20 . . PUNCT cblr-1732 251 1 some some DET cblr-1732 251 2 jurisdictions jurisdiction NOUN cblr-1732 251 3 are be AUX cblr-1732 251 4 friendlier friendly ADJ cblr-1732 251 5 to to ADP cblr-1732 251 6 activists activist NOUN cblr-1732 251 7 than than ADP cblr-1732 251 8 others other NOUN cblr-1732 251 9 , , PUNCT cblr-1732 251 10 and and CCONJ cblr-1732 251 11 those those DET cblr-1732 251 12 differences difference NOUN cblr-1732 251 13 may may AUX cblr-1732 251 14 affect affect VERB cblr-1732 251 15 the the DET cblr-1732 251 16 number number NOUN cblr-1732 251 17 of of ADP cblr-1732 251 18 activist activist ADJ cblr-1732 251 19 events event NOUN cblr-1732 251 20 , , PUNCT cblr-1732 251 21 as as ADV cblr-1732 251 22 well well ADV cblr-1732 251 23 as as ADP cblr-1732 251 24 their their PRON cblr-1732 251 25 probability probability NOUN cblr-1732 251 26 of of ADP cblr-1732 251 27 success.73 success.73 NOUN cblr-1732 251 28 indeed indeed ADV cblr-1732 251 29 , , PUNCT cblr-1732 251 30 dionysia dionysia AUX cblr-1732 251 31 katelouzou katelouzou PROPN cblr-1732 251 32 examines examine VERB cblr-1732 251 33 the the DET cblr-1732 251 34 impact impact NOUN cblr-1732 251 35 of of ADP cblr-1732 251 36 legal legal ADJ cblr-1732 251 37 rules rule NOUN cblr-1732 251 38 on on ADP cblr-1732 251 39 activism activism NOUN cblr-1732 251 40 , , PUNCT cblr-1732 251 41 and and CCONJ cblr-1732 251 42 finds find VERB cblr-1732 251 43 that that SCONJ cblr-1732 251 44 the the DET cblr-1732 251 45 number number NOUN cblr-1732 251 46 of of ADP cblr-1732 251 47 activist activist ADJ cblr-1732 251 48 campaigns campaign NOUN cblr-1732 251 49 is be AUX cblr-1732 251 50 larger large ADJ cblr-1732 251 51 in in ADP cblr-1732 251 52 countries country NOUN cblr-1732 251 53 with with ADP cblr-1732 251 54 stronger strong ADJ cblr-1732 251 55 mandatory mandatory ADJ cblr-1732 251 56 disclosure disclosure NOUN cblr-1732 251 57 and and CCONJ cblr-1732 251 58 shareholder shareholder NOUN cblr-1732 251 59 protection protection NOUN cblr-1732 251 60 regimes.74 regimes.74 VERB cblr-1732 251 61 similarly similarly ADV cblr-1732 251 62 , , PUNCT cblr-1732 251 63 marco marco PROPN cblr-1732 251 64 becht becht PROPN cblr-1732 251 65 el el PROPN cblr-1732 251 66 al al PROPN cblr-1732 251 67 . . PROPN cblr-1732 252 1 show show VERB cblr-1732 252 2 that that SCONJ cblr-1732 252 3 jurisdiction jurisdiction NOUN cblr-1732 252 4 affects affect VERB cblr-1732 252 5 the the DET cblr-1732 252 6 level level NOUN cblr-1732 252 7 of of ADP cblr-1732 252 8 activist activist ADJ cblr-1732 252 9 engagements engagement NOUN cblr-1732 252 10 and and CCONJ cblr-1732 252 11 their their PRON cblr-1732 252 12 overall overall ADJ cblr-1732 252 13 profitability,75 profitability,75 NOUN cblr-1732 252 14 although although SCONJ cblr-1732 252 15 they they PRON cblr-1732 252 16 acknowledge acknowledge VERB cblr-1732 252 17 that that SCONJ cblr-1732 252 18 such such ADJ cblr-1732 252 19 variation variation NOUN cblr-1732 252 20 in in ADP cblr-1732 252 21 activists activist NOUN cblr-1732 252 22 ’ ' PUNCT cblr-1732 252 23 success success NOUN cblr-1732 252 24 rate rate NOUN cblr-1732 252 25 to to ADP cblr-1732 252 26 some some DET cblr-1732 252 27 degree degree NOUN cblr-1732 252 28 is be AUX cblr-1732 252 29 conditional conditional ADJ cblr-1732 252 30 on on ADP cblr-1732 252 31 institutional institutional ADJ cblr-1732 252 32 characteristics characteristic NOUN cblr-1732 252 33 of of ADP cblr-1732 252 34 countries.76 countries.76 PROPN cblr-1732 252 35 this this DET cblr-1732 252 36 article article NOUN cblr-1732 252 37 takes take VERB cblr-1732 252 38 a a DET cblr-1732 252 39 different different ADJ cblr-1732 252 40 approach approach NOUN cblr-1732 252 41 from from ADP cblr-1732 252 42 the the DET cblr-1732 252 43 abovementioned abovementioned ADJ cblr-1732 252 44 comparative comparative ADJ cblr-1732 252 45 studies study NOUN cblr-1732 252 46 . . PUNCT cblr-1732 253 1 first first ADV cblr-1732 253 2 , , PUNCT cblr-1732 253 3 it it PRON cblr-1732 253 4 studies study VERB cblr-1732 253 5 interventions intervention NOUN cblr-1732 253 6 in in ADP cblr-1732 253 7 u.s u.s PROPN cblr-1732 253 8 . . PROPN cblr-1732 253 9 companies company NOUN cblr-1732 253 10 only only ADV cblr-1732 253 11 , , PUNCT cblr-1732 253 12 and and CCONJ cblr-1732 253 13 compares compare VERB cblr-1732 253 14 the the DET cblr-1732 253 15 level level NOUN cblr-1732 253 16 of of ADP cblr-1732 253 17 activism activism NOUN cblr-1732 253 18 in in ADP cblr-1732 253 19 controlled control VERB cblr-1732 253 20 companies company NOUN cblr-1732 253 21 to to ADP cblr-1732 253 22 that that PRON cblr-1732 253 23 in in ADP cblr-1732 253 24 widely widely ADV cblr-1732 253 25 held hold VERB cblr-1732 253 26 companies company NOUN cblr-1732 253 27 while while SCONJ cblr-1732 253 28 creating create VERB cblr-1732 253 29 a a DET cblr-1732 253 30 setting setting NOUN cblr-1732 253 31 where where SCONJ cblr-1732 253 32 most most ADV cblr-1732 253 33 economic economic ADJ cblr-1732 253 34 , , PUNCT cblr-1732 253 35 legal legal ADJ cblr-1732 253 36 , , PUNCT cblr-1732 253 37 and and CCONJ cblr-1732 253 38 cultural cultural ADJ cblr-1732 253 39 variables variable NOUN cblr-1732 253 40 are be AUX cblr-1732 253 41 the the DET cblr-1732 253 42 same same ADJ cblr-1732 253 43 . . PUNCT cblr-1732 254 1 second second ADJ cblr-1732 254 2 , , PUNCT cblr-1732 254 3 and and CCONJ cblr-1732 254 4 more more ADV cblr-1732 254 5 importantly importantly ADV cblr-1732 254 6 , , PUNCT cblr-1732 254 7 this this DET cblr-1732 254 8 article article NOUN cblr-1732 254 9 focuses focus VERB cblr-1732 254 10 not not PART cblr-1732 254 11 only only ADV cblr-1732 254 12 on on ADP cblr-1732 254 13 the the DET cblr-1732 254 14 potential potential ADJ cblr-1732 254 15 effect effect NOUN cblr-1732 254 16 of of ADP cblr-1732 254 17 ownership ownership NOUN cblr-1732 254 18 structure structure NOUN cblr-1732 254 19 on on ADP cblr-1732 254 20 the the DET cblr-1732 254 21 level level NOUN cblr-1732 254 22 of of ADP cblr-1732 254 23 activism activism NOUN cblr-1732 254 24 , , PUNCT cblr-1732 254 25 but but CCONJ cblr-1732 254 26 also also ADV cblr-1732 254 27 on on ADP cblr-1732 254 28 the the DET cblr-1732 254 29 actual actual ADJ cblr-1732 254 30 channels channel NOUN cblr-1732 254 31 through through ADP cblr-1732 254 32 which which PRON cblr-1732 254 33 activism activism NOUN cblr-1732 254 34 is be AUX cblr-1732 254 35 deployed deploy VERB cblr-1732 254 36 . . PUNCT cblr-1732 255 1 such such ADJ cblr-1732 255 2 examination examination NOUN cblr-1732 255 3 is be AUX cblr-1732 255 4 useful useful ADJ cblr-1732 255 5 for for ADP cblr-1732 255 6 understanding understand VERB cblr-1732 255 7 the the DET cblr-1732 255 8 dynamic dynamic NOUN cblr-1732 255 9 between between ADP cblr-1732 255 10 activist activist ADJ cblr-1732 255 11 players player NOUN cblr-1732 255 12 and and CCONJ cblr-1732 255 13 controlling control VERB cblr-1732 255 14 shareholders shareholder NOUN cblr-1732 255 15 , , PUNCT cblr-1732 255 16 and and CCONJ cblr-1732 255 17 may may AUX cblr-1732 255 18 be be AUX cblr-1732 255 19 important important ADJ cblr-1732 255 20 for for SCONJ cblr-1732 255 21 policy policy NOUN cblr-1732 255 22 makers maker NOUN cblr-1732 255 23 73 73 NUM cblr-1732 255 24 see see VERB cblr-1732 255 25 , , PUNCT cblr-1732 255 26 becht becht NOUN cblr-1732 255 27 et et PROPN cblr-1732 255 28 al al PROPN cblr-1732 255 29 . . PROPN cblr-1732 255 30 , , PUNCT cblr-1732 255 31 supra supra PROPN cblr-1732 255 32 note note NOUN cblr-1732 255 33 60 60 NUM cblr-1732 255 34 , , PUNCT cblr-1732 255 35 at at ADP cblr-1732 255 36 11–17 11–17 NUM cblr-1732 255 37 , , PUNCT cblr-1732 255 38 37–38 37–38 NUM cblr-1732 255 39 . . PUNCT cblr-1732 256 1 see see VERB cblr-1732 256 2 also also ADV cblr-1732 256 3 belcredi belcredi PROPN cblr-1732 256 4 & & CCONJ cblr-1732 256 5 enriques enrique NOUN cblr-1732 256 6 , , PUNCT cblr-1732 256 7 supra supra PROPN cblr-1732 256 8 note note PROPN cblr-1732 256 9 64 64 NUM cblr-1732 256 10 , , PUNCT cblr-1732 256 11 at at ADP cblr-1732 256 12 5–6 5–6 NOUN cblr-1732 256 13 . . PUNCT cblr-1732 257 1 74 74 NUM cblr-1732 257 2 katelouzou katelouzou NOUN cblr-1732 257 3 , , PUNCT cblr-1732 257 4 worldwide worldwide ADJ cblr-1732 257 5 hedge hedge PROPN cblr-1732 257 6 fund fund PROPN cblr-1732 257 7 activism activism NOUN cblr-1732 257 8 , , PUNCT cblr-1732 257 9 supra supra PROPN cblr-1732 257 10 note note NOUN cblr-1732 257 11 22 22 NUM cblr-1732 257 12 , , PUNCT cblr-1732 257 13 at at ADP cblr-1732 257 14 48 48 NUM cblr-1732 257 15 – – SYM cblr-1732 257 16 51 51 NUM cblr-1732 257 17 , , PUNCT cblr-1732 257 18 61 61 NUM cblr-1732 257 19 ( ( PUNCT cblr-1732 257 20 reporting report VERB cblr-1732 257 21 that that SCONJ cblr-1732 257 22 this this DET cblr-1732 257 23 difference difference NOUN cblr-1732 257 24 is be AUX cblr-1732 257 25 statistically statistically ADV cblr-1732 257 26 significant significant ADJ cblr-1732 257 27 at at ADP cblr-1732 257 28 less less ADJ cblr-1732 257 29 than than ADP cblr-1732 257 30 the the DET cblr-1732 257 31 5 5 NUM cblr-1732 257 32 % % NOUN cblr-1732 257 33 level level NOUN cblr-1732 257 34 . . PUNCT cblr-1732 258 1 however however ADV cblr-1732 258 2 , , PUNCT cblr-1732 258 3 her her PRON cblr-1732 258 4 results result NOUN cblr-1732 258 5 with with ADP cblr-1732 258 6 respect respect NOUN cblr-1732 258 7 to to ADP cblr-1732 258 8 the the DET cblr-1732 258 9 advanced advanced ADJ cblr-1732 258 10 stages stage NOUN cblr-1732 258 11 of of ADP cblr-1732 258 12 activism activism NOUN cblr-1732 258 13 provide provide VERB cblr-1732 258 14 little little ADJ cblr-1732 258 15 support support NOUN cblr-1732 258 16 to to ADP cblr-1732 258 17 this this DET cblr-1732 258 18 view view NOUN cblr-1732 258 19 ) ) PUNCT cblr-1732 258 20 . . PUNCT cblr-1732 259 1 75 75 NUM cblr-1732 259 2 becht becht NOUN cblr-1732 259 3 et et PROPN cblr-1732 259 4 al al PROPN cblr-1732 259 5 . . PROPN cblr-1732 259 6 , , PUNCT cblr-1732 259 7 supra supra PROPN cblr-1732 259 8 note note NOUN cblr-1732 259 9 60 60 NUM cblr-1732 259 10 , , PUNCT cblr-1732 259 11 at at ADP cblr-1732 259 12 11–17 11–17 NUM cblr-1732 259 13 , , PUNCT cblr-1732 259 14 37–38 37–38 NUM cblr-1732 259 15 . . PUNCT cblr-1732 260 1 76 76 NUM cblr-1732 261 1 i i PRON cblr-1732 261 2 d. d. PROPN cblr-1732 261 3 at at ADP cblr-1732 261 4 37 37 NUM cblr-1732 261 5 . . PUNCT cblr-1732 262 1 these these DET cblr-1732 262 2 “ " PUNCT cblr-1732 262 3 institutional institutional ADJ cblr-1732 262 4 characteristics characteristic NOUN cblr-1732 262 5 ” " PUNCT cblr-1732 262 6 include include VERB cblr-1732 262 7 variation variation NOUN cblr-1732 262 8 in in ADP cblr-1732 262 9 the the DET cblr-1732 262 10 composition composition NOUN cblr-1732 262 11 of of ADP cblr-1732 262 12 the the DET cblr-1732 262 13 target target NOUN cblr-1732 262 14 ’s ’s PART cblr-1732 262 15 ownership ownership NOUN cblr-1732 262 16 across across ADP cblr-1732 262 17 countries country NOUN cblr-1732 262 18 , , PUNCT cblr-1732 262 19 but but CCONJ cblr-1732 262 20 also also ADV cblr-1732 262 21 other other ADJ cblr-1732 262 22 historical historical ADJ cblr-1732 262 23 , , PUNCT cblr-1732 262 24 fiscal fiscal ADJ cblr-1732 262 25 , , PUNCT cblr-1732 262 26 jurisdictional jurisdictional ADJ cblr-1732 262 27 or or CCONJ cblr-1732 262 28 cultural cultural ADJ cblr-1732 262 29 differences difference NOUN cblr-1732 262 30 . . PUNCT cblr-1732 263 1 see see VERB cblr-1732 263 2 also also ADV cblr-1732 263 3 amir amir PROPN cblr-1732 263 4 n. n. PROPN cblr-1732 263 5 licht licht PROPN cblr-1732 263 6 , , PUNCT cblr-1732 263 7 the the DET cblr-1732 263 8 mother mother NOUN cblr-1732 263 9 of of ADP cblr-1732 263 10 all all DET cblr-1732 263 11 path path NOUN cblr-1732 263 12 dependencies dependency NOUN cblr-1732 263 13 : : PUNCT cblr-1732 263 14 toward toward ADP cblr-1732 263 15 a a DET cblr-1732 263 16 cross cross ADJ cblr-1732 263 17 - - ADJ cblr-1732 263 18 cultural cultural ADJ cblr-1732 263 19 theory theory NOUN cblr-1732 263 20 of of ADP cblr-1732 263 21 corporate corporate ADJ cblr-1732 263 22 governance governance NOUN cblr-1732 263 23 system system NOUN cblr-1732 263 24 , , PUNCT cblr-1732 263 25 26 26 NUM cblr-1732 263 26 del del PROPN cblr-1732 263 27 . . PROPN cblr-1732 263 28 j. j. PROPN cblr-1732 263 29 corp corp PROPN cblr-1732 263 30 . . PROPN cblr-1732 263 31 l. l. PROPN cblr-1732 263 32 147 147 NUM cblr-1732 263 33 , , PUNCT cblr-1732 263 34 152–57 152–57 NUM cblr-1732 263 35 ( ( PUNCT cblr-1732 263 36 2001 2001 NUM cblr-1732 263 37 ) ) PUNCT cblr-1732 263 38 ( ( PUNCT cblr-1732 263 39 emphasizing emphasize VERB cblr-1732 263 40 the the DET cblr-1732 263 41 importance importance NOUN cblr-1732 263 42 of of ADP cblr-1732 263 43 national national ADJ cblr-1732 263 44 culture culture NOUN cblr-1732 263 45 as as ADP cblr-1732 263 46 an an DET cblr-1732 263 47 explanatory explanatory ADJ cblr-1732 263 48 variable variable NOUN cblr-1732 263 49 for for ADP cblr-1732 263 50 differences difference NOUN cblr-1732 263 51 in in ADP cblr-1732 263 52 corporate corporate ADJ cblr-1732 263 53 governance governance NOUN cblr-1732 263 54 systems system NOUN cblr-1732 263 55 ) ) PUNCT cblr-1732 263 56 . . PUNCT cblr-1732 264 1 kastiel kastiel PROPN cblr-1732 264 2 – – PUNCT cblr-1732 264 3 final final ADJ cblr-1732 264 4 80 80 NUM cblr-1732 264 5 columbia columbia PROPN cblr-1732 264 6 business business NOUN cblr-1732 264 7 law law NOUN cblr-1732 264 8 review review NOUN cblr-1732 265 1 [ [ X cblr-1732 265 2 vol vol NOUN cblr-1732 265 3 . . PUNCT cblr-1732 265 4 2016 2016 NUM cblr-1732 265 5 interested interested ADJ cblr-1732 265 6 in in ADP cblr-1732 265 7 designing design VERB cblr-1732 265 8 a a DET cblr-1732 265 9 regulatory regulatory ADJ cblr-1732 265 10 solution solution NOUN cblr-1732 265 11 to to PART cblr-1732 265 12 encourage encourage VERB cblr-1732 265 13 activism activism NOUN cblr-1732 265 14 in in ADP cblr-1732 265 15 controlled control VERB cblr-1732 265 16 companies company NOUN cblr-1732 265 17 . . PUNCT cblr-1732 266 1 iii iii X cblr-1732 266 2 . . PUNCT cblr-1732 266 3 hedge hedge PROPN cblr-1732 266 4 fund fund PROPN cblr-1732 266 5 activism activism NOUN cblr-1732 266 6 and and CCONJ cblr-1732 266 7 ownership ownership NOUN cblr-1732 266 8 structure structure NOUN cblr-1732 266 9 this this DET cblr-1732 266 10 part part NOUN cblr-1732 266 11 tests test VERB cblr-1732 266 12 the the DET cblr-1732 266 13 validity validity NOUN cblr-1732 266 14 of of ADP cblr-1732 266 15 the the DET cblr-1732 266 16 initial initial ADJ cblr-1732 266 17 hypothesis hypothesis NOUN cblr-1732 266 18 presented present VERB cblr-1732 266 19 in in ADP cblr-1732 266 20 part part NOUN cblr-1732 266 21 ii ii NOUN cblr-1732 266 22 by by ADP cblr-1732 266 23 conducting conduct VERB cblr-1732 266 24 a a DET cblr-1732 266 25 review review NOUN cblr-1732 266 26 of of ADP cblr-1732 266 27 hedge hedge NOUN cblr-1732 266 28 fund fund NOUN cblr-1732 266 29 engagements engagement NOUN cblr-1732 266 30 with with ADP cblr-1732 266 31 controlled control VERB cblr-1732 266 32 u.s u.s PROPN cblr-1732 266 33 . . PROPN cblr-1732 266 34 companies company NOUN cblr-1732 266 35 . . PUNCT cblr-1732 267 1 a. a. PROPN cblr-1732 267 2 data data PROPN cblr-1732 267 3 collection collection NOUN cblr-1732 267 4 the the DET cblr-1732 267 5 data datum NOUN cblr-1732 267 6 was be AUX cblr-1732 267 7 collected collect VERB cblr-1732 267 8 in in ADP cblr-1732 267 9 three three NUM cblr-1732 267 10 stages stage NOUN cblr-1732 267 11 . . PUNCT cblr-1732 268 1 first first ADV cblr-1732 268 2 , , PUNCT cblr-1732 268 3 i i PRON cblr-1732 268 4 collected collect VERB cblr-1732 268 5 data datum NOUN cblr-1732 268 6 from from ADP cblr-1732 268 7 sharkrepellent sharkrepellent NOUN cblr-1732 268 8 ’s ’s PART cblr-1732 268 9 database database NOUN cblr-1732 268 10 on on ADP cblr-1732 268 11 activist activist ADJ cblr-1732 268 12 engagements engagement NOUN cblr-1732 268 13 , , PUNCT cblr-1732 268 14 mostly mostly ADV cblr-1732 268 15 for for ADP cblr-1732 268 16 the the DET cblr-1732 268 17 period period NOUN cblr-1732 268 18 from from ADP cblr-1732 268 19 january january PROPN cblr-1732 268 20 2005 2005 NUM cblr-1732 268 21 through through ADP cblr-1732 268 22 may may PROPN cblr-1732 268 23 2014,77 2014,77 PROPN cblr-1732 268 24 with with ADP cblr-1732 268 25 public public ADJ cblr-1732 268 26 companies company NOUN cblr-1732 268 27 that that PRON cblr-1732 268 28 were be AUX cblr-1732 268 29 on on ADP cblr-1732 268 30 the the DET cblr-1732 268 31 russell russell PROPN cblr-1732 268 32 3000 3000 NUM cblr-1732 268 33 index index NOUN cblr-1732 268 34 as as ADP cblr-1732 268 35 of of ADP cblr-1732 268 36 2014 2014 NUM cblr-1732 268 37 . . PUNCT cblr-1732 269 1 the the DET cblr-1732 269 2 securities securities PROPN cblr-1732 269 3 and and CCONJ cblr-1732 269 4 exchange exchange PROPN cblr-1732 269 5 commission commission PROPN cblr-1732 269 6 ( ( PUNCT cblr-1732 269 7 “ " PUNCT cblr-1732 269 8 sec sec PROPN cblr-1732 269 9 ” " PUNCT cblr-1732 269 10 ) ) PUNCT cblr-1732 269 11 requires require VERB cblr-1732 269 12 an an DET cblr-1732 269 13 investor investor NOUN cblr-1732 269 14 to to PART cblr-1732 269 15 file file VERB cblr-1732 269 16 a a DET cblr-1732 269 17 disclosure disclosure NOUN cblr-1732 269 18 statement statement NOUN cblr-1732 269 19 on on ADP cblr-1732 269 20 schedule schedule NOUN cblr-1732 269 21 13d 13d NOUN cblr-1732 269 22 within within ADP cblr-1732 269 23 ten ten NUM cblr-1732 269 24 days day NOUN cblr-1732 269 25 after after ADP cblr-1732 269 26 acquiring acquire VERB cblr-1732 269 27 5 5 NUM cblr-1732 269 28 % % NOUN cblr-1732 269 29 of of ADP cblr-1732 269 30 a a DET cblr-1732 269 31 target target NOUN cblr-1732 269 32 ’s ’s PART cblr-1732 269 33 outstanding outstanding ADJ cblr-1732 269 34 shares,78 shares,78 NOUN cblr-1732 269 35 and and CCONJ cblr-1732 269 36 those those PRON cblr-1732 269 37 are be AUX cblr-1732 269 38 monitored monitor VERB cblr-1732 269 39 by by ADP cblr-1732 269 40 sharkwatch sharkwatch NOUN cblr-1732 269 41 , , PUNCT cblr-1732 269 42 the the DET cblr-1732 269 43 corporate corporate ADJ cblr-1732 269 44 activism activism NOUN cblr-1732 269 45 database database NOUN cblr-1732 269 46 of of ADP cblr-1732 269 47 sharkrepellent.79 sharkrepellent.79 PROPN cblr-1732 269 48 77 77 NUM cblr-1732 269 49 sharkwatch sharkwatch NOUN cblr-1732 269 50 provides provide VERB cblr-1732 269 51 systemic systemic ADJ cblr-1732 269 52 data datum NOUN cblr-1732 269 53 on on ADP cblr-1732 269 54 corporate corporate ADJ cblr-1732 269 55 activism activism NOUN cblr-1732 269 56 as as ADP cblr-1732 269 57 of of ADP cblr-1732 269 58 january january PROPN cblr-1732 269 59 2005 2005 NUM cblr-1732 269 60 , , PUNCT cblr-1732 269 61 though though SCONJ cblr-1732 269 62 some some DET cblr-1732 269 63 data datum NOUN cblr-1732 269 64 on on ADP cblr-1732 269 65 proxy proxy ADJ cblr-1732 269 66 fights fight NOUN cblr-1732 269 67 or or CCONJ cblr-1732 269 68 engagements engagement NOUN cblr-1732 269 69 by by ADP cblr-1732 269 70 certain certain ADJ cblr-1732 269 71 prominent prominent ADJ cblr-1732 269 72 funds fund NOUN cblr-1732 269 73 is be AUX cblr-1732 269 74 available available ADJ cblr-1732 269 75 as as ADP cblr-1732 269 76 of of ADP cblr-1732 269 77 2000 2000 NUM cblr-1732 269 78 , , PUNCT cblr-1732 269 79 and and CCONJ cblr-1732 269 80 was be AUX cblr-1732 269 81 included include VERB cblr-1732 269 82 in in ADP cblr-1732 269 83 the the DET cblr-1732 269 84 sample sample NOUN cblr-1732 269 85 . . PUNCT cblr-1732 270 1 78 78 NUM cblr-1732 270 2 see see VERB cblr-1732 270 3 15 15 NUM cblr-1732 270 4 u.s.c u.s.c ADJ cblr-1732 270 5 . . PUNCT cblr-1732 271 1 § § PROPN cblr-1732 271 2 78m(d 78m(d NUM cblr-1732 271 3 ) ) PUNCT cblr-1732 271 4 ( ( PUNCT cblr-1732 271 5 2012 2012 NUM cblr-1732 271 6 ) ) PUNCT cblr-1732 271 7 ; ; PUNCT cblr-1732 271 8 17 17 NUM cblr-1732 271 9 c.f.r c.f.r NOUN cblr-1732 271 10 . . PUNCT cblr-1732 272 1 § § PROPN cblr-1732 272 2 240.13d-1 240.13d-1 NUM cblr-1732 272 3 ( ( PUNCT cblr-1732 272 4 2011 2011 NUM cblr-1732 272 5 ) ) PUNCT cblr-1732 272 6 ( ( PUNCT cblr-1732 272 7 requiring require VERB cblr-1732 272 8 beneficial beneficial ADJ cblr-1732 272 9 owners owner NOUN cblr-1732 272 10 of of ADP cblr-1732 272 11 more more ADJ cblr-1732 272 12 than than ADP cblr-1732 272 13 five five NUM cblr-1732 272 14 percent percent NOUN cblr-1732 272 15 of of ADP cblr-1732 272 16 voting voting NOUN cblr-1732 272 17 class class NOUN cblr-1732 272 18 of of ADP cblr-1732 272 19 registered register VERB cblr-1732 272 20 company company NOUN cblr-1732 272 21 ’s ’s PART cblr-1732 272 22 equity equity NOUN cblr-1732 272 23 to to PART cblr-1732 272 24 file file VERB cblr-1732 272 25 within within ADP cblr-1732 272 26 ten ten NUM cblr-1732 272 27 days day NOUN cblr-1732 272 28 schedule schedule NOUN cblr-1732 272 29 13d 13d NOUN cblr-1732 272 30 , , PUNCT cblr-1732 272 31 reporting report VERB cblr-1732 272 32 acquisition acquisition NOUN cblr-1732 272 33 and and CCONJ cblr-1732 272 34 other other ADJ cblr-1732 272 35 information information NOUN cblr-1732 272 36 such such ADJ cblr-1732 272 37 as as ADP cblr-1732 272 38 identity identity NOUN cblr-1732 272 39 and and CCONJ cblr-1732 272 40 background background NOUN cblr-1732 272 41 of of ADP cblr-1732 272 42 acquirer acquirer NOUN cblr-1732 272 43 and and CCONJ cblr-1732 272 44 purpose purpose NOUN cblr-1732 272 45 of of ADP cblr-1732 272 46 purchase purchase NOUN cblr-1732 272 47 ) ) PUNCT cblr-1732 272 48 . . PUNCT cblr-1732 273 1 79 79 NUM cblr-1732 274 1 the the DET cblr-1732 274 2 data datum NOUN cblr-1732 274 3 on on ADP cblr-1732 274 4 activism activism NOUN cblr-1732 274 5 from from ADP cblr-1732 274 6 sharkwatch sharkwatch NOUN cblr-1732 274 7 also also ADV cblr-1732 274 8 contains contain VERB cblr-1732 274 9 information information NOUN cblr-1732 274 10 on on ADP cblr-1732 274 11 events event NOUN cblr-1732 274 12 conducted conduct VERB cblr-1732 274 13 by by ADP cblr-1732 274 14 fifty fifty NUM cblr-1732 274 15 significant significant ADJ cblr-1732 274 16 activist activist ADJ cblr-1732 274 17 investors investor NOUN cblr-1732 274 18 even even ADV cblr-1732 274 19 if if SCONJ cblr-1732 274 20 these these DET cblr-1732 274 21 activists activist NOUN cblr-1732 274 22 do do AUX cblr-1732 274 23 not not PART cblr-1732 274 24 cross cross VERB cblr-1732 274 25 the the DET cblr-1732 274 26 5 5 NUM cblr-1732 274 27 % % NOUN cblr-1732 274 28 threshold threshold NOUN cblr-1732 274 29 , , PUNCT cblr-1732 274 30 and and CCONJ cblr-1732 274 31 thus thus ADV cblr-1732 274 32 are be AUX cblr-1732 274 33 not not PART cblr-1732 274 34 subject subject ADJ cblr-1732 274 35 to to ADP cblr-1732 274 36 reporting reporting NOUN cblr-1732 274 37 requirements requirement NOUN cblr-1732 274 38 . . PUNCT cblr-1732 275 1 also also ADV cblr-1732 275 2 , , PUNCT cblr-1732 275 3 i i PRON cblr-1732 275 4 excluded exclude VERB cblr-1732 275 5 from from ADP cblr-1732 275 6 the the DET cblr-1732 275 7 data datum NOUN cblr-1732 275 8 “ " PUNCT cblr-1732 275 9 exempt exempt ADJ cblr-1732 275 10 solicitations solicitation NOUN cblr-1732 275 11 , , PUNCT cblr-1732 275 12 ” " PUNCT cblr-1732 275 13 which which PRON cblr-1732 275 14 are be AUX cblr-1732 275 15 mostly mostly ADV cblr-1732 275 16 employed employ VERB cblr-1732 275 17 by by ADP cblr-1732 275 18 institutional institutional ADJ cblr-1732 275 19 investors investor NOUN cblr-1732 275 20 and and CCONJ cblr-1732 275 21 not not PART cblr-1732 275 22 hedge hedge NOUN cblr-1732 275 23 funds fund NOUN cblr-1732 275 24 . . PUNCT cblr-1732 276 1 those those DET cblr-1732 276 2 solicitations solicitation NOUN cblr-1732 276 3 , , PUNCT cblr-1732 276 4 which which PRON cblr-1732 276 5 are be AUX cblr-1732 276 6 exempt exempt ADJ cblr-1732 276 7 from from ADP cblr-1732 276 8 disclosure disclosure NOUN cblr-1732 276 9 rules rule NOUN cblr-1732 276 10 pursuant pursuant VERB cblr-1732 276 11 to to PART cblr-1732 276 12 rule rule VERB cblr-1732 276 13 14a-2(b)(1 14a-2(b)(1 NUM cblr-1732 276 14 ) ) PUNCT cblr-1732 276 15 of of ADP cblr-1732 276 16 the the DET cblr-1732 276 17 securities securities PROPN cblr-1732 276 18 exchange exchange PROPN cblr-1732 276 19 act act NOUN cblr-1732 276 20 of of ADP cblr-1732 276 21 1934 1934 NUM cblr-1732 276 22 , , PUNCT cblr-1732 276 23 17 17 NUM cblr-1732 276 24 c.f.r c.f.r NOUN cblr-1732 276 25 . . PUNCT cblr-1732 277 1 § § PROPN cblr-1732 277 2 240.14a-2(b)(1 240.14a-2(b)(1 NUM cblr-1732 277 3 ) ) PUNCT cblr-1732 277 4 ( ( PUNCT cblr-1732 277 5 2015 2015 NUM cblr-1732 277 6 ) ) PUNCT cblr-1732 277 7 , , PUNCT cblr-1732 277 8 usually usually ADV cblr-1732 277 9 involve involve VERB cblr-1732 277 10 dissident dissident ADJ cblr-1732 277 11 communications communication NOUN cblr-1732 277 12 to to ADP cblr-1732 277 13 stockholders stockholder NOUN cblr-1732 277 14 to to PART cblr-1732 277 15 persuade persuade VERB cblr-1732 277 16 them they PRON cblr-1732 277 17 to to PART cblr-1732 277 18 vote vote VERB cblr-1732 277 19 for for ADP cblr-1732 277 20 or or CCONJ cblr-1732 277 21 against against ADP cblr-1732 277 22 a a DET cblr-1732 277 23 resolution resolution NOUN cblr-1732 277 24 . . PUNCT cblr-1732 278 1 kastiel kastiel PROPN cblr-1732 278 2 – – PUNCT cblr-1732 278 3 final final ADJ cblr-1732 278 4 no no NOUN cblr-1732 278 5 . . PROPN cblr-1732 278 6 1:60 1:60 NUM cblr-1732 278 7 ] ] PUNCT cblr-1732 278 8 against against ADP cblr-1732 278 9 all all DET cblr-1732 278 10 odds odd NOUN cblr-1732 278 11 81 81 NUM cblr-1732 278 12 in in ADP cblr-1732 278 13 the the DET cblr-1732 278 14 second second ADJ cblr-1732 278 15 stage stage NOUN cblr-1732 278 16 , , PUNCT cblr-1732 278 17 i i PRON cblr-1732 278 18 cross cross VERB cblr-1732 278 19 - - VERB cblr-1732 278 20 referenced reference VERB cblr-1732 278 21 the the DET cblr-1732 278 22 activism activism NOUN cblr-1732 278 23 data datum NOUN cblr-1732 278 24 provided provide VERB cblr-1732 278 25 by by ADP cblr-1732 278 26 sharkwatch sharkwatch NOUN cblr-1732 278 27 with with ADP cblr-1732 278 28 information information NOUN cblr-1732 278 29 obtained obtain VERB cblr-1732 278 30 from from ADP cblr-1732 278 31 sharkrepellent sharkrepellent NOUN cblr-1732 278 32 and and CCONJ cblr-1732 278 33 factset factset NOUN cblr-1732 278 34 on on ADP cblr-1732 278 35 the the DET cblr-1732 278 36 “ " PUNCT cblr-1732 278 37 insider insider NOUN cblr-1732 278 38 ownership”80 ownership”80 NOUN cblr-1732 278 39 of of ADP cblr-1732 278 40 these these DET cblr-1732 278 41 companies company NOUN cblr-1732 278 42 , , PUNCT cblr-1732 278 43 and and CCONJ cblr-1732 278 44 their their PRON cblr-1732 278 45 use use NOUN cblr-1732 278 46 of of ADP cblr-1732 278 47 dual dual ADJ cblr-1732 278 48 - - PUNCT cblr-1732 278 49 class class NOUN cblr-1732 278 50 stock stock NOUN cblr-1732 278 51 . . PUNCT cblr-1732 279 1 in in ADP cblr-1732 279 2 the the DET cblr-1732 279 3 third third ADJ cblr-1732 279 4 and and CCONJ cblr-1732 279 5 final final ADJ cblr-1732 279 6 stage stage NOUN cblr-1732 279 7 , , PUNCT cblr-1732 279 8 i i PRON cblr-1732 279 9 expanded expand VERB cblr-1732 279 10 the the DET cblr-1732 279 11 pool pool NOUN cblr-1732 279 12 of of ADP cblr-1732 279 13 targets target NOUN cblr-1732 279 14 described describe VERB cblr-1732 279 15 in in ADP cblr-1732 279 16 the the DET cblr-1732 279 17 preceding precede VERB cblr-1732 279 18 paragraphs paragraph NOUN cblr-1732 279 19 by by ADP cblr-1732 279 20 collecting collect VERB cblr-1732 279 21 and and CCONJ cblr-1732 279 22 analyzing analyze VERB cblr-1732 279 23 additional additional ADJ cblr-1732 279 24 data datum NOUN cblr-1732 279 25 from from ADP cblr-1732 279 26 sharkwatch sharkwatch NOUN cblr-1732 279 27 on on ADP cblr-1732 279 28 historic historic ADJ cblr-1732 279 29 activist activist ADJ cblr-1732 279 30 engagements engagement NOUN cblr-1732 279 31 with with ADP cblr-1732 279 32 controlled control VERB cblr-1732 279 33 companies company NOUN cblr-1732 279 34 that that PRON cblr-1732 279 35 are be AUX cblr-1732 279 36 no no ADV cblr-1732 279 37 longer long ADV cblr-1732 279 38 in in ADP cblr-1732 279 39 the the DET cblr-1732 279 40 index index NOUN cblr-1732 279 41 and and CCONJ cblr-1732 279 42 for for ADP cblr-1732 279 43 which which PRON cblr-1732 279 44 factset factset NOUN cblr-1732 279 45 has have AUX cblr-1732 279 46 available available ADJ cblr-1732 279 47 information information NOUN cblr-1732 279 48 on on ADP cblr-1732 279 49 their their PRON cblr-1732 279 50 historic historic ADJ cblr-1732 279 51 insider insider NOUN cblr-1732 279 52 ownership ownership NOUN cblr-1732 279 53 percentage percentage NOUN cblr-1732 279 54 , , PUNCT cblr-1732 279 55 to to PART cblr-1732 279 56 create create VERB cblr-1732 279 57 a a DET cblr-1732 279 58 sample sample NOUN cblr-1732 279 59 of of ADP cblr-1732 279 60 209 209 NUM cblr-1732 279 61 activist activist NOUN cblr-1732 279 62 events81 events81 VERB cblr-1732 279 63 with with ADP cblr-1732 279 64 110 110 NUM cblr-1732 279 65 targets target NOUN cblr-1732 279 66 ( ( PUNCT cblr-1732 279 67 the the DET cblr-1732 279 68 “ " PUNCT cblr-1732 279 69 full full ADJ cblr-1732 279 70 sample”).82 sample”).82 NOUN cblr-1732 279 71 for for ADP cblr-1732 279 72 each each DET cblr-1732 279 73 company company NOUN cblr-1732 279 74 on on ADP cblr-1732 279 75 this this DET cblr-1732 279 76 full full ADJ cblr-1732 279 77 sample sample NOUN cblr-1732 279 78 , , PUNCT cblr-1732 279 79 i i PRON cblr-1732 279 80 manually manually ADV cblr-1732 279 81 checked check VERB cblr-1732 279 82 the the DET cblr-1732 279 83 data datum NOUN cblr-1732 279 84 on on ADP cblr-1732 279 85 insider insider NOUN cblr-1732 279 86 ownership ownership NOUN cblr-1732 279 87 to to ADP cblr-1732 279 88 correct correct ADJ cblr-1732 279 89 discrepancies discrepancy NOUN cblr-1732 279 90 and and CCONJ cblr-1732 279 91 confirm confirm VERB cblr-1732 279 92 that that SCONJ cblr-1732 279 93 a a DET cblr-1732 279 94 target target NOUN cblr-1732 279 95 has have VERB cblr-1732 279 96 a a DET cblr-1732 279 97 controlling control VERB cblr-1732 279 98 shareholder.83 shareholder.83 PROPN cblr-1732 279 99 a a DET cblr-1732 279 100 company company NOUN cblr-1732 279 101 with with ADP cblr-1732 279 102 a a DET cblr-1732 279 103 controlling control VERB cblr-1732 279 104 shareholder shareholder NOUN cblr-1732 279 105 is be AUX cblr-1732 279 106 a a DET cblr-1732 279 107 company company NOUN cblr-1732 279 108 where where SCONJ cblr-1732 279 109 at at ADV cblr-1732 279 110 least least ADV cblr-1732 279 111 30 30 NUM cblr-1732 279 112 % % NOUN cblr-1732 279 113 of of ADP cblr-1732 279 114 the the DET cblr-1732 279 115 voting voting NOUN cblr-1732 279 116 rights right NOUN cblr-1732 279 117 are be AUX cblr-1732 279 118 held hold VERB cblr-1732 279 119 by by ADP cblr-1732 279 120 one one NUM cblr-1732 279 121 dominant dominant ADJ cblr-1732 279 122 shareholder shareholder NOUN cblr-1732 279 123 or or CCONJ cblr-1732 279 124 a a DET cblr-1732 279 125 group group NOUN cblr-1732 279 126 of of ADP cblr-1732 279 127 affiliated affiliated ADJ cblr-1732 279 128 holders holder NOUN cblr-1732 279 129 ( ( PUNCT cblr-1732 279 130 such such ADJ cblr-1732 279 131 as as ADP cblr-1732 279 132 family family NOUN cblr-1732 279 133 members member NOUN cblr-1732 279 134 , , PUNCT cblr-1732 279 135 co co NOUN cblr-1732 279 136 - - NOUN cblr-1732 279 137 founders founder NOUN cblr-1732 279 138 , , PUNCT cblr-1732 279 139 or or CCONJ cblr-1732 279 140 shareholders shareholder NOUN cblr-1732 279 141 with with ADP cblr-1732 279 142 voting vote VERB cblr-1732 279 143 agreements).84 agreements).84 PROPN cblr-1732 280 1 i i PRON cblr-1732 280 2 used use VERB cblr-1732 280 3 this this DET cblr-1732 280 4 full full ADJ cblr-1732 280 5 sample sample NOUN cblr-1732 280 6 to to PART cblr-1732 280 7 examine examine VERB cblr-1732 280 8 80 80 NUM cblr-1732 280 9 “ " PUNCT cblr-1732 280 10 insider insider NOUN cblr-1732 280 11 ownership ownership NOUN cblr-1732 280 12 ” " PUNCT cblr-1732 280 13 measures measure NOUN cblr-1732 280 14 the the DET cblr-1732 280 15 total total ADJ cblr-1732 280 16 percentage percentage NOUN cblr-1732 280 17 of of ADP cblr-1732 280 18 common common ADJ cblr-1732 280 19 shares share NOUN cblr-1732 280 20 owned own VERB cblr-1732 280 21 by by ADP cblr-1732 280 22 the the DET cblr-1732 280 23 company company NOUN cblr-1732 280 24 ’s ’s PART cblr-1732 280 25 executives executive NOUN cblr-1732 280 26 , , PUNCT cblr-1732 280 27 directors director NOUN cblr-1732 280 28 , , PUNCT cblr-1732 280 29 or or CCONJ cblr-1732 280 30 owners owner NOUN cblr-1732 280 31 of of ADP cblr-1732 280 32 5 5 NUM cblr-1732 280 33 % % NOUN cblr-1732 280 34 or or CCONJ cblr-1732 280 35 more more ADJ cblr-1732 280 36 of of ADP cblr-1732 280 37 the the DET cblr-1732 280 38 company company NOUN cblr-1732 280 39 ’s ’s PART cblr-1732 280 40 common common ADJ cblr-1732 280 41 shares share NOUN cblr-1732 280 42 who who PRON cblr-1732 280 43 are be AUX cblr-1732 280 44 not not PART cblr-1732 280 45 institutional institutional ADJ cblr-1732 280 46 investors investor NOUN cblr-1732 280 47 . . PUNCT cblr-1732 281 1 81 81 NUM cblr-1732 281 2 in in ADP cblr-1732 281 3 most most ADJ cblr-1732 281 4 cases case NOUN cblr-1732 281 5 , , PUNCT cblr-1732 281 6 an an DET cblr-1732 281 7 event event NOUN cblr-1732 281 8 is be AUX cblr-1732 281 9 counted count VERB cblr-1732 281 10 as as ADP cblr-1732 281 11 a a DET cblr-1732 281 12 filing filing NOUN cblr-1732 281 13 of of ADP cblr-1732 281 14 a a DET cblr-1732 281 15 schedule schedule NOUN cblr-1732 281 16 13d 13d NOUN cblr-1732 281 17 and and CCONJ cblr-1732 281 18 subsequent subsequent ADJ cblr-1732 281 19 amendments amendment NOUN cblr-1732 281 20 . . PUNCT cblr-1732 282 1 occasionally occasionally ADV cblr-1732 282 2 , , PUNCT cblr-1732 282 3 when when SCONJ cblr-1732 282 4 the the DET cblr-1732 282 5 same same ADJ cblr-1732 282 6 activist activist NOUN cblr-1732 282 7 conducts conduct VERB cblr-1732 282 8 multiple multiple ADJ cblr-1732 282 9 campaigns campaign NOUN cblr-1732 282 10 in in ADP cblr-1732 282 11 different different ADJ cblr-1732 282 12 years year NOUN cblr-1732 282 13 and and CCONJ cblr-1732 282 14 files file VERB cblr-1732 282 15 a a DET cblr-1732 282 16 new new ADJ cblr-1732 282 17 schedule schedule NOUN cblr-1732 282 18 13d 13d NOUN cblr-1732 282 19 , , PUNCT cblr-1732 282 20 sharkwatch sharkwatch NOUN cblr-1732 282 21 counts count VERB cblr-1732 282 22 those those DET cblr-1732 282 23 multiple multiple ADJ cblr-1732 282 24 campaigns campaign NOUN cblr-1732 282 25 as as ADP cblr-1732 282 26 separate separate ADJ cblr-1732 282 27 events event NOUN cblr-1732 282 28 . . PUNCT cblr-1732 283 1 82 82 NUM cblr-1732 284 1 although although SCONJ cblr-1732 284 2 this this DET cblr-1732 284 3 sample sample NOUN cblr-1732 284 4 does do AUX cblr-1732 284 5 not not PART cblr-1732 284 6 constitute constitute VERB cblr-1732 284 7 an an DET cblr-1732 284 8 exhaustive exhaustive ADJ cblr-1732 284 9 list list NOUN cblr-1732 284 10 of of ADP cblr-1732 284 11 all all DET cblr-1732 284 12 activist activist ADJ cblr-1732 284 13 engagements engagement NOUN cblr-1732 284 14 with with ADP cblr-1732 284 15 russell russell PROPN cblr-1732 284 16 3000 3000 NUM cblr-1732 284 17 controlled control VERB cblr-1732 284 18 firms firm NOUN cblr-1732 284 19 , , PUNCT cblr-1732 284 20 it it PRON cblr-1732 284 21 covers cover VERB cblr-1732 284 22 a a DET cblr-1732 284 23 large large ADJ cblr-1732 284 24 number number NOUN cblr-1732 284 25 of of ADP cblr-1732 284 26 these these DET cblr-1732 284 27 engagements engagement NOUN cblr-1732 284 28 . . PUNCT cblr-1732 285 1 83 83 NUM cblr-1732 285 2 sharkrepellent sharkrepellent NOUN cblr-1732 285 3 ’s ’s PART cblr-1732 285 4 data datum NOUN cblr-1732 285 5 on on ADP cblr-1732 285 6 “ " PUNCT cblr-1732 285 7 insider insider NOUN cblr-1732 285 8 ownership ownership NOUN cblr-1732 285 9 ” " PUNCT cblr-1732 285 10 only only ADV cblr-1732 285 11 measures measure VERB cblr-1732 285 12 the the DET cblr-1732 285 13 level level NOUN cblr-1732 285 14 of of ADP cblr-1732 285 15 ownership ownership NOUN cblr-1732 285 16 concentration concentration NOUN cblr-1732 285 17 at at ADP cblr-1732 285 18 a a DET cblr-1732 285 19 given give VERB cblr-1732 285 20 company company NOUN cblr-1732 285 21 , , PUNCT cblr-1732 285 22 but but CCONJ cblr-1732 285 23 not not PART cblr-1732 285 24 necessarily necessarily ADV cblr-1732 285 25 the the DET cblr-1732 285 26 existence existence NOUN cblr-1732 285 27 of of ADP cblr-1732 285 28 a a DET cblr-1732 285 29 controlling control VERB cblr-1732 285 30 shareholder shareholder NOUN cblr-1732 285 31 . . PUNCT cblr-1732 286 1 when when SCONJ cblr-1732 286 2 a a DET cblr-1732 286 3 company company NOUN cblr-1732 286 4 has have VERB cblr-1732 286 5 a a DET cblr-1732 286 6 number number NOUN cblr-1732 286 7 of of ADP cblr-1732 286 8 unaffiliated unaffiliated ADJ cblr-1732 286 9 shareholders shareholder NOUN cblr-1732 286 10 , , PUNCT cblr-1732 286 11 with with ADP cblr-1732 286 12 each each PRON cblr-1732 286 13 holding hold VERB cblr-1732 286 14 5 5 NUM cblr-1732 286 15 % % NOUN cblr-1732 286 16 to to PART cblr-1732 286 17 10 10 NUM cblr-1732 286 18 % % NOUN cblr-1732 286 19 of of ADP cblr-1732 286 20 the the DET cblr-1732 286 21 company company NOUN cblr-1732 286 22 ’s ’s PART cblr-1732 286 23 outstanding outstanding ADJ cblr-1732 286 24 shares share NOUN cblr-1732 286 25 , , PUNCT cblr-1732 286 26 the the DET cblr-1732 286 27 total total ADJ cblr-1732 286 28 percentage percentage NOUN cblr-1732 286 29 of of ADP cblr-1732 286 30 insider insider NOUN cblr-1732 286 31 ownership ownership NOUN cblr-1732 286 32 could could AUX cblr-1732 286 33 be be AUX cblr-1732 286 34 very very ADV cblr-1732 286 35 high high ADJ cblr-1732 286 36 , , PUNCT cblr-1732 286 37 despite despite SCONJ cblr-1732 286 38 the the DET cblr-1732 286 39 fact fact NOUN cblr-1732 286 40 that that SCONJ cblr-1732 286 41 the the DET cblr-1732 286 42 company company NOUN cblr-1732 286 43 does do AUX cblr-1732 286 44 not not PART cblr-1732 286 45 have have AUX cblr-1732 286 46 a a DET cblr-1732 286 47 dominant dominant ADJ cblr-1732 286 48 shareholder shareholder NOUN cblr-1732 286 49 . . PUNCT cblr-1732 287 1 for for ADP cblr-1732 287 2 this this DET cblr-1732 287 3 reason reason NOUN cblr-1732 287 4 , , PUNCT cblr-1732 287 5 the the DET cblr-1732 287 6 data datum NOUN cblr-1732 287 7 on on ADP cblr-1732 287 8 the the DET cblr-1732 287 9 existence existence NOUN cblr-1732 287 10 of of ADP cblr-1732 287 11 a a DET cblr-1732 287 12 controlling control VERB cblr-1732 287 13 shareholder shareholder NOUN cblr-1732 287 14 had have VERB cblr-1732 287 15 to to PART cblr-1732 287 16 be be AUX cblr-1732 287 17 collected collect VERB cblr-1732 287 18 separately separately ADV cblr-1732 287 19 . . PUNCT cblr-1732 288 1 84 84 NUM cblr-1732 288 2 i i PRON cblr-1732 288 3 used use VERB cblr-1732 288 4 a a DET cblr-1732 288 5 relatively relatively ADV cblr-1732 288 6 high high ADJ cblr-1732 288 7 cutoff cutoff NOUN cblr-1732 288 8 of of ADP cblr-1732 288 9 insider insider NOUN cblr-1732 288 10 ownership ownership NOUN cblr-1732 288 11 to to PART cblr-1732 288 12 confirm confirm VERB cblr-1732 288 13 that that SCONJ cblr-1732 288 14 the the DET cblr-1732 288 15 controllers controller NOUN cblr-1732 288 16 of of ADP cblr-1732 288 17 the the DET cblr-1732 288 18 sampled sample VERB cblr-1732 288 19 companies company NOUN cblr-1732 288 20 exercise exercise VERB cblr-1732 288 21 an an DET cblr-1732 288 22 effective effective ADJ cblr-1732 288 23 control control NOUN cblr-1732 288 24 over over ADP cblr-1732 288 25 the the DET cblr-1732 288 26 companies company NOUN cblr-1732 288 27 ’ ’ PART cblr-1732 288 28 voting voting NOUN cblr-1732 288 29 rights right NOUN cblr-1732 288 30 , , PUNCT cblr-1732 288 31 and and CCONJ cblr-1732 288 32 that that SCONJ cblr-1732 288 33 an an DET cblr-1732 288 34 outside outside ADJ cblr-1732 288 35 shareholder shareholder NOUN cblr-1732 288 36 can can AUX cblr-1732 288 37 not not PART cblr-1732 288 38 easily easily ADV cblr-1732 288 39 contest contest VERB cblr-1732 288 40 such such ADJ cblr-1732 288 41 effective effective ADJ cblr-1732 288 42 control control NOUN cblr-1732 288 43 . . PUNCT cblr-1732 289 1 obviously obviously ADV cblr-1732 289 2 , , PUNCT cblr-1732 289 3 a a DET cblr-1732 289 4 dominant dominant ADJ cblr-1732 289 5 shareholder shareholder NOUN cblr-1732 289 6 kastiel kastiel NOUN cblr-1732 289 7 – – PUNCT cblr-1732 289 8 final final ADJ cblr-1732 289 9 82 82 NUM cblr-1732 289 10 columbia columbia PROPN cblr-1732 289 11 business business NOUN cblr-1732 289 12 law law PROPN cblr-1732 289 13 review review NOUN cblr-1732 290 1 [ [ X cblr-1732 290 2 vol vol NOUN cblr-1732 290 3 . . PUNCT cblr-1732 290 4 2016 2016 NUM cblr-1732 290 5 certain certain ADJ cblr-1732 290 6 alternative alternative ADJ cblr-1732 290 7 hypotheses hypothesis NOUN cblr-1732 290 8 related relate VERB cblr-1732 290 9 to to ADP cblr-1732 290 10 activism activism NOUN cblr-1732 290 11 in in ADP cblr-1732 290 12 controlled control VERB cblr-1732 290 13 companies company NOUN cblr-1732 290 14 , , PUNCT cblr-1732 290 15 and and CCONJ cblr-1732 290 16 to to PART cblr-1732 290 17 explore explore VERB cblr-1732 290 18 in in ADP cblr-1732 290 19 greater great ADJ cblr-1732 290 20 detail detail NOUN cblr-1732 290 21 the the DET cblr-1732 290 22 different different ADJ cblr-1732 290 23 channels channel NOUN cblr-1732 290 24 through through ADP cblr-1732 290 25 which which PRON cblr-1732 290 26 activism activism NOUN cblr-1732 290 27 is be AUX cblr-1732 290 28 employed employ VERB cblr-1732 290 29 in in ADP cblr-1732 290 30 controlled control VERB cblr-1732 290 31 companies company NOUN cblr-1732 290 32 . . PUNCT cblr-1732 291 1 b. b. PROPN cblr-1732 291 2 results result NOUN cblr-1732 291 3 and and CCONJ cblr-1732 291 4 analysis analysis NOUN cblr-1732 291 5 1 1 NUM cblr-1732 291 6 . . PUNCT cblr-1732 292 1 activism activism NOUN cblr-1732 292 2 and and CCONJ cblr-1732 292 3 ownership ownership NOUN cblr-1732 292 4 structure structure NOUN cblr-1732 292 5 figure figure NOUN cblr-1732 292 6 1 1 NUM cblr-1732 292 7 and and CCONJ cblr-1732 292 8 table table NOUN cblr-1732 292 9 1 1 NUM cblr-1732 292 10 below below ADP cblr-1732 292 11 summarize summarize VERB cblr-1732 292 12 the the DET cblr-1732 292 13 results result NOUN cblr-1732 292 14 of of ADP cblr-1732 292 15 my my PRON cblr-1732 292 16 examination examination NOUN cblr-1732 292 17 . . PUNCT cblr-1732 293 1 figure figure NOUN cblr-1732 293 2 1 1 NUM cblr-1732 293 3 plots plot NOUN cblr-1732 293 4 the the DET cblr-1732 293 5 percentage percentage NOUN cblr-1732 293 6 of of ADP cblr-1732 293 7 all all DET cblr-1732 293 8 russell russell PROPN cblr-1732 293 9 3000 3000 NUM cblr-1732 293 10 companies company NOUN cblr-1732 293 11 in in ADP cblr-1732 293 12 2014 2014 NUM cblr-1732 293 13 that that PRON cblr-1732 293 14 were be AUX cblr-1732 293 15 subject subject ADJ cblr-1732 293 16 to to ADP cblr-1732 293 17 at at ADV cblr-1732 293 18 least least ADV cblr-1732 293 19 one one NUM cblr-1732 293 20 activist activist ADJ cblr-1732 293 21 event event NOUN cblr-1732 293 22 during during ADP cblr-1732 293 23 the the DET cblr-1732 293 24 sampled sampled ADJ cblr-1732 293 25 period period NOUN cblr-1732 293 26 as as ADP cblr-1732 293 27 a a DET cblr-1732 293 28 function function NOUN cblr-1732 293 29 of of ADP cblr-1732 293 30 their their PRON cblr-1732 293 31 insider insider NOUN cblr-1732 293 32 ownership ownership NOUN cblr-1732 293 33 percentage percentage NOUN cblr-1732 293 34 . . PUNCT cblr-1732 294 1 for for ADP cblr-1732 294 2 each each DET cblr-1732 294 3 category category NOUN cblr-1732 294 4 of of ADP cblr-1732 294 5 “ " PUNCT cblr-1732 294 6 insider insider NOUN cblr-1732 294 7 ownership ownership NOUN cblr-1732 294 8 ” " PUNCT cblr-1732 294 9 ( ( PUNCT cblr-1732 294 10 up up ADP cblr-1732 294 11 to to PART cblr-1732 294 12 10 10 NUM cblr-1732 294 13 % % NOUN cblr-1732 294 14 , , PUNCT cblr-1732 294 15 10 10 NUM cblr-1732 294 16 % % NOUN cblr-1732 294 17 to to PART cblr-1732 294 18 20 20 NUM cblr-1732 294 19 % % NOUN cblr-1732 294 20 , , PUNCT cblr-1732 294 21 20 20 NUM cblr-1732 294 22 % % NOUN cblr-1732 294 23 to to PART cblr-1732 294 24 30 30 NUM cblr-1732 294 25 % % NOUN cblr-1732 294 26 , , PUNCT cblr-1732 294 27 etc etc X cblr-1732 294 28 . . X cblr-1732 294 29 ) ) PUNCT cblr-1732 294 30 , , PUNCT cblr-1732 294 31 the the DET cblr-1732 294 32 “ " PUNCT cblr-1732 294 33 % % NOUN cblr-1732 294 34 of of ADP cblr-1732 294 35 targets target NOUN cblr-1732 294 36 ” " PUNCT cblr-1732 294 37 presents present VERB cblr-1732 294 38 the the DET cblr-1732 294 39 percentage percentage NOUN cblr-1732 294 40 of of ADP cblr-1732 294 41 targets target NOUN cblr-1732 294 42 subject subject ADJ cblr-1732 294 43 to to ADP cblr-1732 294 44 at at ADV cblr-1732 294 45 least least ADV cblr-1732 294 46 one one NUM cblr-1732 294 47 activist activist ADJ cblr-1732 294 48 event event NOUN cblr-1732 294 49 during during ADP cblr-1732 294 50 the the DET cblr-1732 294 51 sampled sampled ADJ cblr-1732 294 52 period period NOUN cblr-1732 294 53 out out ADP cblr-1732 294 54 of of ADP cblr-1732 294 55 the the DET cblr-1732 294 56 total total ADJ cblr-1732 294 57 number number NOUN cblr-1732 294 58 of of ADP cblr-1732 294 59 targets target NOUN cblr-1732 294 60 in in ADP cblr-1732 294 61 the the DET cblr-1732 294 62 sample sample NOUN cblr-1732 294 63 ( ( PUNCT cblr-1732 294 64 654 654 NUM cblr-1732 294 65 companies company NOUN cblr-1732 294 66 ) ) PUNCT cblr-1732 294 67 , , PUNCT cblr-1732 294 68 while while SCONJ cblr-1732 294 69 the the DET cblr-1732 294 70 “ " PUNCT cblr-1732 294 71 adjusted adjusted ADJ cblr-1732 294 72 % % NOUN cblr-1732 294 73 of of ADP cblr-1732 294 74 targets target NOUN cblr-1732 294 75 ” " PUNCT cblr-1732 294 76 presents present VERB cblr-1732 294 77 an an DET cblr-1732 294 78 adjusted adjusted ADJ cblr-1732 294 79 percentage percentage NOUN cblr-1732 294 80 , , PUNCT cblr-1732 294 81 controlling control VERB cblr-1732 294 82 for for ADP cblr-1732 294 83 the the DET cblr-1732 294 84 number number NOUN cblr-1732 294 85 of of ADP cblr-1732 294 86 companies company NOUN cblr-1732 294 87 in in ADP cblr-1732 294 88 the the DET cblr-1732 294 89 russell russell PROPN cblr-1732 294 90 3000 3000 NUM cblr-1732 294 91 index index NOUN cblr-1732 294 92 in in ADP cblr-1732 294 93 this this DET cblr-1732 294 94 category category NOUN cblr-1732 294 95 ( ( PUNCT cblr-1732 294 96 such such ADJ cblr-1732 294 97 adjustment adjustment NOUN cblr-1732 294 98 is be AUX cblr-1732 294 99 required require VERB cblr-1732 294 100 as as SCONJ cblr-1732 294 101 companies company NOUN cblr-1732 294 102 with with ADP cblr-1732 294 103 low low ADJ cblr-1732 294 104 insider insider NOUN cblr-1732 294 105 ownership ownership NOUN cblr-1732 294 106 are be AUX cblr-1732 294 107 more more ADV cblr-1732 294 108 prevalent prevalent ADJ cblr-1732 294 109 in in ADP cblr-1732 294 110 the the DET cblr-1732 294 111 index index NOUN cblr-1732 294 112 ) ) PUNCT cblr-1732 294 113 . . PUNCT cblr-1732 295 1 for for ADP cblr-1732 295 2 instance instance NOUN cblr-1732 295 3 , , PUNCT cblr-1732 295 4 70.6 70.6 NUM cblr-1732 295 5 % % NOUN cblr-1732 295 6 of of ADP cblr-1732 295 7 the the DET cblr-1732 295 8 activist activist ADJ cblr-1732 295 9 events event NOUN cblr-1732 295 10 were be AUX cblr-1732 295 11 deployed deploy VERB cblr-1732 295 12 against against ADP cblr-1732 295 13 companies company NOUN cblr-1732 295 14 where where SCONJ cblr-1732 295 15 could could AUX cblr-1732 295 16 exercise exercise VERB cblr-1732 295 17 effective effective ADJ cblr-1732 295 18 control control NOUN cblr-1732 295 19 over over ADP cblr-1732 295 20 a a DET cblr-1732 295 21 company company NOUN cblr-1732 295 22 by by ADP cblr-1732 295 23 holding hold VERB cblr-1732 295 24 less less ADJ cblr-1732 295 25 than than ADP cblr-1732 295 26 30 30 NUM cblr-1732 295 27 % % NOUN cblr-1732 295 28 of of ADP cblr-1732 295 29 the the DET cblr-1732 295 30 voting voting NOUN cblr-1732 295 31 rights right NOUN cblr-1732 295 32 . . PUNCT cblr-1732 296 1 see see VERB cblr-1732 296 2 , , PUNCT cblr-1732 296 3 e.g. e.g. ADV cblr-1732 296 4 , , PUNCT cblr-1732 296 5 in in ADP cblr-1732 296 6 re re PROPN cblr-1732 296 7 zhongpin zhongpin PROPN cblr-1732 296 8 inc inc PROPN cblr-1732 296 9 . . PROPN cblr-1732 296 10 stockholders stockholders PROPN cblr-1732 296 11 litigation litigation PROPN cblr-1732 296 12 , , PUNCT cblr-1732 296 13 c.a c.a PROPN cblr-1732 296 14 . . PROPN cblr-1732 296 15 7393 7393 NUM cblr-1732 296 16 - - PUNCT cblr-1732 296 17 vcn vcn PROPN cblr-1732 296 18 , , PUNCT cblr-1732 296 19 2014 2014 NUM cblr-1732 296 20 wl wl SYM cblr-1732 296 21 6735457 6735457 NUM cblr-1732 296 22 ( ( PUNCT cblr-1732 296 23 del del PROPN cblr-1732 296 24 . . PROPN cblr-1732 296 25 ch ch PROPN cblr-1732 296 26 . . PUNCT cblr-1732 297 1 nov nov PROPN cblr-1732 297 2 . . PROPN cblr-1732 297 3 26 26 NUM cblr-1732 297 4 , , PUNCT cblr-1732 297 5 2014 2014 NUM cblr-1732 297 6 ) ) PUNCT cblr-1732 297 7 ( ( PUNCT cblr-1732 297 8 determining determine VERB cblr-1732 297 9 that that SCONJ cblr-1732 297 10 a a DET cblr-1732 297 11 17.5 17.5 NUM cblr-1732 297 12 % % NOUN cblr-1732 297 13 stockholder stockholder NOUN cblr-1732 297 14 could could AUX cblr-1732 297 15 be be AUX cblr-1732 297 16 deemed deem VERB cblr-1732 297 17 a a DET cblr-1732 297 18 controller controller NOUN cblr-1732 297 19 ) ) PUNCT cblr-1732 297 20 . . PUNCT cblr-1732 298 1 a a DET cblr-1732 298 2 delaware delaware PROPN cblr-1732 298 3 court court NOUN cblr-1732 298 4 has have AUX cblr-1732 298 5 also also ADV cblr-1732 298 6 held hold VERB cblr-1732 298 7 that that SCONJ cblr-1732 298 8 “ " PUNCT cblr-1732 298 9 there there PRON cblr-1732 298 10 is be VERB cblr-1732 298 11 no no DET cblr-1732 298 12 absolute absolute ADJ cblr-1732 298 13 percentage percentage NOUN cblr-1732 298 14 of of ADP cblr-1732 298 15 voting voting NOUN cblr-1732 298 16 power power NOUN cblr-1732 298 17 that that PRON cblr-1732 298 18 is be AUX cblr-1732 298 19 required require VERB cblr-1732 298 20 in in ADP cblr-1732 298 21 order order NOUN cblr-1732 298 22 for for SCONJ cblr-1732 298 23 there there PRON cblr-1732 298 24 to to PART cblr-1732 298 25 be be AUX cblr-1732 298 26 a a DET cblr-1732 298 27 finding finding NOUN cblr-1732 298 28 that that SCONJ cblr-1732 298 29 a a DET cblr-1732 298 30 controlling control VERB cblr-1732 298 31 stockholder stockholder NOUN cblr-1732 298 32 exists exist VERB cblr-1732 298 33 . . PUNCT cblr-1732 298 34 ” " PUNCT cblr-1732 299 1 in in ADP cblr-1732 299 2 re re ADJ cblr-1732 299 3 pnb pnb PROPN cblr-1732 299 4 holding holding PROPN cblr-1732 299 5 co. co. PROPN cblr-1732 299 6 s’holders s’holder VERB cblr-1732 299 7 litig litig NOUN cblr-1732 299 8 . . PUNCT cblr-1732 300 1 , , PUNCT cblr-1732 300 2 no no INTJ cblr-1732 300 3 . . PUNCT cblr-1732 301 1 civ.a civ.a PROPN cblr-1732 301 2 . . PUNCT cblr-1732 302 1 28 28 NUM cblr-1732 302 2 - - SYM cblr-1732 302 3 n n CCONJ cblr-1732 302 4 , , PUNCT cblr-1732 302 5 2006 2006 NUM cblr-1732 302 6 wl wl NOUN cblr-1732 302 7 2403999 2403999 NUM cblr-1732 302 8 , , PUNCT cblr-1732 302 9 at at ADP cblr-1732 302 10 * * PROPN cblr-1732 302 11 9 9 NUM cblr-1732 302 12 ( ( PUNCT cblr-1732 302 13 del del PROPN cblr-1732 302 14 . . PROPN cblr-1732 302 15 ch ch PROPN cblr-1732 302 16 . . PUNCT cblr-1732 303 1 aug aug PROPN cblr-1732 303 2 . . PROPN cblr-1732 303 3 18 18 NUM cblr-1732 303 4 , , PUNCT cblr-1732 303 5 2006 2006 NUM cblr-1732 303 6 ) ) PUNCT cblr-1732 303 7 . . PUNCT cblr-1732 304 1 instead instead ADV cblr-1732 304 2 , , PUNCT cblr-1732 304 3 the the DET cblr-1732 304 4 court court NOUN cblr-1732 304 5 considers consider VERB cblr-1732 304 6 whether whether SCONJ cblr-1732 304 7 or or CCONJ cblr-1732 304 8 not not PART cblr-1732 304 9 the the DET cblr-1732 304 10 dominant dominant ADJ cblr-1732 304 11 stockholder stockholder NOUN cblr-1732 304 12 “ " PUNCT cblr-1732 304 13 exercises exercise VERB cblr-1732 304 14 ‘ ' PUNCT cblr-1732 304 15 such such ADJ cblr-1732 304 16 formidable formidable ADJ cblr-1732 304 17 voting voting NOUN cblr-1732 304 18 and and CCONJ cblr-1732 304 19 managerial managerial ADJ cblr-1732 304 20 power power NOUN cblr-1732 304 21 that that SCONJ cblr-1732 304 22 [ [ X cblr-1732 304 23 it it PRON cblr-1732 304 24 ] ] X cblr-1732 304 25 , , PUNCT cblr-1732 304 26 as as ADP cblr-1732 304 27 a a DET cblr-1732 304 28 practical practical ADJ cblr-1732 304 29 matter matter NOUN cblr-1732 304 30 , , PUNCT cblr-1732 304 31 [ [ X cblr-1732 304 32 is be AUX cblr-1732 304 33 ] ] PUNCT cblr-1732 304 34 no no PRON cblr-1732 304 35 differently differently ADV cblr-1732 304 36 situated situate VERB cblr-1732 304 37 than than SCONJ cblr-1732 304 38 if if SCONJ cblr-1732 304 39 [ [ X cblr-1732 304 40 it it PRON cblr-1732 304 41 ] ] PUNCT cblr-1732 304 42 had have VERB cblr-1732 304 43 majority majority NOUN cblr-1732 304 44 voting voting NOUN cblr-1732 304 45 control control NOUN cblr-1732 304 46 . . PUNCT cblr-1732 304 47 ’ ' PUNCT cblr-1732 304 48 ” " PUNCT cblr-1732 304 49 in in ADP cblr-1732 304 50 re re PROPN cblr-1732 304 51 morton morton PROPN cblr-1732 304 52 ’s ’s PART cblr-1732 304 53 rest rest NOUN cblr-1732 304 54 . . PUNCT cblr-1732 305 1 grp grp PROPN cblr-1732 305 2 . . PROPN cblr-1732 305 3 , , PUNCT cblr-1732 305 4 inc inc PROPN cblr-1732 305 5 . . PROPN cblr-1732 305 6 s’holders s’holder VERB cblr-1732 305 7 litig litig PROPN cblr-1732 305 8 . . PUNCT cblr-1732 306 1 , , PUNCT cblr-1732 306 2 74 74 NUM cblr-1732 306 3 a.3d a.3d SYM cblr-1732 306 4 656 656 NUM cblr-1732 306 5 , , PUNCT cblr-1732 306 6 665 665 NUM cblr-1732 306 7 ( ( PUNCT cblr-1732 306 8 del del PROPN cblr-1732 306 9 . . PROPN cblr-1732 306 10 ch ch PROPN cblr-1732 306 11 . . PROPN cblr-1732 306 12 2013 2013 NUM cblr-1732 306 13 ) ) PUNCT cblr-1732 306 14 ( ( PUNCT cblr-1732 306 15 quoting quote VERB cblr-1732 306 16 in in ADP cblr-1732 306 17 re re NOUN cblr-1732 306 18 pnb pnb NOUN cblr-1732 306 19 ) ) PUNCT cblr-1732 306 20 . . PUNCT cblr-1732 307 1 see see VERB cblr-1732 307 2 also also ADV cblr-1732 307 3 in in ADP cblr-1732 307 4 re re NOUN cblr-1732 307 5 cysive cysive PROPN cblr-1732 307 6 , , PUNCT cblr-1732 307 7 inc inc PROPN cblr-1732 307 8 . . PROPN cblr-1732 307 9 s’holders s’holder VERB cblr-1732 307 10 litig litig PROPN cblr-1732 307 11 . . PUNCT cblr-1732 308 1 , , PUNCT cblr-1732 308 2 836 836 NUM cblr-1732 308 3 a.2d a.2d SYM cblr-1732 308 4 531 531 NUM cblr-1732 308 5 , , PUNCT cblr-1732 308 6 553 553 NUM cblr-1732 308 7 ( ( PUNCT cblr-1732 308 8 del del PROPN cblr-1732 308 9 . . PROPN cblr-1732 308 10 ch ch PROPN cblr-1732 308 11 . . PROPN cblr-1732 308 12 2003 2003 NUM cblr-1732 308 13 ) ) PUNCT cblr-1732 308 14 ; ; PUNCT cblr-1732 308 15 citron citron NOUN cblr-1732 308 16 v. v. ADP cblr-1732 308 17 fairchild fairchild PROPN cblr-1732 308 18 camera camera PROPN cblr-1732 308 19 & & CCONJ cblr-1732 308 20 instrument instrument PROPN cblr-1732 308 21 corp corp PROPN cblr-1732 308 22 . . PROPN cblr-1732 308 23 , , PUNCT cblr-1732 308 24 569 569 NUM cblr-1732 308 25 a.2d a.2d NUM cblr-1732 308 26 53 53 NUM cblr-1732 308 27 , , PUNCT cblr-1732 308 28 70 70 NUM cblr-1732 308 29 ( ( PUNCT cblr-1732 308 30 del del PROPN cblr-1732 308 31 . . PROPN cblr-1732 308 32 1989 1989 NUM cblr-1732 308 33 ) ) PUNCT cblr-1732 308 34 . . PUNCT cblr-1732 309 1 for for ADP cblr-1732 309 2 another another DET cblr-1732 309 3 academic academic ADJ cblr-1732 309 4 study study NOUN cblr-1732 309 5 using use VERB cblr-1732 309 6 a a DET cblr-1732 309 7 30 30 NUM cblr-1732 309 8 % % NOUN cblr-1732 309 9 cutoff cutoff NOUN cblr-1732 309 10 , , PUNCT cblr-1732 309 11 see see VERB cblr-1732 309 12 erede erede NOUN cblr-1732 309 13 , , PUNCT cblr-1732 309 14 supra supra PROPN cblr-1732 309 15 note note NOUN cblr-1732 309 16 65 65 NUM cblr-1732 309 17 . . PUNCT cblr-1732 310 1 for for ADP cblr-1732 310 2 studies study NOUN cblr-1732 310 3 using use VERB cblr-1732 310 4 lower low ADJ cblr-1732 310 5 cutoff cutoff NOUN cblr-1732 310 6 , , PUNCT cblr-1732 310 7 see see VERB cblr-1732 310 8 la la INTJ cblr-1732 310 9 porta porta NOUN cblr-1732 310 10 et et PROPN cblr-1732 310 11 al al PROPN cblr-1732 310 12 . . PROPN cblr-1732 310 13 , , PUNCT cblr-1732 310 14 supra supra PROPN cblr-1732 310 15 note note VERB cblr-1732 310 16 50 50 NUM cblr-1732 310 17 ; ; PUNCT cblr-1732 310 18 faccio faccio PROPN cblr-1732 310 19 & & CCONJ cblr-1732 310 20 lang lang PROPN cblr-1732 310 21 , , PUNCT cblr-1732 310 22 supra supra PROPN cblr-1732 310 23 note note VERB cblr-1732 310 24 50 50 NUM cblr-1732 310 25 . . PUNCT cblr-1732 311 1 kastiel kastiel PROPN cblr-1732 311 2 – – PUNCT cblr-1732 311 3 final final ADJ cblr-1732 311 4 no no NOUN cblr-1732 311 5 . . PROPN cblr-1732 311 6 1:60 1:60 NUM cblr-1732 311 7 ] ] PUNCT cblr-1732 311 8 against against ADP cblr-1732 311 9 all all DET cblr-1732 311 10 odds odd NOUN cblr-1732 311 11 83 83 NUM cblr-1732 311 12 insider insider NOUN cblr-1732 311 13 ownership ownership NOUN cblr-1732 311 14 is be AUX cblr-1732 311 15 up up ADP cblr-1732 311 16 to to PART cblr-1732 311 17 10 10 NUM cblr-1732 311 18 % % NOUN cblr-1732 311 19 of of ADP cblr-1732 311 20 the the DET cblr-1732 311 21 outstanding outstanding ADJ cblr-1732 311 22 common common ADJ cblr-1732 311 23 shares share NOUN cblr-1732 311 24 , , PUNCT cblr-1732 311 25 but but CCONJ cblr-1732 311 26 when when SCONJ cblr-1732 311 27 controlling control VERB cblr-1732 311 28 for for ADP cblr-1732 311 29 the the DET cblr-1732 311 30 number number NOUN cblr-1732 311 31 of of ADP cblr-1732 311 32 russell russell PROPN cblr-1732 311 33 3000 3000 NUM cblr-1732 311 34 companies company NOUN cblr-1732 311 35 in in ADP cblr-1732 311 36 2014 2014 NUM cblr-1732 311 37 in in ADP cblr-1732 311 38 this this DET cblr-1732 311 39 category category NOUN cblr-1732 311 40 , , PUNCT cblr-1732 311 41 the the DET cblr-1732 311 42 percentage percentage NOUN cblr-1732 311 43 goes go VERB cblr-1732 311 44 down down ADV cblr-1732 311 45 to to ADP cblr-1732 311 46 27.7 27.7 NUM cblr-1732 311 47 % % NOUN cblr-1732 311 48 ( ( PUNCT cblr-1732 311 49 meaning mean VERB cblr-1732 311 50 that that SCONJ cblr-1732 311 51 27.7 27.7 NUM cblr-1732 311 52 % % NOUN cblr-1732 311 53 of of ADP cblr-1732 311 54 the the DET cblr-1732 311 55 firms firm NOUN cblr-1732 311 56 where where SCONJ cblr-1732 311 57 insiders insider NOUN cblr-1732 311 58 own own VERB cblr-1732 311 59 up up ADP cblr-1732 311 60 to to PART cblr-1732 311 61 10 10 NUM cblr-1732 311 62 % % NOUN cblr-1732 311 63 of of ADP cblr-1732 311 64 the the DET cblr-1732 311 65 outstanding outstanding ADJ cblr-1732 311 66 shares share NOUN cblr-1732 311 67 have have AUX cblr-1732 311 68 been be AUX cblr-1732 311 69 subject subject ADJ cblr-1732 311 70 to to ADP cblr-1732 311 71 activism activism NOUN cblr-1732 311 72 ) ) PUNCT cblr-1732 311 73 . . PUNCT cblr-1732 312 1 figure figure VERB cblr-1732 312 2 1 1 NUM cblr-1732 312 3 : : PUNCT cblr-1732 312 4 activism activism NOUN cblr-1732 312 5 and and CCONJ cblr-1732 312 6 insider insider NOUN cblr-1732 312 7 ownership ownership NOUN cblr-1732 312 8 as as SCONJ cblr-1732 312 9 expected expect VERB cblr-1732 312 10 , , PUNCT cblr-1732 312 11 the the DET cblr-1732 312 12 likelihood likelihood NOUN cblr-1732 312 13 of of ADP cblr-1732 312 14 a a DET cblr-1732 312 15 company company NOUN cblr-1732 312 16 being be AUX cblr-1732 312 17 subject subject ADJ cblr-1732 312 18 to to ADP cblr-1732 312 19 an an DET cblr-1732 312 20 activist activist ADJ cblr-1732 312 21 intervention intervention NOUN cblr-1732 312 22 is be AUX cblr-1732 312 23 negatively negatively ADV cblr-1732 312 24 associated associate VERB cblr-1732 312 25 with with ADP cblr-1732 312 26 the the DET cblr-1732 312 27 “ " PUNCT cblr-1732 312 28 insider insider NOUN cblr-1732 312 29 ownership ownership NOUN cblr-1732 312 30 ” " PUNCT cblr-1732 312 31 variable variable NOUN cblr-1732 312 32 . . PUNCT cblr-1732 313 1 as as SCONJ cblr-1732 313 2 ownership ownership NOUN cblr-1732 313 3 becomes become VERB cblr-1732 313 4 more more ADV cblr-1732 313 5 concentrated concentrated ADJ cblr-1732 313 6 , , PUNCT cblr-1732 313 7 the the DET cblr-1732 313 8 number number NOUN cblr-1732 313 9 of of ADP cblr-1732 313 10 target target NOUN cblr-1732 313 11 companies company NOUN cblr-1732 313 12 declines decline VERB cblr-1732 313 13 dramatically dramatically ADV cblr-1732 313 14 . . PUNCT cblr-1732 314 1 however however ADV cblr-1732 314 2 , , PUNCT cblr-1732 314 3 as as SCONJ cblr-1732 314 4 reflected reflect VERB cblr-1732 314 5 in in ADP cblr-1732 314 6 figure figure NOUN cblr-1732 314 7 1 1 NUM cblr-1732 314 8 , , PUNCT cblr-1732 314 9 when when SCONJ cblr-1732 314 10 adjusted adjust VERB cblr-1732 314 11 for for ADP cblr-1732 314 12 the the DET cblr-1732 314 13 number number NOUN cblr-1732 314 14 of of ADP cblr-1732 314 15 companies company NOUN cblr-1732 314 16 in in ADP cblr-1732 314 17 each each DET cblr-1732 314 18 category category NOUN cblr-1732 314 19 of of ADP cblr-1732 314 20 insider insider NOUN cblr-1732 314 21 ownership ownership NOUN cblr-1732 314 22 , , PUNCT cblr-1732 314 23 the the DET cblr-1732 314 24 differences difference NOUN cblr-1732 314 25 in in ADP cblr-1732 314 26 the the DET cblr-1732 314 27 intensity intensity NOUN cblr-1732 314 28 of of ADP cblr-1732 314 29 activist activist ADJ cblr-1732 314 30 events event NOUN cblr-1732 314 31 between between ADP cblr-1732 314 32 the the DET cblr-1732 314 33 different different ADJ cblr-1732 314 34 insider insider NOUN cblr-1732 314 35 ownership ownership NOUN cblr-1732 314 36 categories category NOUN cblr-1732 314 37 become become VERB cblr-1732 314 38 smaller small ADJ cblr-1732 314 39 . . PUNCT cblr-1732 315 1 table table NOUN cblr-1732 315 2 1 1 NUM cblr-1732 315 3 compares compare VERB cblr-1732 315 4 activist activist ADJ cblr-1732 315 5 engagements engagement NOUN cblr-1732 315 6 in in ADP cblr-1732 315 7 controlled control VERB cblr-1732 315 8 companies company NOUN cblr-1732 315 9 to to ADP cblr-1732 315 10 those those PRON cblr-1732 315 11 that that PRON cblr-1732 315 12 are be AUX cblr-1732 315 13 widely widely ADV cblr-1732 315 14 held hold VERB cblr-1732 315 15 , , PUNCT cblr-1732 315 16 while while SCONJ cblr-1732 315 17 controlling control VERB cblr-1732 315 18 for for ADP cblr-1732 315 19 the the DET cblr-1732 315 20 number number NOUN cblr-1732 315 21 of of ADP cblr-1732 315 22 widely widely ADV cblr-1732 315 23 held hold VERB cblr-1732 315 24 and and CCONJ cblr-1732 315 25 controlled control VERB cblr-1732 315 26 companies company NOUN cblr-1732 315 27 in in ADP cblr-1732 315 28 the the DET cblr-1732 315 29 russell russell PROPN cblr-1732 315 30 3000 3000 NUM cblr-1732 315 31 index index NOUN cblr-1732 315 32 as as ADP cblr-1732 315 33 of of ADP cblr-1732 315 34 2014 2014 NUM cblr-1732 315 35 . . PUNCT cblr-1732 316 1 as as SCONJ cblr-1732 316 2 table table NOUN cblr-1732 316 3 1 1 NUM cblr-1732 316 4 shows show NOUN cblr-1732 316 5 , , PUNCT cblr-1732 316 6 the the DET cblr-1732 316 7 likelihood likelihood NOUN cblr-1732 316 8 that that SCONJ cblr-1732 316 9 a a DET cblr-1732 316 10 controlled control VERB cblr-1732 316 11 company company NOUN cblr-1732 316 12 will will AUX cblr-1732 316 13 face face VERB cblr-1732 316 14 an an DET cblr-1732 316 15 activist activist ADJ cblr-1732 316 16 event event NOUN cblr-1732 316 17 is be AUX cblr-1732 316 18 indeed indeed ADV cblr-1732 316 19 lower low ADJ cblr-1732 316 20 than than ADP cblr-1732 316 21 that that PRON cblr-1732 316 22 of of ADP cblr-1732 316 23 a a DET cblr-1732 316 24 widely widely ADV cblr-1732 316 25 held hold VERB cblr-1732 316 26 company company NOUN cblr-1732 316 27 . . PUNCT cblr-1732 317 1 only only ADV cblr-1732 317 2 14.9 14.9 NUM cblr-1732 317 3 % % NOUN cblr-1732 317 4 of of ADP cblr-1732 317 5 the the DET cblr-1732 317 6 controlled control VERB cblr-1732 317 7 companies company NOUN cblr-1732 317 8 that that PRON cblr-1732 317 9 were be AUX cblr-1732 317 10 on on ADP cblr-1732 317 11 the the DET cblr-1732 317 12 russell russell PROPN cblr-1732 317 13 3000 3000 NUM cblr-1732 317 14 index index NOUN cblr-1732 317 15 in in ADP cblr-1732 317 16 2014 2014 NUM cblr-1732 317 17 faced face VERB cblr-1732 317 18 at at ADP cblr-1732 317 19 least least ADV cblr-1732 317 20 one one NUM cblr-1732 317 21 activist activist ADJ cblr-1732 317 22 event event NOUN cblr-1732 317 23 during during ADP cblr-1732 317 24 the the DET cblr-1732 317 25 sampled sample VERB cblr-1732 317 26 period period NOUN cblr-1732 317 27 compared compare VERB cblr-1732 317 28 to to ADP cblr-1732 317 29 26.5 26.5 NUM cblr-1732 317 30 % % NOUN cblr-1732 317 31 of of ADP cblr-1732 317 32 the the DET cblr-1732 317 33 widely widely ADV cblr-1732 317 34 kastiel kastiel ADJ cblr-1732 317 35 – – PUNCT cblr-1732 317 36 final final ADJ cblr-1732 317 37 84 84 NUM cblr-1732 317 38 columbia columbia PROPN cblr-1732 317 39 business business NOUN cblr-1732 317 40 law law PROPN cblr-1732 317 41 review review NOUN cblr-1732 317 42 [ [ X cblr-1732 317 43 vol vol NOUN cblr-1732 317 44 . . PUNCT cblr-1732 317 45 2016 2016 NUM cblr-1732 317 46 held hold VERB cblr-1732 317 47 companies.85 companies.85 NOUN cblr-1732 317 48 interestingly interestingly ADV cblr-1732 317 49 however however ADV cblr-1732 317 50 , , PUNCT cblr-1732 317 51 although although SCONJ cblr-1732 317 52 the the DET cblr-1732 317 53 increase increase NOUN cblr-1732 317 54 in in ADP cblr-1732 317 55 ownership ownership NOUN cblr-1732 317 56 concentration concentration NOUN cblr-1732 317 57 reduces reduce VERB cblr-1732 317 58 the the DET cblr-1732 317 59 likelihood likelihood NOUN cblr-1732 317 60 of of ADP cblr-1732 317 61 activism activism NOUN cblr-1732 317 62 , , PUNCT cblr-1732 317 63 controlled control VERB cblr-1732 317 64 companies company NOUN cblr-1732 317 65 are be AUX cblr-1732 317 66 not not PART cblr-1732 317 67 fully fully ADV cblr-1732 317 68 insulated insulate VERB cblr-1732 317 69 from from ADP cblr-1732 317 70 activist activist ADJ cblr-1732 317 71 interventions intervention NOUN cblr-1732 317 72 , , PUNCT cblr-1732 317 73 and and CCONJ cblr-1732 317 74 the the DET cblr-1732 317 75 total total ADJ cblr-1732 317 76 number number NOUN cblr-1732 317 77 of of ADP cblr-1732 317 78 companies company NOUN cblr-1732 317 79 subject subject ADJ cblr-1732 317 80 to to ADP cblr-1732 317 81 activism activism NOUN cblr-1732 317 82 is be AUX cblr-1732 317 83 not not PART cblr-1732 317 84 negligible negligible ADJ cblr-1732 317 85 . . PUNCT cblr-1732 318 1 i i PRON cblr-1732 318 2 also also ADV cblr-1732 318 3 explored explore VERB cblr-1732 318 4 the the DET cblr-1732 318 5 difference difference NOUN cblr-1732 318 6 in in ADP cblr-1732 318 7 the the DET cblr-1732 318 8 intensity intensity NOUN cblr-1732 318 9 of of ADP cblr-1732 318 10 activism activism NOUN cblr-1732 318 11 between between ADP cblr-1732 318 12 widely widely ADV cblr-1732 318 13 held hold VERB cblr-1732 318 14 firms firm NOUN cblr-1732 318 15 and and CCONJ cblr-1732 318 16 controlled control VERB cblr-1732 318 17 firms firm NOUN cblr-1732 318 18 that that PRON cblr-1732 318 19 have have VERB cblr-1732 318 20 a a DET cblr-1732 318 21 dual dual ADJ cblr-1732 318 22 - - PUNCT cblr-1732 318 23 class class NOUN cblr-1732 318 24 share share NOUN cblr-1732 318 25 structure structure NOUN cblr-1732 318 26 , , PUNCT cblr-1732 318 27 a a DET cblr-1732 318 28 control control NOUN cblr-1732 318 29 - - PUNCT cblr-1732 318 30 enhancing enhance VERB cblr-1732 318 31 mechanism mechanism NOUN cblr-1732 318 32 that that PRON cblr-1732 318 33 is be AUX cblr-1732 318 34 often often ADV cblr-1732 318 35 used use VERB cblr-1732 318 36 by by ADP cblr-1732 318 37 u.s u.s PROPN cblr-1732 318 38 . . PROPN cblr-1732 318 39 controllers.86 controllers.86 NOUN cblr-1732 318 40 as as ADP cblr-1732 318 41 table table NOUN cblr-1732 318 42 2 2 NUM cblr-1732 318 43 shows show NOUN cblr-1732 318 44 , , PUNCT cblr-1732 318 45 when when SCONJ cblr-1732 318 46 i i PRON cblr-1732 318 47 focus focus VERB cblr-1732 318 48 on on ADP cblr-1732 318 49 this this DET cblr-1732 318 50 subset subset NOUN cblr-1732 318 51 of of ADP cblr-1732 318 52 controlled control VERB cblr-1732 318 53 firms firm NOUN cblr-1732 318 54 , , PUNCT cblr-1732 318 55 the the DET cblr-1732 318 56 differences difference NOUN cblr-1732 318 57 in in ADP cblr-1732 318 58 the the DET cblr-1732 318 59 intensity intensity NOUN cblr-1732 318 60 of of ADP cblr-1732 318 61 activist activist ADJ cblr-1732 318 62 events event NOUN cblr-1732 318 63 between between ADP cblr-1732 318 64 widely widely ADV cblr-1732 318 65 held hold VERB cblr-1732 318 66 and and CCONJ cblr-1732 318 67 controlled control VERB cblr-1732 318 68 companies company NOUN cblr-1732 318 69 become become VERB cblr-1732 318 70 even even ADV cblr-1732 318 71 smaller small ADJ cblr-1732 318 72 . . PUNCT cblr-1732 319 1 some some DET cblr-1732 319 2 20.3 20.3 NUM cblr-1732 319 3 % % NOUN cblr-1732 319 4 of of ADP cblr-1732 319 5 all all DET cblr-1732 319 6 dual dual ADJ cblr-1732 319 7 - - PUNCT cblr-1732 319 8 class class NOUN cblr-1732 319 9 firms firm NOUN cblr-1732 319 10 that that PRON cblr-1732 319 11 were be AUX cblr-1732 319 12 on on ADP cblr-1732 319 13 the the DET cblr-1732 319 14 russell russell PROPN cblr-1732 319 15 3000 3000 NUM cblr-1732 319 16 index index NOUN cblr-1732 319 17 in in ADP cblr-1732 319 18 2014 2014 NUM cblr-1732 319 19 experienced experience VERB cblr-1732 319 20 at at ADP cblr-1732 319 21 least least ADV cblr-1732 319 22 one one NUM cblr-1732 319 23 activist activist ADJ cblr-1732 319 24 event event NOUN cblr-1732 319 25 during during ADP cblr-1732 319 26 the the DET cblr-1732 319 27 sampled sample VERB cblr-1732 319 28 period period NOUN cblr-1732 319 29 compared compare VERB cblr-1732 319 30 to to ADP cblr-1732 319 31 26.5 26.5 NUM cblr-1732 319 32 % % NOUN cblr-1732 319 33 of of ADP cblr-1732 319 34 the the DET cblr-1732 319 35 widely widely ADV cblr-1732 319 36 held hold VERB cblr-1732 319 37 companies company NOUN cblr-1732 319 38 . . PUNCT cblr-1732 320 1 in in ADP cblr-1732 320 2 the the DET cblr-1732 320 3 next next ADJ cblr-1732 320 4 part part NOUN cblr-1732 320 5 , , PUNCT cblr-1732 320 6 i i PRON cblr-1732 320 7 will will AUX cblr-1732 320 8 explore explore VERB cblr-1732 320 9 the the DET cblr-1732 320 10 main main ADJ cblr-1732 320 11 cause cause NOUN cblr-1732 320 12 behind behind ADP cblr-1732 320 13 the the DET cblr-1732 320 14 relatively relatively ADV cblr-1732 320 15 high high ADJ cblr-1732 320 16 percentage percentage NOUN cblr-1732 320 17 of of ADP cblr-1732 320 18 engagements engagement NOUN cblr-1732 320 19 with with ADP cblr-1732 320 20 dual dual ADJ cblr-1732 320 21 - - PUNCT cblr-1732 320 22 class class NOUN cblr-1732 320 23 firms firm NOUN cblr-1732 320 24 , , PUNCT cblr-1732 320 25 and and CCONJ cblr-1732 320 26 will will AUX cblr-1732 320 27 show show VERB cblr-1732 320 28 that that PRON cblr-1732 320 29 is be AUX cblr-1732 320 30 often often ADV cblr-1732 320 31 facilitated facilitate VERB cblr-1732 320 32 by by ADP cblr-1732 320 33 a a DET cblr-1732 320 34 formal formal ADJ cblr-1732 320 35 right right NOUN cblr-1732 320 36 that that SCONJ cblr-1732 320 37 certain certain ADJ cblr-1732 320 38 dual dual ADJ cblr-1732 320 39 - - PUNCT cblr-1732 320 40 class class NOUN cblr-1732 320 41 firms firm NOUN cblr-1732 320 42 grant grant VERB cblr-1732 320 43 minority minority NOUN cblr-1732 320 44 shareholders shareholder NOUN cblr-1732 320 45 . . PUNCT cblr-1732 321 1 table table NOUN cblr-1732 321 2 1 1 NUM cblr-1732 321 3 : : PUNCT cblr-1732 321 4 activism activism NOUN cblr-1732 321 5 with with ADP cblr-1732 321 6 widely widely ADV cblr-1732 321 7 held hold VERB cblr-1732 321 8 and and CCONJ cblr-1732 321 9 controlled control VERB cblr-1732 321 10 companies company NOUN cblr-1732 321 11 widely widely ADV cblr-1732 321 12 held hold VERB cblr-1732 321 13 companies company NOUN cblr-1732 321 14 controlled control VERB cblr-1732 321 15 companies company NOUN cblr-1732 321 16 controlled control VERB cblr-1732 321 17 with with ADP cblr-1732 321 18 dualclass dualclass PROPN cblr-1732 321 19 no no INTJ cblr-1732 321 20 . . PUNCT cblr-1732 322 1 of of ADP cblr-1732 322 2 companies company NOUN cblr-1732 322 3 in in ADP cblr-1732 322 4 the the DET cblr-1732 322 5 index index NOUN cblr-1732 322 6 2173 2173 NUM cblr-1732 322 7 529 529 NUM cblr-1732 322 8 236 236 NUM cblr-1732 322 9 no no NOUN cblr-1732 322 10 . . PUNCT cblr-1732 323 1 of of ADP cblr-1732 323 2 targets target NOUN cblr-1732 323 3 ( ( PUNCT cblr-1732 323 4 as as ADP cblr-1732 323 5 % % NOUN cblr-1732 323 6 of of ADP cblr-1732 323 7 companies company NOUN cblr-1732 323 8 in in ADP cblr-1732 323 9 the the DET cblr-1732 323 10 index index NOUN cblr-1732 323 11 ) ) PUNCT cblr-1732 323 12 575 575 NUM cblr-1732 323 13 ( ( PUNCT cblr-1732 323 14 26.5 26.5 NUM cblr-1732 323 15 % % NOUN cblr-1732 323 16 ) ) PUNCT cblr-1732 323 17 79 79 NUM cblr-1732 323 18 ( ( PUNCT cblr-1732 323 19 14.9 14.9 NUM cblr-1732 323 20 % % NOUN cblr-1732 323 21 ) ) PUNCT cblr-1732 323 22 48 48 NUM cblr-1732 323 23 ( ( PUNCT cblr-1732 323 24 20.3 20.3 NUM cblr-1732 323 25 % % NOUN cblr-1732 323 26 ) ) PUNCT cblr-1732 323 27 85 85 NUM cblr-1732 323 28 this this DET cblr-1732 323 29 finding finding NOUN cblr-1732 323 30 is be AUX cblr-1732 323 31 also also ADV cblr-1732 323 32 in in ADP cblr-1732 323 33 line line NOUN cblr-1732 323 34 with with ADP cblr-1732 323 35 a a DET cblr-1732 323 36 recent recent ADJ cblr-1732 323 37 study study NOUN cblr-1732 323 38 on on ADP cblr-1732 323 39 shareholder shareholder NOUN cblr-1732 323 40 activism activism NOUN cblr-1732 323 41 in in ADP cblr-1732 323 42 the the DET cblr-1732 323 43 united united PROPN cblr-1732 323 44 states states PROPN cblr-1732 323 45 , , PUNCT cblr-1732 323 46 showing show VERB cblr-1732 323 47 that that SCONJ cblr-1732 323 48 stock stock NOUN cblr-1732 323 49 liquidity liquidity NOUN cblr-1732 323 50 increases increase VERB cblr-1732 323 51 the the DET cblr-1732 323 52 probability probability NOUN cblr-1732 323 53 of of ADP cblr-1732 323 54 activism activism NOUN cblr-1732 323 55 . . PUNCT cblr-1732 324 1 see see VERB cblr-1732 324 2 oyvind oyvind NOUN cblr-1732 324 3 norli norli PROPN cblr-1732 324 4 , , PUNCT cblr-1732 324 5 charlotte charlotte PROPN cblr-1732 324 6 ostergaard ostergaard PROPN cblr-1732 324 7 & & CCONJ cblr-1732 324 8 ibolya ibolya PROPN cblr-1732 324 9 schindele schindele PROPN cblr-1732 324 10 , , PUNCT cblr-1732 324 11 liquidity liquidity NOUN cblr-1732 324 12 and and CCONJ cblr-1732 324 13 shareholder shareholder NOUN cblr-1732 324 14 activism activism NOUN cblr-1732 324 15 , , PUNCT cblr-1732 324 16 rev rev PROPN cblr-1732 324 17 . . PROPN cblr-1732 324 18 fin fin PROPN cblr-1732 324 19 . . PUNCT cblr-1732 324 20 stud stud PROPN cblr-1732 324 21 . . PUNCT cblr-1732 325 1 3 3 NUM cblr-1732 325 2 ( ( PUNCT cblr-1732 325 3 forthcoming forthcoming ADJ cblr-1732 325 4 2015 2015 NUM cblr-1732 325 5 ) ) PUNCT cblr-1732 325 6 . . PUNCT cblr-1732 326 1 86 86 NUM cblr-1732 326 2 see see VERB cblr-1732 326 3 infra infra NOUN cblr-1732 326 4 note note VERB cblr-1732 326 5 185 185 NUM cblr-1732 326 6 and and CCONJ cblr-1732 326 7 accompanying accompany VERB cblr-1732 326 8 text text NOUN cblr-1732 326 9 . . PUNCT cblr-1732 327 1 kastiel kastiel PROPN cblr-1732 327 2 – – PUNCT cblr-1732 327 3 final final ADJ cblr-1732 327 4 no no NOUN cblr-1732 327 5 . . PROPN cblr-1732 327 6 1:60 1:60 NUM cblr-1732 327 7 ] ] PUNCT cblr-1732 327 8 against against ADP cblr-1732 327 9 all all DET cblr-1732 327 10 odds odd NOUN cblr-1732 327 11 85 85 NUM cblr-1732 327 12 furthermore furthermore ADV cblr-1732 327 13 , , PUNCT cblr-1732 327 14 this this DET cblr-1732 327 15 lack lack NOUN cblr-1732 327 16 of of ADP cblr-1732 327 17 absolute absolute ADJ cblr-1732 327 18 protection protection NOUN cblr-1732 327 19 from from ADP cblr-1732 327 20 activism activism NOUN cblr-1732 327 21 becomes become VERB cblr-1732 327 22 even even ADV cblr-1732 327 23 more more ADV cblr-1732 327 24 pronounced pronounced ADJ cblr-1732 327 25 when when SCONJ cblr-1732 327 26 looking look VERB cblr-1732 327 27 at at ADP cblr-1732 327 28 historical historical ADJ cblr-1732 327 29 engagements engagement NOUN cblr-1732 327 30 with with ADP cblr-1732 327 31 controlled control VERB cblr-1732 327 32 targets target NOUN cblr-1732 327 33 that that PRON cblr-1732 327 34 were be AUX cblr-1732 327 35 included include VERB cblr-1732 327 36 in in ADP cblr-1732 327 37 the the DET cblr-1732 327 38 russell russell PROPN cblr-1732 327 39 3000 3000 NUM cblr-1732 327 40 index index NOUN cblr-1732 327 41 in in ADP cblr-1732 327 42 previous previous ADJ cblr-1732 327 43 years year NOUN cblr-1732 327 44 . . PUNCT cblr-1732 328 1 as as SCONJ cblr-1732 328 2 noted note VERB cblr-1732 328 3 earlier early ADV cblr-1732 328 4 , , PUNCT cblr-1732 328 5 such such ADJ cblr-1732 328 6 review review NOUN cblr-1732 328 7 yields yield VERB cblr-1732 328 8 a a DET cblr-1732 328 9 sample sample NOUN cblr-1732 328 10 of of ADP cblr-1732 328 11 over over ADP cblr-1732 328 12 200 200 NUM cblr-1732 328 13 activist activist ADJ cblr-1732 328 14 events event NOUN cblr-1732 328 15 with with ADP cblr-1732 328 16 110 110 NUM cblr-1732 328 17 targets target NOUN cblr-1732 328 18 . . PUNCT cblr-1732 329 1 in in ADP cblr-1732 329 2 sum sum NOUN cblr-1732 329 3 , , PUNCT cblr-1732 329 4 while while SCONJ cblr-1732 329 5 controlled controlled ADJ cblr-1732 329 6 companies company NOUN cblr-1732 329 7 do do AUX cblr-1732 329 8 enjoy enjoy VERB cblr-1732 329 9 some some DET cblr-1732 329 10 immunity immunity NOUN cblr-1732 329 11 from from ADP cblr-1732 329 12 activist activist ADJ cblr-1732 329 13 interventions intervention NOUN cblr-1732 329 14 , , PUNCT cblr-1732 329 15 the the DET cblr-1732 329 16 data datum NOUN cblr-1732 329 17 clearly clearly ADV cblr-1732 329 18 show show VERB cblr-1732 329 19 that that SCONJ cblr-1732 329 20 this this DET cblr-1732 329 21 immunity immunity NOUN cblr-1732 329 22 is be AUX cblr-1732 329 23 only only ADV cblr-1732 329 24 partial partial ADJ cblr-1732 329 25 . . PUNCT cblr-1732 330 1 activist activist ADJ cblr-1732 330 2 players player NOUN cblr-1732 330 3 do do VERB cblr-1732 330 4 target target VERB cblr-1732 330 5 controlled control VERB cblr-1732 330 6 companies company NOUN cblr-1732 330 7 as as ADV cblr-1732 330 8 well well ADV cblr-1732 330 9 , , PUNCT cblr-1732 330 10 and and CCONJ cblr-1732 330 11 this this DET cblr-1732 330 12 activity activity NOUN cblr-1732 330 13 is be AUX cblr-1732 330 14 far far ADV cblr-1732 330 15 from from ADP cblr-1732 330 16 trivial.87 trivial.87 PROPN cblr-1732 330 17 2 2 NUM cblr-1732 330 18 . . PUNCT cblr-1732 330 19 different different ADJ cblr-1732 330 20 type type NOUN cblr-1732 330 21 of of ADP cblr-1732 330 22 activism activism NOUN cblr-1732 330 23 ? ? PUNCT cblr-1732 331 1 the the DET cblr-1732 331 2 previous previous ADJ cblr-1732 331 3 subpart subpart NOUN cblr-1732 331 4 showed show VERB cblr-1732 331 5 that that SCONJ cblr-1732 331 6 activists activist NOUN cblr-1732 331 7 are be AUX cblr-1732 331 8 also also ADV cblr-1732 331 9 showing show VERB cblr-1732 331 10 up up ADP cblr-1732 331 11 at at ADP cblr-1732 331 12 a a DET cblr-1732 331 13 non non ADJ cblr-1732 331 14 - - ADJ cblr-1732 331 15 negligible negligible ADJ cblr-1732 331 16 number number NOUN cblr-1732 331 17 of of ADP cblr-1732 331 18 controlled control VERB cblr-1732 331 19 companies company NOUN cblr-1732 331 20 , , PUNCT cblr-1732 331 21 but but CCONJ cblr-1732 331 22 this this DET cblr-1732 331 23 raw raw ADJ cblr-1732 331 24 data datum NOUN cblr-1732 331 25 does do AUX cblr-1732 331 26 not not PART cblr-1732 331 27 tell tell VERB cblr-1732 331 28 us we PRON cblr-1732 331 29 anything anything PRON cblr-1732 331 30 about about ADP cblr-1732 331 31 the the DET cblr-1732 331 32 nature nature NOUN cblr-1732 331 33 of of ADP cblr-1732 331 34 those those DET cblr-1732 331 35 activist activist ADJ cblr-1732 331 36 engagements engagement NOUN cblr-1732 331 37 . . PUNCT cblr-1732 332 1 one one PRON cblr-1732 332 2 could could AUX cblr-1732 332 3 rightfully rightfully ADV cblr-1732 332 4 argue argue VERB cblr-1732 332 5 that that SCONJ cblr-1732 332 6 engagements engagement NOUN cblr-1732 332 7 with with ADP cblr-1732 332 8 controlled control VERB cblr-1732 332 9 companies company NOUN cblr-1732 332 10 may may AUX cblr-1732 332 11 differ differ VERB cblr-1732 332 12 substantially substantially ADV cblr-1732 332 13 from from ADP cblr-1732 332 14 those those PRON cblr-1732 332 15 with with ADP cblr-1732 332 16 widely widely ADV cblr-1732 332 17 held hold VERB cblr-1732 332 18 firms firm NOUN cblr-1732 332 19 . . PUNCT cblr-1732 333 1 for for ADP cblr-1732 333 2 instance instance NOUN cblr-1732 333 3 , , PUNCT cblr-1732 333 4 activists activist NOUN cblr-1732 333 5 engaging engage VERB cblr-1732 333 6 with with ADP cblr-1732 333 7 controlled control VERB cblr-1732 333 8 companies company NOUN cblr-1732 333 9 may may AUX cblr-1732 333 10 primarily primarily ADV cblr-1732 333 11 focus focus VERB cblr-1732 333 12 on on ADP cblr-1732 333 13 governance governance NOUN cblr-1732 333 14 changes change NOUN cblr-1732 333 15 , , PUNCT cblr-1732 333 16 use use VERB cblr-1732 333 17 only only ADV cblr-1732 333 18 lowprofile lowprofile ADJ cblr-1732 333 19 , , PUNCT cblr-1732 333 20 collaborative collaborative ADJ cblr-1732 333 21 strategies strategy NOUN cblr-1732 333 22 to to PART cblr-1732 333 23 achieve achieve VERB cblr-1732 333 24 their their PRON cblr-1732 333 25 goals goal NOUN cblr-1732 333 26 , , PUNCT cblr-1732 333 27 or or CCONJ cblr-1732 333 28 pick pick VERB cblr-1732 333 29 easier easy ADJ cblr-1732 333 30 targets target NOUN cblr-1732 333 31 . . PUNCT cblr-1732 334 1 this this DET cblr-1732 334 2 subpart subpart NOUN cblr-1732 334 3 examines examine VERB cblr-1732 334 4 these these DET cblr-1732 334 5 alternative alternative ADJ cblr-1732 334 6 hypotheses hypothesis NOUN cblr-1732 334 7 , , PUNCT cblr-1732 334 8 using use VERB cblr-1732 334 9 the the DET cblr-1732 334 10 full full ADJ cblr-1732 334 11 sample sample NOUN cblr-1732 334 12 of of ADP cblr-1732 334 13 activist activist ADJ cblr-1732 334 14 engagements engagement NOUN cblr-1732 334 15 with with ADP cblr-1732 334 16 controlled control VERB cblr-1732 334 17 firms firm NOUN cblr-1732 334 18 . . PUNCT cblr-1732 335 1 87 87 NUM cblr-1732 335 2 one one PRON cblr-1732 335 3 could could AUX cblr-1732 335 4 argue argue VERB cblr-1732 335 5 the the DET cblr-1732 335 6 lower low ADJ cblr-1732 335 7 percentage percentage NOUN cblr-1732 335 8 of of ADP cblr-1732 335 9 activist activist ADJ cblr-1732 335 10 campaigns campaign NOUN cblr-1732 335 11 in in ADP cblr-1732 335 12 controlled control VERB cblr-1732 335 13 companies company NOUN cblr-1732 335 14 is be AUX cblr-1732 335 15 not not PART cblr-1732 335 16 necessarily necessarily ADV cblr-1732 335 17 a a DET cblr-1732 335 18 direct direct ADJ cblr-1732 335 19 result result NOUN cblr-1732 335 20 of of ADP cblr-1732 335 21 an an DET cblr-1732 335 22 increased increase VERB cblr-1732 335 23 insulation insulation NOUN cblr-1732 335 24 due due ADP cblr-1732 335 25 to to ADP cblr-1732 335 26 their their PRON cblr-1732 335 27 ownership ownership NOUN cblr-1732 335 28 structure structure NOUN cblr-1732 335 29 , , PUNCT cblr-1732 335 30 but but CCONJ cblr-1732 335 31 instead instead ADV cblr-1732 335 32 a a DET cblr-1732 335 33 result result NOUN cblr-1732 335 34 of of ADP cblr-1732 335 35 other other ADJ cblr-1732 335 36 factors factor NOUN cblr-1732 335 37 . . PUNCT cblr-1732 336 1 for for ADP cblr-1732 336 2 instance instance NOUN cblr-1732 336 3 , , PUNCT cblr-1732 336 4 controlled control VERB cblr-1732 336 5 companies company NOUN cblr-1732 336 6 might might AUX cblr-1732 336 7 be be AUX cblr-1732 336 8 less less ADV cblr-1732 336 9 attractive attractive ADJ cblr-1732 336 10 targets target NOUN cblr-1732 336 11 if if SCONJ cblr-1732 336 12 they they PRON cblr-1732 336 13 are be AUX cblr-1732 336 14 better well ADV cblr-1732 336 15 managed manage VERB cblr-1732 336 16 than than ADP cblr-1732 336 17 widely widely ADV cblr-1732 336 18 held hold VERB cblr-1732 336 19 companies company NOUN cblr-1732 336 20 , , PUNCT cblr-1732 336 21 offering offer VERB cblr-1732 336 22 activists activist NOUN cblr-1732 336 23 limited limit VERB cblr-1732 336 24 value value NOUN cblr-1732 336 25 - - PUNCT cblr-1732 336 26 creating create VERB cblr-1732 336 27 opportunities opportunity NOUN cblr-1732 336 28 . . PUNCT cblr-1732 337 1 in in ADP cblr-1732 337 2 part part NOUN cblr-1732 337 3 vi vi PROPN cblr-1732 337 4 , , PUNCT cblr-1732 337 5 i i PRON cblr-1732 337 6 address address VERB cblr-1732 337 7 this this DET cblr-1732 337 8 claim claim NOUN cblr-1732 337 9 , , PUNCT cblr-1732 337 10 showing show VERB cblr-1732 337 11 it it PRON cblr-1732 337 12 is be AUX cblr-1732 337 13 unlikely unlikely ADJ cblr-1732 337 14 that that SCONJ cblr-1732 337 15 the the DET cblr-1732 337 16 entire entire ADJ cblr-1732 337 17 decline decline NOUN cblr-1732 337 18 in in ADP cblr-1732 337 19 the the DET cblr-1732 337 20 level level NOUN cblr-1732 337 21 of of ADP cblr-1732 337 22 activism activism NOUN cblr-1732 337 23 is be AUX cblr-1732 337 24 not not PART cblr-1732 337 25 associated associate VERB cblr-1732 337 26 , , PUNCT cblr-1732 337 27 at at ADP cblr-1732 337 28 least least ADJ cblr-1732 337 29 partially partially ADV cblr-1732 337 30 , , PUNCT cblr-1732 337 31 with with ADP cblr-1732 337 32 the the DET cblr-1732 337 33 ownership ownership NOUN cblr-1732 337 34 structure structure NOUN cblr-1732 337 35 constraints constraint NOUN cblr-1732 337 36 . . PUNCT cblr-1732 338 1 in in ADP cblr-1732 338 2 particular particular ADJ cblr-1732 338 3 , , PUNCT cblr-1732 338 4 i i PRON cblr-1732 338 5 argue argue VERB cblr-1732 338 6 that that SCONJ cblr-1732 338 7 the the DET cblr-1732 338 8 mediocre mediocre ADJ cblr-1732 338 9 performance performance NOUN cblr-1732 338 10 of of ADP cblr-1732 338 11 dual dual ADJ cblr-1732 338 12 - - PUNCT cblr-1732 338 13 class class NOUN cblr-1732 338 14 firms firm NOUN cblr-1732 338 15 or or CCONJ cblr-1732 338 16 family family NOUN cblr-1732 338 17 firms firm NOUN cblr-1732 338 18 controlled control VERB cblr-1732 338 19 by by ADP cblr-1732 338 20 heirs heir NOUN cblr-1732 338 21 of of ADP cblr-1732 338 22 founders founder NOUN cblr-1732 338 23 , , PUNCT cblr-1732 338 24 as as SCONJ cblr-1732 338 25 evidenced evidence VERB cblr-1732 338 26 by by ADP cblr-1732 338 27 numerous numerous ADJ cblr-1732 338 28 studies study NOUN cblr-1732 338 29 , , PUNCT cblr-1732 338 30 suggests suggest VERB cblr-1732 338 31 that that SCONJ cblr-1732 338 32 a a DET cblr-1732 338 33 large large ADJ cblr-1732 338 34 number number NOUN cblr-1732 338 35 of of ADP cblr-1732 338 36 controlled control VERB cblr-1732 338 37 companies company NOUN cblr-1732 338 38 should should AUX cblr-1732 338 39 be be AUX cblr-1732 338 40 suitable suitable ADJ cblr-1732 338 41 targets target NOUN cblr-1732 338 42 for for ADP cblr-1732 338 43 activism activism NOUN cblr-1732 338 44 , , PUNCT cblr-1732 338 45 assuming assume VERB cblr-1732 338 46 activism activism NOUN cblr-1732 338 47 was be AUX cblr-1732 338 48 not not PART cblr-1732 338 49 discouraged discourage VERB cblr-1732 338 50 by by ADP cblr-1732 338 51 ownership ownership NOUN cblr-1732 338 52 structure structure NOUN cblr-1732 338 53 . . PUNCT cblr-1732 339 1 kastiel kastiel PROPN cblr-1732 339 2 – – PUNCT cblr-1732 339 3 final final ADJ cblr-1732 339 4 86 86 NUM cblr-1732 339 5 columbia columbia PROPN cblr-1732 339 6 business business NOUN cblr-1732 339 7 law law PROPN cblr-1732 339 8 review review NOUN cblr-1732 340 1 [ [ X cblr-1732 340 2 vol vol NOUN cblr-1732 340 3 . . NOUN cblr-1732 340 4 2016 2016 NUM cblr-1732 340 5 ( ( PUNCT cblr-1732 340 6 i i NOUN cblr-1732 340 7 ) ) PUNCT cblr-1732 340 8 different different ADJ cblr-1732 340 9 type type NOUN cblr-1732 340 10 of of ADP cblr-1732 340 11 activist activist ADJ cblr-1732 340 12 engagements engagement NOUN cblr-1732 340 13 ? ? PUNCT cblr-1732 341 1 some some PRON cblr-1732 341 2 may may AUX cblr-1732 341 3 think think VERB cblr-1732 341 4 that that SCONJ cblr-1732 341 5 most most ADJ cblr-1732 341 6 activist activist ADJ cblr-1732 341 7 engagements engagement NOUN cblr-1732 341 8 with with ADP cblr-1732 341 9 controlled control VERB cblr-1732 341 10 companies company NOUN cblr-1732 341 11 are be AUX cblr-1732 341 12 low low ADJ cblr-1732 341 13 - - PUNCT cblr-1732 341 14 profile profile NOUN cblr-1732 341 15 , , PUNCT cblr-1732 341 16 non non ADJ cblr-1732 341 17 - - ADJ cblr-1732 341 18 hostile hostile ADJ cblr-1732 341 19 engagements engagement NOUN cblr-1732 341 20 , , PUNCT cblr-1732 341 21 in in ADP cblr-1732 341 22 which which PRON cblr-1732 341 23 activists activist NOUN cblr-1732 341 24 quietly quietly ADV cblr-1732 341 25 persuade persuade VERB cblr-1732 341 26 controllers controller NOUN cblr-1732 341 27 to to PART cblr-1732 341 28 voluntarily voluntarily ADV cblr-1732 341 29 accept accept VERB cblr-1732 341 30 their their PRON cblr-1732 341 31 position position NOUN cblr-1732 341 32 . . PUNCT cblr-1732 342 1 this this DET cblr-1732 342 2 possibility possibility NOUN cblr-1732 342 3 , , PUNCT cblr-1732 342 4 however however ADV cblr-1732 342 5 , , PUNCT cblr-1732 342 6 is be AUX cblr-1732 342 7 not not PART cblr-1732 342 8 supported support VERB cblr-1732 342 9 by by ADP cblr-1732 342 10 the the DET cblr-1732 342 11 data datum NOUN cblr-1732 342 12 . . PUNCT cblr-1732 343 1 i i PRON cblr-1732 343 2 found find VERB cblr-1732 343 3 that that SCONJ cblr-1732 343 4 31 31 NUM cblr-1732 343 5 % % NOUN cblr-1732 343 6 of of ADP cblr-1732 343 7 all all DET cblr-1732 343 8 open open ADJ cblr-1732 343 9 engagements engagement NOUN cblr-1732 343 10 are be AUX cblr-1732 343 11 hostile hostile ADJ cblr-1732 343 12 ( ( PUNCT cblr-1732 343 13 hostility hostility NOUN cblr-1732 343 14 includes include VERB cblr-1732 343 15 a a DET cblr-1732 343 16 threatened threatened ADJ cblr-1732 343 17 or or CCONJ cblr-1732 343 18 actual actual ADJ cblr-1732 343 19 proxy proxy NOUN cblr-1732 343 20 contest contest NOUN cblr-1732 343 21 or or CCONJ cblr-1732 343 22 a a DET cblr-1732 343 23 lawsuit lawsuit NOUN cblr-1732 343 24 ) ) PUNCT cblr-1732 343 25 . . PUNCT cblr-1732 344 1 this this DET cblr-1732 344 2 percentage percentage NOUN cblr-1732 344 3 of of ADP cblr-1732 344 4 hostile hostile ADJ cblr-1732 344 5 interactions interaction NOUN cblr-1732 344 6 is be AUX cblr-1732 344 7 similar similar ADJ cblr-1732 344 8 to to ADP cblr-1732 344 9 the the DET cblr-1732 344 10 one one NOUN cblr-1732 344 11 documented document VERB cblr-1732 344 12 by by ADP cblr-1732 344 13 brav brav PROPN cblr-1732 344 14 et et PROPN cblr-1732 344 15 al al PROPN cblr-1732 344 16 . . PROPN cblr-1732 344 17 , , PUNCT cblr-1732 344 18 using use VERB cblr-1732 344 19 a a DET cblr-1732 344 20 sample sample NOUN cblr-1732 344 21 of of ADP cblr-1732 344 22 more more ADJ cblr-1732 344 23 than than ADP cblr-1732 344 24 1000 1000 NUM cblr-1732 344 25 engagements.88 engagements.88 NOUN cblr-1732 344 26 additionally additionally ADV cblr-1732 344 27 , , PUNCT cblr-1732 344 28 27 27 NUM cblr-1732 344 29 % % NOUN cblr-1732 344 30 of of ADP cblr-1732 344 31 the the DET cblr-1732 344 32 public public ADJ cblr-1732 344 33 engagements engagement NOUN cblr-1732 344 34 are be AUX cblr-1732 344 35 openly openly ADV cblr-1732 344 36 confrontational confrontational ADJ cblr-1732 344 37 , , PUNCT cblr-1732 344 38 although although SCONJ cblr-1732 344 39 without without ADP cblr-1732 344 40 reaching reach VERB cblr-1732 344 41 the the DET cblr-1732 344 42 level level NOUN cblr-1732 344 43 of of ADP cblr-1732 344 44 a a DET cblr-1732 344 45 proxy proxy NOUN cblr-1732 344 46 fight fight NOUN cblr-1732 344 47 . . PUNCT cblr-1732 345 1 i i PRON cblr-1732 345 2 also also ADV cblr-1732 345 3 rebut rebut VERB cblr-1732 345 4 the the DET cblr-1732 345 5 possibility possibility NOUN cblr-1732 345 6 that that SCONJ cblr-1732 345 7 activism activism NOUN cblr-1732 345 8 in in ADP cblr-1732 345 9 controlled control VERB cblr-1732 345 10 companies company NOUN cblr-1732 345 11 is be AUX cblr-1732 345 12 limited limit VERB cblr-1732 345 13 to to ADP cblr-1732 345 14 governance governance NOUN cblr-1732 345 15 - - PUNCT cblr-1732 345 16 related relate VERB cblr-1732 345 17 matters matter NOUN cblr-1732 345 18 . . PUNCT cblr-1732 346 1 a a DET cblr-1732 346 2 review review NOUN cblr-1732 346 3 of of ADP cblr-1732 346 4 all all DET cblr-1732 346 5 activists activist NOUN cblr-1732 346 6 ’ ' PUNCT cblr-1732 346 7 demands demand NOUN cblr-1732 346 8 shows show VERB cblr-1732 346 9 that that SCONJ cblr-1732 346 10 only only ADV cblr-1732 346 11 34 34 NUM cblr-1732 346 12 % % NOUN cblr-1732 346 13 of of ADP cblr-1732 346 14 them they PRON cblr-1732 346 15 were be AUX cblr-1732 346 16 related relate VERB cblr-1732 346 17 to to ADP cblr-1732 346 18 the the DET cblr-1732 346 19 improvement improvement NOUN cblr-1732 346 20 of of ADP cblr-1732 346 21 corporate corporate ADJ cblr-1732 346 22 governance governance NOUN cblr-1732 346 23 provisions provision NOUN cblr-1732 346 24 of of ADP cblr-1732 346 25 the the DET cblr-1732 346 26 targets.89 targets.89 NOUN cblr-1732 346 27 activists activist NOUN cblr-1732 346 28 , , PUNCT cblr-1732 346 29 as as SCONJ cblr-1732 346 30 i i PRON cblr-1732 346 31 demonstrate demonstrate VERB cblr-1732 346 32 in in ADP cblr-1732 346 33 part part NOUN cblr-1732 346 34 vi vi PROPN cblr-1732 346 35 , , PUNCT cblr-1732 346 36 are be AUX cblr-1732 346 37 often often ADV cblr-1732 346 38 dissatisfied dissatisfied ADJ cblr-1732 346 39 with with ADP cblr-1732 346 40 the the DET cblr-1732 346 41 way way NOUN cblr-1732 346 42 controllers controller NOUN cblr-1732 346 43 manage manage VERB cblr-1732 346 44 their their PRON cblr-1732 346 45 businesses business NOUN cblr-1732 346 46 , , PUNCT cblr-1732 346 47 and and CCONJ cblr-1732 346 48 a a DET cblr-1732 346 49 large large ADJ cblr-1732 346 50 number number NOUN cblr-1732 346 51 of of ADP cblr-1732 346 52 their their PRON cblr-1732 346 53 demands demand NOUN cblr-1732 346 54 are be AUX cblr-1732 346 55 related relate VERB cblr-1732 346 56 to to ADP cblr-1732 346 57 core core NOUN cblr-1732 346 58 business business NOUN cblr-1732 346 59 and and CCONJ cblr-1732 346 60 financial financial ADJ cblr-1732 346 61 matters matter NOUN cblr-1732 346 62 , , PUNCT cblr-1732 346 63 such such ADJ cblr-1732 346 64 as as ADP cblr-1732 346 65 demands demand NOUN cblr-1732 346 66 to to PART cblr-1732 346 67 divest divest VERB cblr-1732 346 68 assets asset NOUN cblr-1732 346 69 , , PUNCT cblr-1732 346 70 initiate initiate VERB cblr-1732 346 71 a a DET cblr-1732 346 72 capital capital NOUN cblr-1732 346 73 restructuring restructuring NOUN cblr-1732 346 74 , , PUNCT cblr-1732 346 75 return return VERB cblr-1732 346 76 cash cash NOUN cblr-1732 346 77 via via ADP cblr-1732 346 78 dividends dividend NOUN cblr-1732 346 79 or or CCONJ cblr-1732 346 80 buybacks buyback NOUN cblr-1732 346 81 , , PUNCT cblr-1732 346 82 review review VERB cblr-1732 346 83 strategic strategic ADJ cblr-1732 346 84 alternatives alternative NOUN cblr-1732 346 85 , , PUNCT cblr-1732 346 86 seek seek VERB cblr-1732 346 87 or or CCONJ cblr-1732 346 88 block block NOUN cblr-1732 346 89 mergers merger NOUN cblr-1732 346 90 , , PUNCT cblr-1732 346 91 and and CCONJ cblr-1732 346 92 so so ADV cblr-1732 346 93 on on ADV cblr-1732 346 94 . . PUNCT cblr-1732 347 1 occasionally occasionally ADV cblr-1732 347 2 , , PUNCT cblr-1732 347 3 activist activist ADJ cblr-1732 347 4 demands demand NOUN cblr-1732 347 5 sought seek VERB cblr-1732 347 6 to to PART cblr-1732 347 7 influence influence VERB cblr-1732 347 8 the the DET cblr-1732 347 9 controlled control VERB cblr-1732 347 10 companies company NOUN cblr-1732 347 11 from from ADP cblr-1732 347 12 within within ADP cblr-1732 347 13 via via ADP cblr-1732 347 14 board board NOUN cblr-1732 347 15 representation representation NOUN cblr-1732 347 16 ( ( PUNCT cblr-1732 347 17 17 17 NUM cblr-1732 347 18 % % NOUN cblr-1732 347 19 of of ADP cblr-1732 347 20 the the DET cblr-1732 347 21 demands demand NOUN cblr-1732 347 22 ) ) PUNCT cblr-1732 347 23 . . PUNCT cblr-1732 348 1 finally finally ADV cblr-1732 348 2 , , PUNCT cblr-1732 348 3 i i PRON cblr-1732 348 4 found find VERB cblr-1732 348 5 that that SCONJ cblr-1732 348 6 the the DET cblr-1732 348 7 average average ADJ cblr-1732 348 8 ownership ownership NOUN cblr-1732 348 9 interest interest NOUN cblr-1732 348 10 held hold VERB cblr-1732 348 11 by by ADP cblr-1732 348 12 the the DET cblr-1732 348 13 activist activist NOUN cblr-1732 348 14 ( ( PUNCT cblr-1732 348 15 or or CCONJ cblr-1732 348 16 a a DET cblr-1732 348 17 group group NOUN cblr-1732 348 18 of of ADP cblr-1732 348 19 activists activist NOUN cblr-1732 348 20 acting act VERB cblr-1732 348 21 in in ADP cblr-1732 348 22 concert concert NOUN cblr-1732 348 23 ) ) PUNCT cblr-1732 348 24 at at ADP cblr-1732 348 25 the the DET cblr-1732 348 26 announcement announcement NOUN cblr-1732 348 27 of of ADP cblr-1732 348 28 the the DET cblr-1732 348 29 campaign campaign NOUN cblr-1732 348 30 is be AUX cblr-1732 348 31 8.4 8.4 NUM cblr-1732 348 32 % % NOUN cblr-1732 348 33 . . PUNCT cblr-1732 349 1 these these PRON cblr-1732 349 2 are be AUX cblr-1732 349 3 not not PART cblr-1732 349 4 low low ADJ cblr-1732 349 5 - - PUNCT cblr-1732 349 6 cost cost NOUN cblr-1732 349 7 engagements engagement NOUN cblr-1732 349 8 . . PUNCT cblr-1732 350 1 in in ADP cblr-1732 350 2 fact fact NOUN cblr-1732 350 3 , , PUNCT cblr-1732 350 4 activists activist NOUN cblr-1732 350 5 had have VERB cblr-1732 350 6 to to PART cblr-1732 350 7 incur incur VERB cblr-1732 350 8 substantial substantial ADJ cblr-1732 350 9 costs cost NOUN cblr-1732 350 10 while while SCONJ cblr-1732 350 11 accumulating accumulate VERB cblr-1732 350 12 a a DET cblr-1732 350 13 non non ADJ cblr-1732 350 14 - - ADJ cblr-1732 350 15 negligible negligible ADJ cblr-1732 350 16 ownership ownership NOUN cblr-1732 350 17 stake stake NOUN cblr-1732 350 18 in in ADP cblr-1732 350 19 target target NOUN cblr-1732 350 20 companies company NOUN cblr-1732 350 21 . . PUNCT cblr-1732 351 1 88 88 NUM cblr-1732 351 2 brav brav PROPN cblr-1732 351 3 et et PROPN cblr-1732 351 4 al al PROPN cblr-1732 351 5 . . PROPN cblr-1732 351 6 , , PUNCT cblr-1732 351 7 hedge hedge NOUN cblr-1732 351 8 fund fund NOUN cblr-1732 351 9 activism activism NOUN cblr-1732 351 10 , , PUNCT cblr-1732 351 11 supra supra PROPN cblr-1732 351 12 note note PROPN cblr-1732 351 13 15 15 NUM cblr-1732 351 14 , , PUNCT cblr-1732 351 15 at at ADP cblr-1732 351 16 1744 1744 NUM cblr-1732 351 17 . . PUNCT cblr-1732 352 1 89 89 NUM cblr-1732 352 2 the the DET cblr-1732 352 3 information information NOUN cblr-1732 352 4 on on ADP cblr-1732 352 5 activists activist NOUN cblr-1732 352 6 ’ ' PUNCT cblr-1732 352 7 demands demand NOUN cblr-1732 352 8 was be AUX cblr-1732 352 9 collected collect VERB cblr-1732 352 10 from from ADP cblr-1732 352 11 sharkwatch sharkwatch NOUN cblr-1732 352 12 . . PUNCT cblr-1732 353 1 the the DET cblr-1732 353 2 governance governance NOUN cblr-1732 353 3 - - PUNCT cblr-1732 353 4 related relate VERB cblr-1732 353 5 demands demand NOUN cblr-1732 353 6 include include VERB cblr-1732 353 7 , , PUNCT cblr-1732 353 8 amongst amongst ADP cblr-1732 353 9 others other NOUN cblr-1732 353 10 , , PUNCT cblr-1732 353 11 demands demand NOUN cblr-1732 353 12 to to PART cblr-1732 353 13 add add VERB cblr-1732 353 14 independent independent ADJ cblr-1732 353 15 directors director NOUN cblr-1732 353 16 , , PUNCT cblr-1732 353 17 remove remove VERB cblr-1732 353 18 directors director NOUN cblr-1732 353 19 or or CCONJ cblr-1732 353 20 officers officer NOUN cblr-1732 353 21 , , PUNCT cblr-1732 353 22 remove remove VERB cblr-1732 353 23 takeover takeover NOUN cblr-1732 353 24 defenses defense NOUN cblr-1732 353 25 , , PUNCT cblr-1732 353 26 and and CCONJ cblr-1732 353 27 compensation compensation NOUN cblr-1732 353 28 - - PUNCT cblr-1732 353 29 related relate VERB cblr-1732 353 30 enhancements enhancement NOUN cblr-1732 353 31 . . PUNCT cblr-1732 354 1 kastiel kastiel PROPN cblr-1732 354 2 – – PUNCT cblr-1732 354 3 final final ADJ cblr-1732 354 4 no no NOUN cblr-1732 354 5 . . PROPN cblr-1732 354 6 1:60 1:60 NUM cblr-1732 354 7 ] ] PUNCT cblr-1732 354 8 against against ADP cblr-1732 354 9 all all DET cblr-1732 354 10 odds odd NOUN cblr-1732 354 11 87 87 NUM cblr-1732 354 12 ( ( PUNCT cblr-1732 354 13 ii ii NOUN cblr-1732 354 14 ) ) PUNCT cblr-1732 354 15 different different ADJ cblr-1732 354 16 type type NOUN cblr-1732 354 17 of of ADP cblr-1732 354 18 activist activist ADJ cblr-1732 354 19 players player NOUN cblr-1732 354 20 ? ? PUNCT cblr-1732 355 1 i i PRON cblr-1732 355 2 examined examine VERB cblr-1732 355 3 the the DET cblr-1732 355 4 identity identity NOUN cblr-1732 355 5 of of ADP cblr-1732 355 6 the the DET cblr-1732 355 7 activists activist NOUN cblr-1732 355 8 to to PART cblr-1732 355 9 confirm confirm VERB cblr-1732 355 10 that that SCONJ cblr-1732 355 11 the the DET cblr-1732 355 12 evidence evidence NOUN cblr-1732 355 13 on on ADP cblr-1732 355 14 activism activism NOUN cblr-1732 355 15 in in ADP cblr-1732 355 16 controlled control VERB cblr-1732 355 17 companies company NOUN cblr-1732 355 18 is be AUX cblr-1732 355 19 not not PART cblr-1732 355 20 biased bias VERB cblr-1732 355 21 due due ADP cblr-1732 355 22 to to ADP cblr-1732 355 23 a a DET cblr-1732 355 24 high high ADJ cblr-1732 355 25 percentage percentage NOUN cblr-1732 355 26 of of ADP cblr-1732 355 27 non non ADJ cblr-1732 355 28 - - ADJ cblr-1732 355 29 traditional traditional ADJ cblr-1732 355 30 activist activist ADJ cblr-1732 355 31 investors investor NOUN cblr-1732 355 32 who who PRON cblr-1732 355 33 are be AUX cblr-1732 355 34 less less ADV cblr-1732 355 35 aware aware ADJ cblr-1732 355 36 of of ADP cblr-1732 355 37 the the DET cblr-1732 355 38 high high ADJ cblr-1732 355 39 risk risk NOUN cblr-1732 355 40 involved involve VERB cblr-1732 355 41 in in ADP cblr-1732 355 42 engaging engage VERB cblr-1732 355 43 with with ADP cblr-1732 355 44 controlled control VERB cblr-1732 355 45 companies company NOUN cblr-1732 355 46 . . PUNCT cblr-1732 356 1 the the DET cblr-1732 356 2 data datum NOUN cblr-1732 356 3 rebuts rebut VERB cblr-1732 356 4 this this DET cblr-1732 356 5 possibility possibility NOUN cblr-1732 356 6 , , PUNCT cblr-1732 356 7 showing show VERB cblr-1732 356 8 that that SCONJ cblr-1732 356 9 the the DET cblr-1732 356 10 vast vast ADJ cblr-1732 356 11 majority majority NOUN cblr-1732 356 12 of of ADP cblr-1732 356 13 engagements engagement NOUN cblr-1732 356 14 in in ADP cblr-1732 356 15 my my PRON cblr-1732 356 16 full full ADJ cblr-1732 356 17 sample sample NOUN cblr-1732 356 18 ( ( PUNCT cblr-1732 356 19 86 86 NUM cblr-1732 356 20 % % NOUN cblr-1732 356 21 ) ) PUNCT cblr-1732 356 22 are be AUX cblr-1732 356 23 conducted conduct VERB cblr-1732 356 24 by by ADP cblr-1732 356 25 the the DET cblr-1732 356 26 common common ADJ cblr-1732 356 27 activist activist ADJ cblr-1732 356 28 players player NOUN cblr-1732 356 29 : : PUNCT cblr-1732 356 30 hedge hedge NOUN cblr-1732 356 31 funds fund NOUN cblr-1732 356 32 , , PUNCT cblr-1732 356 33 activist activist ADJ cblr-1732 356 34 investment investment NOUN cblr-1732 356 35 advisors advisor NOUN cblr-1732 356 36 ( ( PUNCT cblr-1732 356 37 such such ADJ cblr-1732 356 38 as as ADP cblr-1732 356 39 gamco gamco ADJ cblr-1732 356 40 asset asset NOUN cblr-1732 356 41 management management NOUN cblr-1732 356 42 , , PUNCT cblr-1732 356 43 southeastern southeastern ADJ cblr-1732 356 44 asset asset NOUN cblr-1732 356 45 management management NOUN cblr-1732 356 46 , , PUNCT cblr-1732 356 47 and and CCONJ cblr-1732 356 48 franklin franklin PROPN cblr-1732 356 49 mutual mutual ADJ cblr-1732 356 50 advisers adviser NOUN cblr-1732 356 51 ) ) PUNCT cblr-1732 356 52 , , PUNCT cblr-1732 356 53 and and CCONJ cblr-1732 356 54 other other ADJ cblr-1732 356 55 financial financial ADJ cblr-1732 356 56 institutions institution NOUN cblr-1732 356 57 . . PUNCT cblr-1732 357 1 moreover moreover ADV cblr-1732 357 2 , , PUNCT cblr-1732 357 3 the the DET cblr-1732 357 4 activists activist NOUN cblr-1732 357 5 in in ADP cblr-1732 357 6 charge charge NOUN cblr-1732 357 7 of of ADP cblr-1732 357 8 46 46 NUM cblr-1732 357 9 % % NOUN cblr-1732 357 10 of of ADP cblr-1732 357 11 the the DET cblr-1732 357 12 engagements engagement NOUN cblr-1732 357 13 in in ADP cblr-1732 357 14 the the DET cblr-1732 357 15 full full ADJ cblr-1732 357 16 sample sample NOUN cblr-1732 357 17 are be AUX cblr-1732 357 18 included include VERB cblr-1732 357 19 in in ADP cblr-1732 357 20 the the DET cblr-1732 357 21 sharkwatch50 sharkwatch50 NOUN cblr-1732 357 22 list list NOUN cblr-1732 357 23 ( ( PUNCT cblr-1732 357 24 a a DET cblr-1732 357 25 list list NOUN cblr-1732 357 26 of of ADP cblr-1732 357 27 fifty fifty NUM cblr-1732 357 28 significant significant ADJ cblr-1732 357 29 activist activist ADJ cblr-1732 357 30 investors investor NOUN cblr-1732 357 31 maintained maintain VERB cblr-1732 357 32 by by ADP cblr-1732 357 33 sharkwatch sharkwatch NOUN cblr-1732 357 34 ) ) PUNCT cblr-1732 357 35 . . PUNCT cblr-1732 358 1 only only ADV cblr-1732 358 2 9 9 NUM cblr-1732 358 3 % % NOUN cblr-1732 358 4 of of ADP cblr-1732 358 5 the the DET cblr-1732 358 6 engagements engagement NOUN cblr-1732 358 7 are be AUX cblr-1732 358 8 conducted conduct VERB cblr-1732 358 9 by by ADP cblr-1732 358 10 individuals individual NOUN cblr-1732 358 11 , , PUNCT cblr-1732 358 12 and and CCONJ cblr-1732 358 13 the the DET cblr-1732 358 14 remaining remain VERB cblr-1732 358 15 5 5 NUM cblr-1732 358 16 % % NOUN cblr-1732 358 17 by by ADP cblr-1732 358 18 corporations corporation NOUN cblr-1732 358 19 and and CCONJ cblr-1732 358 20 other other ADJ cblr-1732 358 21 stakeholders stakeholder NOUN cblr-1732 358 22 . . PUNCT cblr-1732 359 1 ( ( PUNCT cblr-1732 359 2 iii iii X cblr-1732 359 3 ) ) PUNCT cblr-1732 359 4 picking pick VERB cblr-1732 359 5 easier easy ADJ cblr-1732 359 6 targets target NOUN cblr-1732 359 7 ? ? PUNCT cblr-1732 360 1 finally finally ADV cblr-1732 360 2 , , PUNCT cblr-1732 360 3 it it PRON cblr-1732 360 4 could could AUX cblr-1732 360 5 be be AUX cblr-1732 360 6 argued argue VERB cblr-1732 360 7 that that SCONJ cblr-1732 360 8 activists activist NOUN cblr-1732 360 9 will will AUX cblr-1732 360 10 focus focus VERB cblr-1732 360 11 on on ADP cblr-1732 360 12 “ " PUNCT cblr-1732 360 13 easier easy ADJ cblr-1732 360 14 ” " PUNCT cblr-1732 360 15 targets target NOUN cblr-1732 360 16 — — PUNCT cblr-1732 360 17 controlled control VERB cblr-1732 360 18 companies company NOUN cblr-1732 360 19 whose whose DET cblr-1732 360 20 controllers controller NOUN cblr-1732 360 21 hold hold VERB cblr-1732 360 22 between between ADP cblr-1732 360 23 30 30 NUM cblr-1732 360 24 % % NOUN cblr-1732 360 25 and and CCONJ cblr-1732 360 26 40 40 NUM cblr-1732 360 27 % % NOUN cblr-1732 360 28 of of ADP cblr-1732 360 29 the the DET cblr-1732 360 30 voting voting NOUN cblr-1732 360 31 rights right NOUN cblr-1732 360 32 . . PUNCT cblr-1732 361 1 this this DET cblr-1732 361 2 claim claim NOUN cblr-1732 361 3 is be AUX cblr-1732 361 4 also also ADV cblr-1732 361 5 not not PART cblr-1732 361 6 supported support VERB cblr-1732 361 7 by by ADP cblr-1732 361 8 the the DET cblr-1732 361 9 data data PROPN cblr-1732 361 10 . . PUNCT cblr-1732 362 1 table table NOUN cblr-1732 362 2 2 2 NUM cblr-1732 362 3 shows show VERB cblr-1732 362 4 that that SCONJ cblr-1732 362 5 the the DET cblr-1732 362 6 majority majority NOUN cblr-1732 362 7 of of ADP cblr-1732 362 8 the the DET cblr-1732 362 9 engagements engagement NOUN cblr-1732 362 10 ( ( PUNCT cblr-1732 362 11 57 57 NUM cblr-1732 362 12 % % NOUN cblr-1732 362 13 ) ) PUNCT cblr-1732 362 14 in in ADP cblr-1732 362 15 the the DET cblr-1732 362 16 full full ADJ cblr-1732 362 17 sample sample NOUN cblr-1732 362 18 are be AUX cblr-1732 362 19 with with ADP cblr-1732 362 20 companies company NOUN cblr-1732 362 21 where where SCONJ cblr-1732 362 22 the the DET cblr-1732 362 23 controlling control VERB cblr-1732 362 24 shareholders shareholder NOUN cblr-1732 362 25 hold hold VERB cblr-1732 362 26 at at ADV cblr-1732 362 27 least least ADV cblr-1732 362 28 50 50 NUM cblr-1732 362 29 % % NOUN cblr-1732 362 30 of of ADP cblr-1732 362 31 the the DET cblr-1732 362 32 voting voting NOUN cblr-1732 362 33 rights right NOUN cblr-1732 362 34 . . PUNCT cblr-1732 363 1 this this DET cblr-1732 363 2 result result NOUN cblr-1732 363 3 stays stay VERB cblr-1732 363 4 largely largely ADV cblr-1732 363 5 the the DET cblr-1732 363 6 same same ADJ cblr-1732 363 7 even even ADV cblr-1732 363 8 when when SCONJ cblr-1732 363 9 i i PRON cblr-1732 363 10 focus focus VERB cblr-1732 363 11 on on ADP cblr-1732 363 12 unique unique ADJ cblr-1732 363 13 engagements engagement NOUN cblr-1732 363 14 and and CCONJ cblr-1732 363 15 exclude exclude VERB cblr-1732 363 16 subsequent subsequent ADJ cblr-1732 363 17 related related ADJ cblr-1732 363 18 activist activist ADJ cblr-1732 363 19 events event NOUN cblr-1732 363 20 from from ADP cblr-1732 363 21 the the DET cblr-1732 363 22 full full ADJ cblr-1732 363 23 sample.90 sample.90 NOUN cblr-1732 363 24 i i PRON cblr-1732 363 25 also also ADV cblr-1732 363 26 found find VERB cblr-1732 363 27 that that SCONJ cblr-1732 363 28 engagements engagement NOUN cblr-1732 363 29 with with ADP cblr-1732 363 30 companies company NOUN cblr-1732 363 31 where where SCONJ cblr-1732 363 32 the the DET cblr-1732 363 33 controlling control VERB cblr-1732 363 34 shareholders shareholder NOUN cblr-1732 363 35 hold hold VERB cblr-1732 363 36 at at ADP cblr-1732 363 37 least least ADJ cblr-1732 363 38 the the DET cblr-1732 363 39 majority majority NOUN cblr-1732 363 40 of of ADP cblr-1732 363 41 voting voting NOUN cblr-1732 363 42 rights right NOUN cblr-1732 363 43 have have VERB cblr-1732 363 44 only only ADV cblr-1732 363 45 a a DET cblr-1732 363 46 slightly slightly ADV cblr-1732 363 47 lower low ADJ cblr-1732 363 48 success success NOUN cblr-1732 363 49 rate rate NOUN cblr-1732 363 50 than than ADP cblr-1732 363 51 engagements engagement NOUN cblr-1732 363 52 with with ADP cblr-1732 363 53 companies company NOUN cblr-1732 363 54 whose whose DET cblr-1732 363 55 controllers controller NOUN cblr-1732 363 56 hold hold VERB cblr-1732 363 57 only only ADV cblr-1732 363 58 30 30 NUM cblr-1732 363 59 % % NOUN cblr-1732 363 60 to to PART cblr-1732 363 61 40 40 NUM cblr-1732 363 62 % % NOUN cblr-1732 363 63 of of ADP cblr-1732 363 64 the the DET cblr-1732 363 65 voting voting NOUN cblr-1732 363 66 rights right NOUN cblr-1732 363 67 . . PUNCT cblr-1732 364 1 as as SCONJ cblr-1732 364 2 i i PRON cblr-1732 364 3 show show VERB cblr-1732 364 4 in in ADP cblr-1732 364 5 the the DET cblr-1732 364 6 next next ADJ cblr-1732 364 7 part part NOUN cblr-1732 364 8 , , PUNCT cblr-1732 364 9 those those DET cblr-1732 364 10 successful successful ADJ cblr-1732 364 11 engagements engagement NOUN cblr-1732 364 12 with with ADP cblr-1732 364 13 fully fully ADV cblr-1732 364 14 controlled control VERB cblr-1732 364 15 firms firm NOUN cblr-1732 364 16 are be AUX cblr-1732 364 17 often often ADV cblr-1732 364 18 facilitated facilitate VERB cblr-1732 364 19 90 90 NUM cblr-1732 364 20 when when SCONJ cblr-1732 364 21 activist activist ADJ cblr-1732 364 22 x x NOUN cblr-1732 364 23 and and CCONJ cblr-1732 364 24 activist activist ADJ cblr-1732 364 25 y y PROPN cblr-1732 364 26 target target VERB cblr-1732 364 27 the the DET cblr-1732 364 28 same same ADJ cblr-1732 364 29 company company NOUN cblr-1732 364 30 around around ADP cblr-1732 364 31 the the DET cblr-1732 364 32 same same ADJ cblr-1732 364 33 matter matter NOUN cblr-1732 364 34 , , PUNCT cblr-1732 364 35 but but CCONJ cblr-1732 364 36 they they PRON cblr-1732 364 37 do do AUX cblr-1732 364 38 not not PART cblr-1732 364 39 act act VERB cblr-1732 364 40 as as ADP cblr-1732 364 41 a a DET cblr-1732 364 42 group group NOUN cblr-1732 364 43 , , PUNCT cblr-1732 364 44 they they PRON cblr-1732 364 45 have have VERB cblr-1732 364 46 to to PART cblr-1732 364 47 file file VERB cblr-1732 364 48 separate separate ADJ cblr-1732 364 49 sc sc PROPN cblr-1732 364 50 13ds 13ds NOUN cblr-1732 364 51 . . PUNCT cblr-1732 365 1 sharkwatch sharkwatch NOUN cblr-1732 365 2 will will AUX cblr-1732 365 3 count count VERB cblr-1732 365 4 this this DET cblr-1732 365 5 interaction interaction NOUN cblr-1732 365 6 as as ADP cblr-1732 365 7 two two NUM cblr-1732 365 8 separate separate ADJ cblr-1732 365 9 events event NOUN cblr-1732 365 10 . . PUNCT cblr-1732 366 1 as as SCONJ cblr-1732 366 2 the the DET cblr-1732 366 3 multiple multiple ADJ cblr-1732 366 4 engagements engagement NOUN cblr-1732 366 5 are be AUX cblr-1732 366 6 often often ADV cblr-1732 366 7 related relate VERB cblr-1732 366 8 , , PUNCT cblr-1732 366 9 i i PRON cblr-1732 366 10 count count VERB cblr-1732 366 11 them they PRON cblr-1732 366 12 , , PUNCT cblr-1732 366 13 under under ADP cblr-1732 366 14 this this DET cblr-1732 366 15 category category NOUN cblr-1732 366 16 , , PUNCT cblr-1732 366 17 as as SCONJ cblr-1732 366 18 one one NUM cblr-1732 366 19 event event NOUN cblr-1732 366 20 to to PART cblr-1732 366 21 confirm confirm VERB cblr-1732 366 22 the the DET cblr-1732 366 23 data datum NOUN cblr-1732 366 24 is be AUX cblr-1732 366 25 not not PART cblr-1732 366 26 biased biased ADJ cblr-1732 366 27 . . PUNCT cblr-1732 367 1 kastiel kastiel NOUN cblr-1732 367 2 – – PUNCT cblr-1732 367 3 final final ADJ cblr-1732 367 4 88 88 NUM cblr-1732 367 5 columbia columbia PROPN cblr-1732 367 6 business business NOUN cblr-1732 367 7 law law PROPN cblr-1732 367 8 review review NOUN cblr-1732 367 9 [ [ X cblr-1732 367 10 vol vol NOUN cblr-1732 367 11 . . NOUN cblr-1732 367 12 2016 2016 NUM cblr-1732 367 13 by by ADP cblr-1732 367 14 certain certain ADJ cblr-1732 367 15 formal formal ADJ cblr-1732 367 16 rights right NOUN cblr-1732 367 17 that that PRON cblr-1732 367 18 increase increase VERB cblr-1732 367 19 activists activist NOUN cblr-1732 367 20 ’ ' PUNCT cblr-1732 367 21 bargaining bargaining NOUN cblr-1732 367 22 power power NOUN cblr-1732 367 23 . . PUNCT cblr-1732 368 1 table table NOUN cblr-1732 368 2 2 2 NUM cblr-1732 368 3 : : PUNCT cblr-1732 368 4 activism activism NOUN cblr-1732 368 5 and and CCONJ cblr-1732 368 6 controller controller NOUN cblr-1732 368 7 ’s ’s PART cblr-1732 368 8 ownership ownership NOUN cblr-1732 368 9 percentage percentage NOUN cblr-1732 368 10 all all DET cblr-1732 368 11 cs cs PROPN cblr-1732 368 12 companies company NOUN cblr-1732 368 13 cs cs X cblr-1732 368 14 ( ( PUNCT cblr-1732 368 15 30–40 30–40 NUM cblr-1732 368 16 % % NOUN cblr-1732 368 17 ) ) PUNCT cblr-1732 368 18 cs cs PROPN cblr-1732 368 19 ( ( PUNCT cblr-1732 368 20 40–50 40–50 NUM cblr-1732 368 21 % % NOUN cblr-1732 368 22 ) ) PUNCT cblr-1732 368 23 cs cs PROPN cblr-1732 368 24 ( ( PUNCT cblr-1732 368 25 50 50 NUM cblr-1732 368 26 % % NOUN cblr-1732 368 27 or or CCONJ cblr-1732 368 28 more more ADJ cblr-1732 368 29 ) ) PUNCT cblr-1732 369 1 no no INTJ cblr-1732 369 2 . . PUNCT cblr-1732 370 1 of of ADP cblr-1732 370 2 engagements engagement NOUN cblr-1732 370 3 209 209 NUM cblr-1732 370 4 ( ( PUNCT cblr-1732 370 5 100 100 NUM cblr-1732 370 6 % % NOUN cblr-1732 370 7 ) ) PUNCT cblr-1732 370 8 59 59 NUM cblr-1732 370 9 ( ( PUNCT cblr-1732 370 10 29 29 NUM cblr-1732 370 11 % % NOUN cblr-1732 370 12 ) ) PUNCT cblr-1732 370 13 30 30 NUM cblr-1732 370 14 ( ( PUNCT cblr-1732 370 15 14 14 NUM cblr-1732 370 16 % % NOUN cblr-1732 370 17 ) ) PUNCT cblr-1732 370 18 120 120 NUM cblr-1732 370 19 ( ( PUNCT cblr-1732 370 20 57 57 NUM cblr-1732 370 21 % % NOUN cblr-1732 370 22 ) ) PUNCT cblr-1732 370 23 success success NOUN cblr-1732 370 24 rate91 rate91 VERB cblr-1732 370 25 37.3 37.3 NUM cblr-1732 370 26 % % NOUN cblr-1732 370 27 40.7 40.7 NUM cblr-1732 370 28 % % NOUN cblr-1732 370 29 15 15 NUM cblr-1732 370 30 % % NOUN cblr-1732 370 31 40 40 NUM cblr-1732 370 32 % % NOUN cblr-1732 370 33 in in ADP cblr-1732 370 34 sum sum NOUN cblr-1732 370 35 , , PUNCT cblr-1732 370 36 this this DET cblr-1732 370 37 part part NOUN cblr-1732 370 38 presents present VERB cblr-1732 370 39 data datum NOUN cblr-1732 370 40 on on ADP cblr-1732 370 41 the the DET cblr-1732 370 42 intensity intensity NOUN cblr-1732 370 43 and and CCONJ cblr-1732 370 44 nature nature NOUN cblr-1732 370 45 of of ADP cblr-1732 370 46 hedge hedge NOUN cblr-1732 370 47 fund fund NOUN cblr-1732 370 48 activism activism NOUN cblr-1732 370 49 in in ADP cblr-1732 370 50 controlled control VERB cblr-1732 370 51 companies company NOUN cblr-1732 370 52 . . PUNCT cblr-1732 371 1 it it PRON cblr-1732 371 2 shows show VERB cblr-1732 371 3 that that SCONJ cblr-1732 371 4 activist activist ADJ cblr-1732 371 5 shareholders shareholder NOUN cblr-1732 371 6 are be AUX cblr-1732 371 7 also also ADV cblr-1732 371 8 showing show VERB cblr-1732 371 9 up up ADP cblr-1732 371 10 at at ADP cblr-1732 371 11 a a DET cblr-1732 371 12 non non ADJ cblr-1732 371 13 - - ADJ cblr-1732 371 14 negligible negligible ADJ cblr-1732 371 15 number number NOUN cblr-1732 371 16 of of ADP cblr-1732 371 17 controlled control VERB cblr-1732 371 18 firms firm NOUN cblr-1732 371 19 ( ( PUNCT cblr-1732 371 20 although although SCONJ cblr-1732 371 21 controlled control VERB cblr-1732 371 22 companies company NOUN cblr-1732 371 23 are be AUX cblr-1732 371 24 still still ADV cblr-1732 371 25 more more ADV cblr-1732 371 26 insulated insulated ADJ cblr-1732 371 27 from from ADP cblr-1732 371 28 activism activism NOUN cblr-1732 371 29 than than ADP cblr-1732 371 30 widely widely ADV cblr-1732 371 31 held hold VERB cblr-1732 371 32 companies company NOUN cblr-1732 371 33 ) ) PUNCT cblr-1732 371 34 , , PUNCT cblr-1732 371 35 and and CCONJ cblr-1732 371 36 that that SCONJ cblr-1732 371 37 these these DET cblr-1732 371 38 activist activist ADJ cblr-1732 371 39 engagements engagement NOUN cblr-1732 371 40 are be AUX cblr-1732 371 41 not not PART cblr-1732 371 42 substantially substantially ADV cblr-1732 371 43 different different ADJ cblr-1732 371 44 in in ADP cblr-1732 371 45 their their PRON cblr-1732 371 46 nature nature NOUN cblr-1732 371 47 from from ADP cblr-1732 371 48 activism activism NOUN cblr-1732 371 49 conducted conduct VERB cblr-1732 371 50 in in ADP cblr-1732 371 51 widely widely ADV cblr-1732 371 52 held hold VERB cblr-1732 371 53 companies company NOUN cblr-1732 371 54 . . PUNCT cblr-1732 372 1 these these DET cblr-1732 372 2 unexpected unexpected ADJ cblr-1732 372 3 findings finding NOUN cblr-1732 372 4 trigger trigger VERB cblr-1732 372 5 a a DET cblr-1732 372 6 question question NOUN cblr-1732 372 7 that that PRON cblr-1732 372 8 stands stand VERB cblr-1732 372 9 at at ADP cblr-1732 372 10 the the DET cblr-1732 372 11 heart heart NOUN cblr-1732 372 12 of of ADP cblr-1732 372 13 the the DET cblr-1732 372 14 article article NOUN cblr-1732 372 15 : : PUNCT cblr-1732 372 16 what what DET cblr-1732 372 17 mechanisms mechanism NOUN cblr-1732 372 18 do do VERB cblr-1732 372 19 activist activist ADJ cblr-1732 372 20 hedge hedge NOUN cblr-1732 372 21 funds fund NOUN cblr-1732 372 22 use use VERB cblr-1732 372 23 when when SCONJ cblr-1732 372 24 engaging engage VERB cblr-1732 372 25 with with ADP cblr-1732 372 26 controlled control VERB cblr-1732 372 27 companies company NOUN cblr-1732 372 28 ? ? PUNCT cblr-1732 373 1 the the DET cblr-1732 373 2 next next ADJ cblr-1732 373 3 two two NUM cblr-1732 373 4 parts part NOUN cblr-1732 373 5 provide provide VERB cblr-1732 373 6 answers answer NOUN cblr-1732 373 7 to to ADP cblr-1732 373 8 this this DET cblr-1732 373 9 question question NOUN cblr-1732 373 10 . . PUNCT cblr-1732 374 1 iv iv X cblr-1732 374 2 . . PUNCT cblr-1732 375 1 the the DET cblr-1732 375 2 formal formal ADJ cblr-1732 375 3 channels channel NOUN cblr-1732 375 4 of of ADP cblr-1732 375 5 activism activism NOUN cblr-1732 375 6 to to PART cblr-1732 375 7 explore explore VERB cblr-1732 375 8 the the DET cblr-1732 375 9 main main ADJ cblr-1732 375 10 channels channel NOUN cblr-1732 375 11 through through ADP cblr-1732 375 12 which which PRON cblr-1732 375 13 hedge hedge NOUN cblr-1732 375 14 fund fund NOUN cblr-1732 375 15 activism activism NOUN cblr-1732 375 16 is be AUX cblr-1732 375 17 deployed deploy VERB cblr-1732 375 18 against against ADP cblr-1732 375 19 controlled control VERB cblr-1732 375 20 companies company NOUN cblr-1732 375 21 , , PUNCT cblr-1732 375 22 i i PRON cblr-1732 375 23 closely closely ADV cblr-1732 375 24 reviewed review VERB cblr-1732 375 25 174 174 NUM cblr-1732 375 26 activist activist ADJ cblr-1732 375 27 engagements engagement NOUN cblr-1732 375 28 against against ADP cblr-1732 375 29 eighty eighty NUM cblr-1732 375 30 - - PUNCT cblr-1732 375 31 three three NUM cblr-1732 375 32 controlled control VERB cblr-1732 375 33 companies company NOUN cblr-1732 375 34 that that PRON cblr-1732 375 35 were be AUX cblr-1732 375 36 included include VERB cblr-1732 375 37 in in ADP cblr-1732 375 38 my my PRON cblr-1732 375 39 full full ADJ cblr-1732 375 40 sample sample NOUN cblr-1732 375 41 , , PUNCT cblr-1732 375 42 and and CCONJ cblr-1732 375 43 that that PRON cblr-1732 375 44 had have AUX cblr-1732 375 45 publicly publicly ADV cblr-1732 375 46 disclosed disclose VERB cblr-1732 375 47 the the DET cblr-1732 375 48 purpose purpose NOUN cblr-1732 375 49 of of ADP cblr-1732 375 50 the the DET cblr-1732 375 51 activist activist ADJ cblr-1732 375 52 engagement engagement NOUN cblr-1732 375 53 ( ( PUNCT cblr-1732 375 54 the the DET cblr-1732 375 55 “ " PUNCT cblr-1732 375 56 sample sample NOUN cblr-1732 375 57 of of ADP cblr-1732 375 58 publicly publicly ADV cblr-1732 375 59 - - PUNCT cblr-1732 375 60 disclosed disclose VERB cblr-1732 375 61 engagements engagement NOUN cblr-1732 375 62 ” " PUNCT cblr-1732 375 63 ) ) PUNCT cblr-1732 375 64 . . PUNCT cblr-1732 376 1 in in ADP cblr-1732 376 2 many many ADJ cblr-1732 376 3 instances instance NOUN cblr-1732 376 4 , , PUNCT cblr-1732 376 5 activists activist NOUN cblr-1732 376 6 ’ ' PUNCT cblr-1732 376 7 bargaining bargaining NOUN cblr-1732 376 8 power power NOUN cblr-1732 376 9 vis vis X cblr-1732 376 10 - - X cblr-1732 376 11 à à X cblr-1732 376 12 - - PUNCT cblr-1732 376 13 vis vis X cblr-1732 376 14 the the DET cblr-1732 376 15 controllers controller NOUN cblr-1732 376 16 was be AUX cblr-1732 376 17 not not PART cblr-1732 376 18 as as ADV cblr-1732 376 19 limited limited ADJ cblr-1732 376 20 as as ADP cblr-1732 376 21 initially initially ADV cblr-1732 376 22 91 91 NUM cblr-1732 376 23 an an DET cblr-1732 376 24 engagement engagement NOUN cblr-1732 376 25 is be AUX cblr-1732 376 26 considered consider VERB cblr-1732 376 27 a a DET cblr-1732 376 28 successful successful ADJ cblr-1732 376 29 one one NOUN cblr-1732 376 30 if if SCONJ cblr-1732 376 31 one one NUM cblr-1732 376 32 or or CCONJ cblr-1732 376 33 more more ADJ cblr-1732 376 34 of of ADP cblr-1732 376 35 the the DET cblr-1732 376 36 activist activist NOUN cblr-1732 376 37 ’s ’s PART cblr-1732 376 38 demands demand NOUN cblr-1732 376 39 is be AUX cblr-1732 376 40 accepted accept VERB cblr-1732 376 41 by by ADP cblr-1732 376 42 the the DET cblr-1732 376 43 target target NOUN cblr-1732 376 44 . . PUNCT cblr-1732 377 1 success success NOUN cblr-1732 377 2 rate rate NOUN cblr-1732 377 3 is be AUX cblr-1732 377 4 calculated calculate VERB cblr-1732 377 5 as as ADP cblr-1732 377 6 percentage percentage NOUN cblr-1732 377 7 of of ADP cblr-1732 377 8 all all DET cblr-1732 377 9 unique unique ADJ cblr-1732 377 10 engagements engagement NOUN cblr-1732 377 11 for for ADP cblr-1732 377 12 which which PRON cblr-1732 377 13 the the DET cblr-1732 377 14 results result NOUN cblr-1732 377 15 were be AUX cblr-1732 377 16 publicly publicly ADV cblr-1732 377 17 available available ADJ cblr-1732 377 18 . . PUNCT cblr-1732 378 1 kastiel kastiel NOUN cblr-1732 378 2 – – PUNCT cblr-1732 378 3 final final ADJ cblr-1732 378 4 no no NOUN cblr-1732 378 5 . . PROPN cblr-1732 378 6 1:60 1:60 NUM cblr-1732 378 7 ] ] PUNCT cblr-1732 378 8 against against ADP cblr-1732 378 9 all all DET cblr-1732 378 10 odds odd NOUN cblr-1732 378 11 89 89 NUM cblr-1732 378 12 anticipated anticipate VERB cblr-1732 378 13 . . PUNCT cblr-1732 379 1 in in ADP cblr-1732 379 2 particular particular ADJ cblr-1732 379 3 , , PUNCT cblr-1732 379 4 activists activist NOUN cblr-1732 379 5 took take VERB cblr-1732 379 6 advantage advantage NOUN cblr-1732 379 7 of of ADP cblr-1732 379 8 a a DET cblr-1732 379 9 host host NOUN cblr-1732 379 10 of of ADP cblr-1732 379 11 legal legal ADJ cblr-1732 379 12 mechanisms mechanism NOUN cblr-1732 379 13 , , PUNCT cblr-1732 379 14 such such ADJ cblr-1732 379 15 as as ADP cblr-1732 379 16 the the DET cblr-1732 379 17 ability ability NOUN cblr-1732 379 18 to to PART cblr-1732 379 19 elect elect VERB cblr-1732 379 20 minority minority NOUN cblr-1732 379 21 directors director NOUN cblr-1732 379 22 , , PUNCT cblr-1732 379 23 veto veto VERB cblr-1732 379 24 certain certain ADJ cblr-1732 379 25 m&a m&a PROPN cblr-1732 379 26 transactions transaction NOUN cblr-1732 379 27 initiated initiate VERB cblr-1732 379 28 by by ADP cblr-1732 379 29 the the DET cblr-1732 379 30 controller controller NOUN cblr-1732 379 31 , , PUNCT cblr-1732 379 32 or or CCONJ cblr-1732 379 33 conduct conduct VERB cblr-1732 379 34 activism activism NOUN cblr-1732 379 35 in in ADP cblr-1732 379 36 the the DET cblr-1732 379 37 shadow shadow NOUN cblr-1732 379 38 of of ADP cblr-1732 379 39 litigation litigation NOUN cblr-1732 379 40 , , PUNCT cblr-1732 379 41 which which PRON cblr-1732 379 42 allow allow VERB cblr-1732 379 43 them they PRON cblr-1732 379 44 to to PART cblr-1732 379 45 exert exert VERB cblr-1732 379 46 pressure pressure NOUN cblr-1732 379 47 on on ADP cblr-1732 379 48 a a DET cblr-1732 379 49 controller controller NOUN cblr-1732 379 50 . . PUNCT cblr-1732 379 51 table table NOUN cblr-1732 379 52 3 3 NUM cblr-1732 379 53 below below ADV cblr-1732 379 54 provides provide VERB cblr-1732 379 55 a a DET cblr-1732 379 56 breakdown breakdown NOUN cblr-1732 379 57 of of ADP cblr-1732 379 58 activist activist ADJ cblr-1732 379 59 engagements engagement NOUN cblr-1732 379 60 by by ADP cblr-1732 379 61 each each PRON cblr-1732 379 62 of of ADP cblr-1732 379 63 these these DET cblr-1732 379 64 categories category NOUN cblr-1732 379 65 . . PUNCT cblr-1732 380 1 table table NOUN cblr-1732 380 2 3 3 NUM cblr-1732 380 3 : : PUNCT cblr-1732 380 4 channels channel NOUN cblr-1732 380 5 of of ADP cblr-1732 380 6 activism activism NOUN cblr-1732 380 7 no no INTJ cblr-1732 380 8 . . PUNCT cblr-1732 381 1 of of ADP cblr-1732 381 2 engagements engagement NOUN cblr-1732 381 3 percentage percentage NOUN cblr-1732 381 4 of of ADP cblr-1732 381 5 total92 total92 NOUN cblr-1732 381 6 minority minority NOUN cblr-1732 381 7 directors director NOUN cblr-1732 381 8 in in ADP cblr-1732 381 9 dual dual ADJ cblr-1732 381 10 - - PUNCT cblr-1732 381 11 class class NOUN cblr-1732 381 12 firms93 firms93 NOUN cblr-1732 381 13 47 47 NUM cblr-1732 381 14 27 27 NUM cblr-1732 381 15 % % NOUN cblr-1732 381 16 minority minority NOUN cblr-1732 381 17 directors director NOUN cblr-1732 381 18 in in ADP cblr-1732 381 19 effectively effectively ADV cblr-1732 381 20 - - PUNCT cblr-1732 381 21 controlled control VERB cblr-1732 381 22 firms firm NOUN cblr-1732 381 23 51 51 NUM cblr-1732 381 24 29 29 NUM cblr-1732 381 25 % % NOUN cblr-1732 381 26 veto veto NOUN cblr-1732 381 27 rights right NOUN cblr-1732 381 28 in in ADP cblr-1732 381 29 going go VERB cblr-1732 381 30 - - PUNCT cblr-1732 381 31 private private ADJ cblr-1732 381 32 transactions transaction NOUN cblr-1732 381 33 24 24 NUM cblr-1732 381 34 14 14 NUM cblr-1732 381 35 % % NOUN cblr-1732 381 36 lawsuits lawsuit NOUN cblr-1732 381 37 8 8 NUM cblr-1732 381 38 5 5 NUM cblr-1732 381 39 % % NOUN cblr-1732 381 40 no no DET cblr-1732 381 41 formal formal ADJ cblr-1732 381 42 channels channel NOUN cblr-1732 381 43 38 38 NUM cblr-1732 381 44 22 22 NUM cblr-1732 381 45 % % NOUN cblr-1732 381 46 other other ADJ cblr-1732 381 47 7 7 NUM cblr-1732 381 48 4 4 NUM cblr-1732 381 49 % % NOUN cblr-1732 381 50 total total NOUN cblr-1732 381 51 174 174 NUM cblr-1732 381 52 100 100 NUM cblr-1732 381 53 % % NOUN cblr-1732 381 54 92 92 NUM cblr-1732 381 55 the the DET cblr-1732 381 56 percentage percentage NOUN cblr-1732 381 57 stays stay VERB cblr-1732 381 58 substantially substantially ADV cblr-1732 381 59 the the DET cblr-1732 381 60 same same ADJ cblr-1732 381 61 even even ADV cblr-1732 381 62 when when SCONJ cblr-1732 381 63 i i PRON cblr-1732 381 64 focus focus VERB cblr-1732 381 65 on on ADP cblr-1732 381 66 unique unique ADJ cblr-1732 381 67 engagements engagement NOUN cblr-1732 381 68 and and CCONJ cblr-1732 381 69 exclude exclude VERB cblr-1732 381 70 subsequent subsequent ADJ cblr-1732 381 71 related related ADJ cblr-1732 381 72 activist activist ADJ cblr-1732 381 73 events event NOUN cblr-1732 381 74 from from ADP cblr-1732 381 75 the the DET cblr-1732 381 76 sample sample NOUN cblr-1732 381 77 of of ADP cblr-1732 381 78 publicly publicly ADV cblr-1732 381 79 - - PUNCT cblr-1732 381 80 disclosed disclose VERB cblr-1732 381 81 engagements engagement NOUN cblr-1732 381 82 . . PUNCT cblr-1732 382 1 93 93 NUM cblr-1732 382 2 this this DET cblr-1732 382 3 row row NOUN cblr-1732 382 4 includes include VERB cblr-1732 382 5 all all DET cblr-1732 382 6 activist activist ADJ cblr-1732 382 7 engagements engagement NOUN cblr-1732 382 8 with with ADP cblr-1732 382 9 companies company NOUN cblr-1732 382 10 that that PRON cblr-1732 382 11 provide provide VERB cblr-1732 382 12 minority minority NOUN cblr-1732 382 13 shareholders shareholder NOUN cblr-1732 382 14 with with ADP cblr-1732 382 15 the the DET cblr-1732 382 16 ability ability NOUN cblr-1732 382 17 to to PART cblr-1732 382 18 nominate nominate VERB cblr-1732 382 19 and and CCONJ cblr-1732 382 20 elect elect VERB cblr-1732 382 21 minority minority NOUN cblr-1732 382 22 representatives representative NOUN cblr-1732 382 23 to to ADP cblr-1732 382 24 the the DET cblr-1732 382 25 board board NOUN cblr-1732 382 26 ( ( PUNCT cblr-1732 382 27 regardless regardless ADV cblr-1732 382 28 of of ADP cblr-1732 382 29 whether whether SCONJ cblr-1732 382 30 or or CCONJ cblr-1732 382 31 not not PART cblr-1732 382 32 such such ADJ cblr-1732 382 33 right right NOUN cblr-1732 382 34 is be AUX cblr-1732 382 35 used use VERB cblr-1732 382 36 by by ADP cblr-1732 382 37 the the DET cblr-1732 382 38 activist activist NOUN cblr-1732 382 39 ) ) PUNCT cblr-1732 382 40 . . PUNCT cblr-1732 383 1 in in ADP cblr-1732 383 2 more more ADJ cblr-1732 383 3 than than ADP cblr-1732 383 4 60 60 NUM cblr-1732 383 5 % % NOUN cblr-1732 383 6 of of ADP cblr-1732 383 7 these these DET cblr-1732 383 8 engagements engagement NOUN cblr-1732 383 9 ( ( PUNCT cblr-1732 383 10 excluding exclude VERB cblr-1732 383 11 related relate VERB cblr-1732 383 12 ones one NOUN cblr-1732 383 13 ) ) PUNCT cblr-1732 383 14 , , PUNCT cblr-1732 383 15 the the DET cblr-1732 383 16 activists activist NOUN cblr-1732 383 17 nominated nominate VERB cblr-1732 383 18 or or CCONJ cblr-1732 383 19 explicitly explicitly ADV cblr-1732 383 20 threatened threaten VERB cblr-1732 383 21 to to PART cblr-1732 383 22 nominate nominate VERB cblr-1732 383 23 their their PRON cblr-1732 383 24 own own ADJ cblr-1732 383 25 candidates candidate NOUN cblr-1732 383 26 to to ADP cblr-1732 383 27 the the DET cblr-1732 383 28 board board NOUN cblr-1732 383 29 , , PUNCT cblr-1732 383 30 or or CCONJ cblr-1732 383 31 at at ADP cblr-1732 383 32 least least ADJ cblr-1732 383 33 tried try VERB cblr-1732 383 34 to to PART cblr-1732 383 35 block block VERB cblr-1732 383 36 the the DET cblr-1732 383 37 nomination nomination NOUN cblr-1732 383 38 of of ADP cblr-1732 383 39 the the DET cblr-1732 383 40 controllers controller NOUN cblr-1732 383 41 ’ ’ PART cblr-1732 383 42 representatives representative NOUN cblr-1732 383 43 to to ADP cblr-1732 383 44 the the DET cblr-1732 383 45 slate slate NOUN cblr-1732 383 46 of of ADP cblr-1732 383 47 directors director NOUN cblr-1732 383 48 appointed appoint VERB cblr-1732 383 49 by by ADP cblr-1732 383 50 minority minority NOUN cblr-1732 383 51 shareholders shareholder NOUN cblr-1732 383 52 . . PUNCT cblr-1732 384 1 kastiel kastiel PROPN cblr-1732 384 2 – – PUNCT cblr-1732 384 3 final final ADJ cblr-1732 384 4 90 90 NUM cblr-1732 384 5 columbia columbia PROPN cblr-1732 384 6 business business NOUN cblr-1732 384 7 law law PROPN cblr-1732 384 8 review review NOUN cblr-1732 385 1 [ [ X cblr-1732 385 2 vol vol NOUN cblr-1732 385 3 . . PUNCT cblr-1732 385 4 2016 2016 NUM cblr-1732 385 5 a. a. NOUN cblr-1732 385 6 the the DET cblr-1732 385 7 right right NOUN cblr-1732 385 8 to to PART cblr-1732 385 9 nominate nominate VERB cblr-1732 385 10 and and CCONJ cblr-1732 385 11 elect elect VERB cblr-1732 385 12 minority minority NOUN cblr-1732 385 13 directors director NOUN cblr-1732 385 14 1 1 NUM cblr-1732 385 15 . . PUNCT cblr-1732 385 16 dual dual ADJ cblr-1732 385 17 - - PUNCT cblr-1732 385 18 class class NOUN cblr-1732 385 19 firms firm NOUN cblr-1732 385 20 public public ADJ cblr-1732 385 21 shareholders shareholder NOUN cblr-1732 385 22 in in ADP cblr-1732 385 23 certain certain ADJ cblr-1732 385 24 u.s u.s PROPN cblr-1732 385 25 . . PROPN cblr-1732 385 26 dual dual ADJ cblr-1732 385 27 - - PUNCT cblr-1732 385 28 class class NOUN cblr-1732 385 29 firms firm NOUN cblr-1732 385 30 have have VERB cblr-1732 385 31 the the DET cblr-1732 385 32 ability ability NOUN cblr-1732 385 33 to to PART cblr-1732 385 34 nominate nominate VERB cblr-1732 385 35 and and CCONJ cblr-1732 385 36 elect elect VERB cblr-1732 385 37 minority minority NOUN cblr-1732 385 38 representatives representative NOUN cblr-1732 385 39 to to ADP cblr-1732 385 40 the the DET cblr-1732 385 41 board board NOUN cblr-1732 385 42 . . PUNCT cblr-1732 386 1 although although SCONJ cblr-1732 386 2 this this DET cblr-1732 386 3 mechanism mechanism NOUN cblr-1732 386 4 has have AUX cblr-1732 386 5 received receive VERB cblr-1732 386 6 little little ADJ cblr-1732 386 7 attention attention NOUN cblr-1732 386 8 from from ADP cblr-1732 386 9 legal legal ADJ cblr-1732 386 10 scholars scholar NOUN cblr-1732 386 11 in in ADP cblr-1732 386 12 the the DET cblr-1732 386 13 past past NOUN cblr-1732 386 14 , , PUNCT cblr-1732 386 15 it it PRON cblr-1732 386 16 is be AUX cblr-1732 386 17 an an DET cblr-1732 386 18 important important ADJ cblr-1732 386 19 channel channel NOUN cblr-1732 386 20 through through ADP cblr-1732 386 21 which which PRON cblr-1732 386 22 activism activism NOUN cblr-1732 386 23 can can AUX cblr-1732 386 24 be be AUX cblr-1732 386 25 deployed deploy VERB cblr-1732 386 26 in in ADP cblr-1732 386 27 controlled control VERB cblr-1732 386 28 u.s u.s PROPN cblr-1732 386 29 . . PROPN cblr-1732 386 30 firms firm NOUN cblr-1732 386 31 . . PUNCT cblr-1732 387 1 as as SCONJ cblr-1732 387 2 shown show VERB cblr-1732 387 3 in in ADP cblr-1732 387 4 table table NOUN cblr-1732 387 5 3 3 NUM cblr-1732 387 6 , , PUNCT cblr-1732 387 7 this this DET cblr-1732 387 8 mechanism mechanism NOUN cblr-1732 387 9 accounted account VERB cblr-1732 387 10 for for ADP cblr-1732 387 11 27 27 NUM cblr-1732 387 12 % % NOUN cblr-1732 387 13 of of ADP cblr-1732 387 14 the the DET cblr-1732 387 15 sample sample NOUN cblr-1732 387 16 of of ADP cblr-1732 387 17 publicly publicly ADV cblr-1732 387 18 - - PUNCT cblr-1732 387 19 disclosed disclose VERB cblr-1732 387 20 engagements engagement NOUN cblr-1732 387 21 with with ADP cblr-1732 387 22 controlled control VERB cblr-1732 387 23 companies company NOUN cblr-1732 387 24 ( ( PUNCT cblr-1732 387 25 forty forty NUM cblr-1732 387 26 - - PUNCT cblr-1732 387 27 seven seven NUM cblr-1732 387 28 activist activist ADJ cblr-1732 387 29 engagements engagement NOUN cblr-1732 387 30 ) ) PUNCT cblr-1732 387 31 , , PUNCT cblr-1732 387 32 and and CCONJ cblr-1732 387 33 it it PRON cblr-1732 387 34 generated generate VERB cblr-1732 387 35 a a DET cblr-1732 387 36 high high ADJ cblr-1732 387 37 success success NOUN cblr-1732 387 38 rate.94 rate.94 NOUN cblr-1732 387 39 there there PRON cblr-1732 387 40 are be VERB cblr-1732 387 41 essentially essentially ADV cblr-1732 387 42 two two NUM cblr-1732 387 43 types type NOUN cblr-1732 387 44 of of ADP cblr-1732 387 45 controlled control VERB cblr-1732 387 46 companies company NOUN cblr-1732 387 47 with with ADP cblr-1732 387 48 a a DET cblr-1732 387 49 dual dual ADJ cblr-1732 387 50 - - PUNCT cblr-1732 387 51 class class NOUN cblr-1732 387 52 structure structure NOUN cblr-1732 387 53 : : PUNCT cblr-1732 387 54 companies company NOUN cblr-1732 387 55 where where SCONJ cblr-1732 387 56 the the DET cblr-1732 387 57 controlling control VERB cblr-1732 387 58 shareholder shareholder NOUN cblr-1732 387 59 maintains maintain VERB cblr-1732 387 60 control control NOUN cblr-1732 387 61 over over ADP cblr-1732 387 62 the the DET cblr-1732 387 63 firm firm NOUN cblr-1732 387 64 ’s ’s PART cblr-1732 387 65 voting voting NOUN cblr-1732 387 66 rights right NOUN cblr-1732 387 67 through through ADP cblr-1732 387 68 the the DET cblr-1732 387 69 use use NOUN cblr-1732 387 70 of of ADP cblr-1732 387 71 shares share NOUN cblr-1732 387 72 with with ADP cblr-1732 387 73 superior superior ADJ cblr-1732 387 74 voting voting NOUN cblr-1732 387 75 rights right NOUN cblr-1732 387 76 , , PUNCT cblr-1732 387 77 and and CCONJ cblr-1732 387 78 companies company NOUN cblr-1732 387 79 where where SCONJ cblr-1732 387 80 the the DET cblr-1732 387 81 controlling control VERB cblr-1732 387 82 shareholder shareholder NOUN cblr-1732 387 83 has have VERB cblr-1732 387 84 the the DET cblr-1732 387 85 right right NOUN cblr-1732 387 86 to to PART cblr-1732 387 87 elect elect VERB cblr-1732 387 88 a a DET cblr-1732 387 89 majority majority NOUN cblr-1732 387 90 of of ADP cblr-1732 387 91 the the DET cblr-1732 387 92 board board NOUN cblr-1732 387 93 , , PUNCT cblr-1732 387 94 without without ADP cblr-1732 387 95 necessarily necessarily ADV cblr-1732 387 96 controlling control VERB cblr-1732 387 97 the the DET cblr-1732 387 98 majority majority NOUN cblr-1732 387 99 of of ADP cblr-1732 387 100 the the DET cblr-1732 387 101 company company NOUN cblr-1732 387 102 ’s ’s PART cblr-1732 387 103 voting voting NOUN cblr-1732 387 104 rights right NOUN cblr-1732 387 105 , , PUNCT cblr-1732 387 106 and and CCONJ cblr-1732 387 107 the the DET cblr-1732 387 108 remaining remain VERB cblr-1732 387 109 directors director NOUN cblr-1732 387 110 are be AUX cblr-1732 387 111 elected elect VERB cblr-1732 387 112 by by ADP cblr-1732 387 113 other other ADJ cblr-1732 387 114 public public ADJ cblr-1732 387 115 shareholders shareholder NOUN cblr-1732 387 116 . . PUNCT cblr-1732 388 1 while while SCONJ cblr-1732 388 2 the the DET cblr-1732 388 3 second second ADJ cblr-1732 388 4 type type NOUN cblr-1732 388 5 of of ADP cblr-1732 388 6 dual dual ADJ cblr-1732 388 7 - - PUNCT cblr-1732 388 8 class class NOUN cblr-1732 388 9 structure structure NOUN cblr-1732 388 10 enables enable VERB cblr-1732 388 11 a a DET cblr-1732 388 12 controller controller NOUN cblr-1732 388 13 to to PART cblr-1732 388 14 elect elect VERB cblr-1732 388 15 the the DET cblr-1732 388 16 majority majority NOUN cblr-1732 388 17 of of ADP cblr-1732 388 18 the the DET cblr-1732 388 19 board board NOUN cblr-1732 388 20 without without ADP cblr-1732 388 21 regard regard NOUN cblr-1732 388 22 to to ADP cblr-1732 388 23 its its PRON cblr-1732 388 24 total total ADJ cblr-1732 388 25 voting voting NOUN cblr-1732 388 26 power power NOUN cblr-1732 388 27 , , PUNCT cblr-1732 388 28 that that DET cblr-1732 388 29 controller controller NOUN cblr-1732 388 30 is be AUX cblr-1732 388 31 still still ADV cblr-1732 388 32 more more ADV cblr-1732 388 33 vulnerable vulnerable ADJ cblr-1732 388 34 to to ADP cblr-1732 388 35 activist activist ADJ cblr-1732 388 36 attacks attack NOUN cblr-1732 388 37 because because SCONJ cblr-1732 388 38 activists activist NOUN cblr-1732 388 39 have have VERB cblr-1732 388 40 the the DET cblr-1732 388 41 ability ability NOUN cblr-1732 388 42 to to PART cblr-1732 388 43 nominate nominate VERB cblr-1732 388 44 and and CCONJ cblr-1732 388 45 elect elect VERB cblr-1732 388 46 a a DET cblr-1732 388 47 short short ADJ cblr-1732 388 48 slate slate NOUN cblr-1732 388 49 of of ADP cblr-1732 388 50 directors director NOUN cblr-1732 388 51 . . PUNCT cblr-1732 389 1 this this DET cblr-1732 389 2 bargaining bargaining NOUN cblr-1732 389 3 mechanism mechanism NOUN cblr-1732 389 4 , , PUNCT cblr-1732 389 5 in in ADP cblr-1732 389 6 turn turn NOUN cblr-1732 389 7 , , PUNCT cblr-1732 389 8 increases increase VERB cblr-1732 389 9 the the DET cblr-1732 389 10 ex ex NOUN cblr-1732 389 11 ante ante NOUN cblr-1732 389 12 incentives incentive NOUN cblr-1732 389 13 of of ADP cblr-1732 389 14 activists activist NOUN cblr-1732 389 15 to to PART cblr-1732 389 16 engage engage VERB cblr-1732 389 17 with with ADP cblr-1732 389 18 controlled control VERB cblr-1732 389 19 companies company NOUN cblr-1732 389 20 . . PUNCT cblr-1732 390 1 although although SCONJ cblr-1732 390 2 the the DET cblr-1732 390 3 election election NOUN cblr-1732 390 4 of of ADP cblr-1732 390 5 the the DET cblr-1732 390 6 activist activist NOUN cblr-1732 390 7 ’s ’s PART cblr-1732 390 8 director director NOUN cblr-1732 390 9 nominees nominee NOUN cblr-1732 390 10 to to ADP cblr-1732 390 11 the the DET cblr-1732 390 12 board board NOUN cblr-1732 390 13 does do AUX cblr-1732 390 14 not not PART cblr-1732 390 15 jeopardize jeopardize VERB cblr-1732 390 16 the the DET cblr-1732 390 17 controller controller NOUN cblr-1732 390 18 ’s ’s PART cblr-1732 390 19 ability ability NOUN cblr-1732 390 20 to to PART cblr-1732 390 21 determine determine VERB cblr-1732 390 22 the the DET cblr-1732 390 23 company company NOUN cblr-1732 390 24 ’s ’s PART cblr-1732 390 25 business business NOUN cblr-1732 390 26 strategy strategy NOUN cblr-1732 390 27 , , PUNCT cblr-1732 390 28 the the DET cblr-1732 390 29 mere mere ADJ cblr-1732 390 30 presence presence NOUN cblr-1732 390 31 of of ADP cblr-1732 390 32 an an DET cblr-1732 390 33 outsider outsider NOUN cblr-1732 390 34 in in ADP cblr-1732 390 35 the the DET cblr-1732 390 36 boardroom boardroom NOUN cblr-1732 390 37 may may AUX cblr-1732 390 38 change change VERB cblr-1732 390 39 board board NOUN cblr-1732 390 40 dynamics.95 dynamics.95 NOUN cblr-1732 390 41 this this DET cblr-1732 390 42 outside outside ADJ cblr-1732 390 43 director director NOUN cblr-1732 390 44 , , PUNCT cblr-1732 390 45 who who PRON cblr-1732 390 46 is be AUX cblr-1732 390 47 truly truly ADV cblr-1732 390 48 independent independent ADJ cblr-1732 390 49 94 94 NUM cblr-1732 390 50 see see NOUN cblr-1732 390 51 table table NOUN cblr-1732 390 52 4 4 NUM cblr-1732 390 53 . . X cblr-1732 390 54 95 95 NUM cblr-1732 390 55 see see NOUN cblr-1732 390 56 , , PUNCT cblr-1732 390 57 e.g. e.g. ADV cblr-1732 390 58 , , PUNCT cblr-1732 390 59 yael yael PROPN cblr-1732 390 60 bizouati bizouati PROPN cblr-1732 390 61 , , PUNCT cblr-1732 390 62 activists activist NOUN cblr-1732 390 63 make make VERB cblr-1732 390 64 more more ADJ cblr-1732 390 65 news news NOUN cblr-1732 390 66 : : PUNCT cblr-1732 390 67 two two NUM cblr-1732 390 68 firms firm NOUN cblr-1732 390 69 push push VERB cblr-1732 390 70 for for ADP cblr-1732 390 71 board board NOUN cblr-1732 390 72 seats seat NOUN cblr-1732 390 73 at at ADP cblr-1732 390 74 the the DET cblr-1732 390 75 new new PROPN cblr-1732 390 76 york york PROPN cblr-1732 390 77 times times PROPN cblr-1732 390 78 , , PUNCT cblr-1732 390 79 inv inv ADJ cblr-1732 390 80 . . PUNCT cblr-1732 391 1 dealers dealer NOUN cblr-1732 391 2 ’ ' PUNCT cblr-1732 391 3 dig dig NOUN cblr-1732 391 4 . . PUNCT cblr-1732 392 1 ( ( PUNCT cblr-1732 392 2 feb feb PROPN cblr-1732 392 3 . . PROPN cblr-1732 392 4 4 4 NUM cblr-1732 392 5 , , PUNCT cblr-1732 392 6 2008 2008 NUM cblr-1732 392 7 ) ) PUNCT cblr-1732 392 8 ( ( PUNCT cblr-1732 392 9 quoting quote VERB cblr-1732 392 10 sources source NOUN cblr-1732 392 11 close close ADJ cblr-1732 392 12 to to ADP cblr-1732 392 13 the the DET cblr-1732 392 14 activist activist ADJ cblr-1732 392 15 hedge hedge NOUN cblr-1732 392 16 funds fund NOUN cblr-1732 392 17 that that PRON cblr-1732 392 18 engaged engage VERB cblr-1732 392 19 with with ADP cblr-1732 392 20 the the DET cblr-1732 392 21 new new PROPN cblr-1732 392 22 york york PROPN cblr-1732 392 23 times times PROPN cblr-1732 392 24 company company PROPN cblr-1732 392 25 saying say VERB cblr-1732 392 26 : : PUNCT cblr-1732 392 27 “ " PUNCT cblr-1732 392 28 change change NOUN cblr-1732 392 29 can can AUX cblr-1732 392 30 happen happen VERB cblr-1732 392 31 with with ADP cblr-1732 392 32 only only ADV cblr-1732 392 33 one one NUM cblr-1732 392 34 kastiel kastiel NOUN cblr-1732 392 35 – – PUNCT cblr-1732 392 36 final final ADJ cblr-1732 392 37 no no NOUN cblr-1732 392 38 . . PROPN cblr-1732 392 39 1:60 1:60 NUM cblr-1732 392 40 ] ] PUNCT cblr-1732 392 41 against against ADP cblr-1732 392 42 all all DET cblr-1732 392 43 odds odd NOUN cblr-1732 392 44 91 91 NUM cblr-1732 392 45 of of ADP cblr-1732 392 46 the the DET cblr-1732 392 47 controller controller NOUN cblr-1732 392 48 and and CCONJ cblr-1732 392 49 does do AUX cblr-1732 392 50 not not PART cblr-1732 392 51 depend depend VERB cblr-1732 392 52 on on ADP cblr-1732 392 53 the the DET cblr-1732 392 54 controller controller NOUN cblr-1732 392 55 to to PART cblr-1732 392 56 be be AUX cblr-1732 392 57 re re VERB cblr-1732 392 58 - - VERB cblr-1732 392 59 elected elect VERB cblr-1732 392 60 , , PUNCT cblr-1732 392 61 has have VERB cblr-1732 392 62 the the DET cblr-1732 392 63 right right NOUN cblr-1732 392 64 to to PART cblr-1732 392 65 access access VERB cblr-1732 392 66 the the DET cblr-1732 392 67 company company NOUN cblr-1732 392 68 ’s ’s PART cblr-1732 392 69 books book NOUN cblr-1732 392 70 and and CCONJ cblr-1732 392 71 records96 records96 NOUN cblr-1732 392 72 and and CCONJ cblr-1732 392 73 can can AUX cblr-1732 392 74 not not PART cblr-1732 392 75 be be AUX cblr-1732 392 76 excluded exclude VERB cblr-1732 392 77 from from ADP cblr-1732 392 78 the the DET cblr-1732 392 79 board board NOUN cblr-1732 392 80 ’s ’s PART cblr-1732 392 81 intimate intimate ADJ cblr-1732 392 82 discussions discussion NOUN cblr-1732 392 83 ( ( PUNCT cblr-1732 392 84 unless unless SCONJ cblr-1732 392 85 there there PRON cblr-1732 392 86 is be VERB cblr-1732 392 87 a a DET cblr-1732 392 88 direct direct ADJ cblr-1732 392 89 , , PUNCT cblr-1732 392 90 readily readily ADV cblr-1732 392 91 - - PUNCT cblr-1732 392 92 apparent apparent ADJ cblr-1732 392 93 conflict conflict NOUN cblr-1732 392 94 of of ADP cblr-1732 392 95 interest interest NOUN cblr-1732 392 96 between between ADP cblr-1732 392 97 the the DET cblr-1732 392 98 minority minority NOUN cblr-1732 392 99 director director NOUN cblr-1732 392 100 and and CCONJ cblr-1732 392 101 the the DET cblr-1732 392 102 controller).97 controller).97 NOUN cblr-1732 392 103 a a DET cblr-1732 392 104 minority minority NOUN cblr-1732 392 105 director director NOUN cblr-1732 392 106 can can AUX cblr-1732 392 107 also also ADV cblr-1732 392 108 spot spot VERB cblr-1732 392 109 conflict conflict NOUN cblr-1732 392 110 of of ADP cblr-1732 392 111 interest interest NOUN cblr-1732 392 112 transactions transaction NOUN cblr-1732 392 113 , , PUNCT cblr-1732 392 114 challenge challenge VERB cblr-1732 392 115 the the DET cblr-1732 392 116 controller controller NOUN cblr-1732 392 117 with with ADP cblr-1732 392 118 difficult difficult ADJ cblr-1732 392 119 questions question NOUN cblr-1732 392 120 , , PUNCT cblr-1732 392 121 bring bring VERB cblr-1732 392 122 additional additional ADJ cblr-1732 392 123 information information NOUN cblr-1732 392 124 and and CCONJ cblr-1732 392 125 perspective perspective NOUN cblr-1732 392 126 to to ADP cblr-1732 392 127 or or CCONJ cblr-1732 392 128 from from ADP cblr-1732 392 129 the the DET cblr-1732 392 130 boardroom boardroom NOUN cblr-1732 392 131 to to ADP cblr-1732 392 132 the the DET cblr-1732 392 133 activist activist ADJ cblr-1732 392 134 shareholder shareholder NOUN cblr-1732 392 135 who who PRON cblr-1732 392 136 appointed appoint VERB cblr-1732 392 137 him he PRON cblr-1732 392 138 , , PUNCT cblr-1732 392 139 and and CCONJ cblr-1732 392 140 in in ADP cblr-1732 392 141 non non ADJ cblr-1732 392 142 - - ADJ cblr-1732 392 143 hostile hostile ADJ cblr-1732 392 144 situations situation NOUN cblr-1732 392 145 his his PRON cblr-1732 392 146 voice voice NOUN cblr-1732 392 147 and and CCONJ cblr-1732 392 148 attitude attitude NOUN cblr-1732 392 149 with with ADP cblr-1732 392 150 respect respect NOUN cblr-1732 392 151 to to ADP cblr-1732 392 152 the the DET cblr-1732 392 153 company company NOUN cblr-1732 392 154 ’s ’s PART cblr-1732 392 155 strategic strategic ADJ cblr-1732 392 156 plans plan NOUN cblr-1732 392 157 or or CCONJ cblr-1732 392 158 payout payout NOUN cblr-1732 392 159 policies policy NOUN cblr-1732 392 160 could could AUX cblr-1732 392 161 affect affect VERB cblr-1732 392 162 the the DET cblr-1732 392 163 other other ADJ cblr-1732 392 164 independent independent ADJ cblr-1732 392 165 directors director NOUN cblr-1732 392 166 . . PUNCT cblr-1732 393 1 in in ADP cblr-1732 393 2 addition addition NOUN cblr-1732 393 3 , , PUNCT cblr-1732 393 4 when when SCONJ cblr-1732 393 5 there there PRON cblr-1732 393 6 is be VERB cblr-1732 393 7 a a DET cblr-1732 393 8 lawsuit lawsuit NOUN cblr-1732 393 9 of of ADP cblr-1732 393 10 any any DET cblr-1732 393 11 kind kind NOUN cblr-1732 393 12 , , PUNCT cblr-1732 393 13 the the DET cblr-1732 393 14 minority minority NOUN cblr-1732 393 15 director director NOUN cblr-1732 393 16 could could AUX cblr-1732 393 17 be be AUX cblr-1732 393 18 a a DET cblr-1732 393 19 “ " PUNCT cblr-1732 393 20 bad bad ADJ cblr-1732 393 21 ” " PUNCT cblr-1732 393 22 witness witness NOUN cblr-1732 393 23 for for ADP cblr-1732 393 24 other other ADJ cblr-1732 393 25 directors director NOUN cblr-1732 393 26 , , PUNCT cblr-1732 393 27 which which PRON cblr-1732 393 28 in in ADP cblr-1732 393 29 turn turn NOUN cblr-1732 393 30 could could AUX cblr-1732 393 31 increase increase VERB cblr-1732 393 32 the the DET cblr-1732 393 33 transparency transparency NOUN cblr-1732 393 34 of of ADP cblr-1732 393 35 board board NOUN cblr-1732 393 36 discussions discussion NOUN cblr-1732 393 37 . . PUNCT cblr-1732 394 1 therefore therefore ADV cblr-1732 394 2 , , PUNCT cblr-1732 394 3 activists activist NOUN cblr-1732 394 4 ’ ' PUNCT cblr-1732 394 5 reliable reliable ADJ cblr-1732 394 6 threat threat NOUN cblr-1732 394 7 to to PART cblr-1732 394 8 elect elect VERB cblr-1732 394 9 a a DET cblr-1732 394 10 short short ADJ cblr-1732 394 11 slate slate NOUN cblr-1732 394 12 of of ADP cblr-1732 394 13 directors director NOUN cblr-1732 394 14 , , PUNCT cblr-1732 394 15 and and CCONJ cblr-1732 394 16 the the DET cblr-1732 394 17 concern concern NOUN cblr-1732 394 18 from from ADP cblr-1732 394 19 the the DET cblr-1732 394 20 presence presence NOUN cblr-1732 394 21 of of ADP cblr-1732 394 22 one one NUM cblr-1732 394 23 or or CCONJ cblr-1732 394 24 more more ADJ cblr-1732 394 25 “ " PUNCT cblr-1732 394 26 outside outside ADJ cblr-1732 394 27 ” " PUNCT cblr-1732 394 28 directors director NOUN cblr-1732 394 29 on on ADP cblr-1732 394 30 the the DET cblr-1732 394 31 board board NOUN cblr-1732 394 32 , , PUNCT cblr-1732 394 33 may may AUX cblr-1732 394 34 make make VERB cblr-1732 394 35 controllers controller NOUN cblr-1732 394 36 more more ADV cblr-1732 394 37 attentive attentive ADJ cblr-1732 394 38 to to ADP cblr-1732 394 39 activists activist NOUN cblr-1732 394 40 ’ ' PUNCT cblr-1732 394 41 demands demand NOUN cblr-1732 394 42 . . PUNCT cblr-1732 395 1 the the DET cblr-1732 395 2 activist activist ADJ cblr-1732 395 3 campaign campaign NOUN cblr-1732 395 4 against against ADP cblr-1732 395 5 the the DET cblr-1732 395 6 new new PROPN cblr-1732 395 7 york york PROPN cblr-1732 395 8 times times PROPN cblr-1732 395 9 company company PROPN cblr-1732 395 10 , , PUNCT cblr-1732 395 11 presented present VERB cblr-1732 395 12 in in ADP cblr-1732 395 13 the the DET cblr-1732 395 14 beginning beginning NOUN cblr-1732 395 15 of of ADP cblr-1732 395 16 this this DET cblr-1732 395 17 article article NOUN cblr-1732 395 18 , , PUNCT cblr-1732 395 19 was be AUX cblr-1732 395 20 facilitated facilitate VERB cblr-1732 395 21 by by ADP cblr-1732 395 22 the the DET cblr-1732 395 23 activists activist NOUN cblr-1732 395 24 ’ ' PUNCT cblr-1732 395 25 ability ability NOUN cblr-1732 395 26 to to PART cblr-1732 395 27 nominate nominate VERB cblr-1732 395 28 minority minority NOUN cblr-1732 395 29 directors director NOUN cblr-1732 395 30 . . PUNCT cblr-1732 396 1 while while SCONJ cblr-1732 396 2 the the DET cblr-1732 396 3 times time NOUN cblr-1732 396 4 company company NOUN cblr-1732 396 5 is be AUX cblr-1732 396 6 controlled control VERB cblr-1732 396 7 by by ADP cblr-1732 396 8 the the DET cblr-1732 396 9 sulzberger sulzberger NOUN cblr-1732 396 10 family family NOUN cblr-1732 396 11 through through ADP cblr-1732 396 12 their their PRON cblr-1732 396 13 ownership ownership NOUN cblr-1732 396 14 of of ADP cblr-1732 396 15 class class NOUN cblr-1732 396 16 b b PROPN cblr-1732 396 17 shares share NOUN cblr-1732 396 18 , , PUNCT cblr-1732 396 19 allowing allow VERB cblr-1732 396 20 them they PRON cblr-1732 396 21 to to PART cblr-1732 396 22 elect elect VERB cblr-1732 396 23 nine nine NUM cblr-1732 396 24 of of ADP cblr-1732 396 25 the the DET cblr-1732 396 26 thirteen thirteen NUM cblr-1732 396 27 total total ADJ cblr-1732 396 28 board board NOUN cblr-1732 396 29 seats seat NOUN cblr-1732 396 30 , , PUNCT cblr-1732 396 31 shareholders shareholder NOUN cblr-1732 396 32 unaffiliated unaffiliate VERB cblr-1732 396 33 with with ADP cblr-1732 396 34 the the DET cblr-1732 396 35 controllers controller NOUN cblr-1732 396 36 have have AUX cblr-1732 396 37 the the DET cblr-1732 396 38 ability ability NOUN cblr-1732 396 39 to to PART cblr-1732 396 40 elect elect VERB cblr-1732 396 41 the the DET cblr-1732 396 42 remaining remain VERB cblr-1732 396 43 four four NUM cblr-1732 396 44 directors director NOUN cblr-1732 396 45 , , PUNCT cblr-1732 396 46 and and CCONJ cblr-1732 396 47 through through ADP cblr-1732 396 48 this this DET cblr-1732 396 49 channel channel NOUN cblr-1732 396 50 the the DET cblr-1732 396 51 activists activist NOUN cblr-1732 396 52 put put VERB cblr-1732 396 53 pressure pressure NOUN cblr-1732 396 54 on on ADP cblr-1732 396 55 the the DET cblr-1732 396 56 controlling control VERB cblr-1732 396 57 family family NOUN cblr-1732 396 58 . . PUNCT cblr-1732 397 1 member member NOUN cblr-1732 397 2 on on ADP cblr-1732 397 3 the the DET cblr-1732 397 4 board board NOUN cblr-1732 397 5 . . PUNCT cblr-1732 397 6 . . PUNCT cblr-1732 397 7 . . PUNCT cblr-1732 398 1 . . PUNCT cblr-1732 399 1 this this PRON cblr-1732 399 2 is be AUX cblr-1732 399 3 not not PART cblr-1732 399 4 a a DET cblr-1732 399 5 numbers number NOUN cblr-1732 399 6 game game NOUN cblr-1732 399 7 , , PUNCT cblr-1732 399 8 but but CCONJ cblr-1732 399 9 a a DET cblr-1732 399 10 blend blend NOUN cblr-1732 399 11 of of ADP cblr-1732 399 12 who who PRON cblr-1732 399 13 has have AUX cblr-1732 399 14 the the DET cblr-1732 399 15 most most ADJ cblr-1732 399 16 experience experience NOUN cblr-1732 399 17 and and CCONJ cblr-1732 399 18 gravitas gravita NOUN cblr-1732 399 19 , , PUNCT cblr-1732 399 20 and and CCONJ cblr-1732 399 21 who who PRON cblr-1732 399 22 works work VERB cblr-1732 399 23 more more ADJ cblr-1732 399 24 . . PUNCT cblr-1732 399 25 ” " PUNCT cblr-1732 399 26 ) ) PUNCT cblr-1732 399 27 . . PUNCT cblr-1732 400 1 96 96 NUM cblr-1732 400 2 del del PROPN cblr-1732 400 3 . . PROPN cblr-1732 400 4 code code PROPN cblr-1732 400 5 ann ann PROPN cblr-1732 400 6 . . PUNCT cblr-1732 400 7 tit tit PROPN cblr-1732 400 8 . . PROPN cblr-1732 400 9 8 8 NUM cblr-1732 400 10 , , PUNCT cblr-1732 400 11 § § PROPN cblr-1732 400 12 220(d 220(d NUM cblr-1732 400 13 ) ) PUNCT cblr-1732 400 14 ( ( PUNCT cblr-1732 400 15 2011 2011 NUM cblr-1732 400 16 ) ) PUNCT cblr-1732 400 17 ( ( PUNCT cblr-1732 400 18 “ " PUNCT cblr-1732 400 19 any any DET cblr-1732 400 20 director director NOUN cblr-1732 400 21 shall shall AUX cblr-1732 400 22 have have VERB cblr-1732 400 23 the the DET cblr-1732 400 24 right right NOUN cblr-1732 400 25 to to PART cblr-1732 400 26 examine examine VERB cblr-1732 400 27 the the DET cblr-1732 400 28 corporation corporation NOUN cblr-1732 400 29 ’s ’s PART cblr-1732 400 30 stock stock NOUN cblr-1732 400 31 ledger ledger NOUN cblr-1732 400 32 , , PUNCT cblr-1732 400 33 a a DET cblr-1732 400 34 list list NOUN cblr-1732 400 35 of of ADP cblr-1732 400 36 its its PRON cblr-1732 400 37 stockholders stockholder NOUN cblr-1732 400 38 and and CCONJ cblr-1732 400 39 its its PRON cblr-1732 400 40 other other ADJ cblr-1732 400 41 books book NOUN cblr-1732 400 42 and and CCONJ cblr-1732 400 43 records record NOUN cblr-1732 400 44 for for ADP cblr-1732 400 45 a a DET cblr-1732 400 46 purpose purpose NOUN cblr-1732 400 47 reasonably reasonably ADV cblr-1732 400 48 related relate VERB cblr-1732 400 49 to to ADP cblr-1732 400 50 the the DET cblr-1732 400 51 director director NOUN cblr-1732 400 52 ’s ’s PART cblr-1732 400 53 position position NOUN cblr-1732 400 54 as as ADP cblr-1732 400 55 a a DET cblr-1732 400 56 director director NOUN cblr-1732 400 57 ” " PUNCT cblr-1732 400 58 ) ) PUNCT cblr-1732 400 59 . . PUNCT cblr-1732 401 1 see see VERB cblr-1732 401 2 also also ADV cblr-1732 401 3 j. j. PROPN cblr-1732 401 4 travis travis PROPN cblr-1732 401 5 laster laster PROPN cblr-1732 401 6 & & CCONJ cblr-1732 401 7 john john PROPN cblr-1732 401 8 mark mark PROPN cblr-1732 401 9 zeberkiewicz zeberkiewicz PROPN cblr-1732 401 10 , , PUNCT cblr-1732 401 11 the the DET cblr-1732 401 12 rights right NOUN cblr-1732 401 13 and and CCONJ cblr-1732 401 14 duties duty NOUN cblr-1732 401 15 of of ADP cblr-1732 401 16 blockholder blockholder NOUN cblr-1732 401 17 directors director NOUN cblr-1732 401 18 , , PUNCT cblr-1732 401 19 70 70 NUM cblr-1732 401 20 bus bus NOUN cblr-1732 401 21 . . PUNCT cblr-1732 402 1 law law NOUN cblr-1732 402 2 . . PUNCT cblr-1732 403 1 33 33 NUM cblr-1732 403 2 , , PUNCT cblr-1732 403 3 44–47 44–47 NUM cblr-1732 403 4 ( ( PUNCT cblr-1732 403 5 2015 2015 NUM cblr-1732 403 6 ) ) PUNCT cblr-1732 403 7 . . PUNCT cblr-1732 404 1 97 97 NUM cblr-1732 404 2 laster laster NOUN cblr-1732 404 3 & & CCONJ cblr-1732 404 4 zeberkiewicz zeberkiewicz NOUN cblr-1732 404 5 , , PUNCT cblr-1732 404 6 supra supra PROPN cblr-1732 404 7 note note NOUN cblr-1732 404 8 96 96 NUM cblr-1732 404 9 , , PUNCT cblr-1732 404 10 at at ADP cblr-1732 404 11 33 33 NUM cblr-1732 404 12 , , PUNCT cblr-1732 404 13 42–44 42–44 PROPN cblr-1732 404 14 , , PUNCT cblr-1732 404 15 59–60 59–60 PROPN cblr-1732 404 16 . . PUNCT cblr-1732 405 1 kastiel kastiel PROPN cblr-1732 405 2 – – PUNCT cblr-1732 405 3 final final ADJ cblr-1732 405 4 92 92 NUM cblr-1732 405 5 columbia columbia PROPN cblr-1732 405 6 business business NOUN cblr-1732 405 7 law law NOUN cblr-1732 405 8 review review NOUN cblr-1732 406 1 [ [ X cblr-1732 406 2 vol vol NOUN cblr-1732 406 3 . . NOUN cblr-1732 406 4 2016 2016 NUM cblr-1732 407 1 but but CCONJ cblr-1732 407 2 the the DET cblr-1732 407 3 new new PROPN cblr-1732 407 4 york york PROPN cblr-1732 407 5 times times PROPN cblr-1732 407 6 company company NOUN cblr-1732 407 7 is be AUX cblr-1732 407 8 not not PART cblr-1732 407 9 the the DET cblr-1732 407 10 only only ADJ cblr-1732 407 11 controlled control VERB cblr-1732 407 12 company company NOUN cblr-1732 407 13 that that PRON cblr-1732 407 14 has have VERB cblr-1732 407 15 this this DET cblr-1732 407 16 arrangement arrangement NOUN cblr-1732 407 17 in in ADP cblr-1732 407 18 place.98 place.98 ADV cblr-1732 407 19 another another DET cblr-1732 407 20 interesting interesting ADJ cblr-1732 407 21 example example NOUN cblr-1732 407 22 is be AUX cblr-1732 407 23 the the DET cblr-1732 407 24 engagement engagement NOUN cblr-1732 407 25 with with ADP cblr-1732 407 26 dillard dillard PROPN cblr-1732 407 27 ’s ’s PROPN cblr-1732 407 28 , , PUNCT cblr-1732 407 29 inc inc PROPN cblr-1732 407 30 . . PROPN cblr-1732 407 31 , , PUNCT cblr-1732 407 32 an an DET cblr-1732 407 33 upscale upscale ADJ cblr-1732 407 34 department department NOUN cblr-1732 407 35 store store NOUN cblr-1732 407 36 chain chain NOUN cblr-1732 407 37 . . PUNCT cblr-1732 408 1 the the DET cblr-1732 408 2 engagement engagement NOUN cblr-1732 408 3 started start VERB cblr-1732 408 4 in in ADP cblr-1732 408 5 the the DET cblr-1732 408 6 middle middle NOUN cblr-1732 408 7 of of ADP cblr-1732 408 8 2007 2007 NUM cblr-1732 408 9 , , PUNCT cblr-1732 408 10 when when SCONJ cblr-1732 408 11 barington barington PROPN cblr-1732 408 12 capital capital PROPN cblr-1732 408 13 group group PROPN cblr-1732 408 14 , , PUNCT cblr-1732 408 15 l.p l.p PROPN cblr-1732 408 16 . . PROPN cblr-1732 408 17 , , PUNCT cblr-1732 408 18 a a DET cblr-1732 408 19 minority minority NOUN cblr-1732 408 20 holder holder NOUN cblr-1732 408 21 in in ADP cblr-1732 408 22 dillard dillard PROPN cblr-1732 408 23 ’s ’s PROPN cblr-1732 408 24 , , PUNCT cblr-1732 408 25 inc inc PROPN cblr-1732 408 26 . . PROPN cblr-1732 408 27 , , PUNCT cblr-1732 408 28 sent send VERB cblr-1732 408 29 a a DET cblr-1732 408 30 series series NOUN cblr-1732 408 31 of of ADP cblr-1732 408 32 letters letter NOUN cblr-1732 408 33 to to ADP cblr-1732 408 34 the the DET cblr-1732 408 35 company company NOUN cblr-1732 408 36 , , PUNCT cblr-1732 408 37 expressing express VERB cblr-1732 408 38 its its PRON cblr-1732 408 39 extreme extreme ADJ cblr-1732 408 40 disappointment disappointment NOUN cblr-1732 408 41 at at ADP cblr-1732 408 42 the the DET cblr-1732 408 43 company company NOUN cblr-1732 408 44 ’s ’s PART cblr-1732 408 45 poor poor ADJ cblr-1732 408 46 operational operational ADJ cblr-1732 408 47 performance performance NOUN cblr-1732 408 48 and and CCONJ cblr-1732 408 49 corporate corporate ADJ cblr-1732 408 50 governance.99 governance.99 NOUN cblr-1732 408 51 according accord VERB cblr-1732 408 52 to to ADP cblr-1732 408 53 barington barington PROPN cblr-1732 408 54 , , PUNCT cblr-1732 408 55 the the DET cblr-1732 408 56 company company NOUN cblr-1732 408 57 ’s ’s PART cblr-1732 408 58 loss loss NOUN cblr-1732 408 59 for for ADP cblr-1732 408 60 the the DET cblr-1732 408 61 second second ADJ cblr-1732 408 62 quarter quarter NOUN cblr-1732 408 63 of of ADP cblr-1732 408 64 2007 2007 NUM cblr-1732 408 65 was be AUX cblr-1732 408 66 the the DET cblr-1732 408 67 largest large ADJ cblr-1732 408 68 loss loss NOUN cblr-1732 408 69 since since SCONJ cblr-1732 408 70 1992 1992 NUM cblr-1732 408 71 , , PUNCT cblr-1732 408 72 and and CCONJ cblr-1732 408 73 dillard dillard NOUN cblr-1732 408 74 ’s ’s NOUN cblr-1732 408 75 , , PUNCT cblr-1732 408 76 which which PRON cblr-1732 408 77 was be AUX cblr-1732 408 78 a a DET cblr-1732 408 79 thriving thrive VERB cblr-1732 408 80 franchise franchise NOUN cblr-1732 408 81 under under ADP cblr-1732 408 82 the the DET cblr-1732 408 83 leadership leadership NOUN cblr-1732 408 84 of of ADP cblr-1732 408 85 its its PRON cblr-1732 408 86 founder founder NOUN cblr-1732 408 87 , , PUNCT cblr-1732 408 88 lost lose VERB cblr-1732 408 89 approximately approximately ADV cblr-1732 408 90 $ $ SYM cblr-1732 408 91 2 2 NUM cblr-1732 408 92 billion billion NUM cblr-1732 408 93 in in ADP cblr-1732 408 94 market market NOUN cblr-1732 408 95 capitalization capitalization NOUN cblr-1732 408 96 since since SCONJ cblr-1732 408 97 his his PRON cblr-1732 408 98 heirs heir NOUN cblr-1732 408 99 had have AUX cblr-1732 408 100 taken take VERB cblr-1732 408 101 over over ADP cblr-1732 408 102 in in ADP cblr-1732 408 103 1998.100 1998.100 NUM cblr-1732 408 104 as as SCONJ cblr-1732 408 105 the the DET cblr-1732 408 106 pressure pressure NOUN cblr-1732 408 107 increased increase VERB cblr-1732 408 108 , , PUNCT cblr-1732 408 109 the the DET cblr-1732 408 110 company company NOUN cblr-1732 408 111 announced announce VERB cblr-1732 408 112 in in ADP cblr-1732 408 113 late late ADJ cblr-1732 408 114 2007 2007 NUM cblr-1732 408 115 a a DET cblr-1732 408 116 new new ADJ cblr-1732 408 117 plan plan NOUN cblr-1732 408 118 to to ADP cblr-1732 408 119 98 98 NUM cblr-1732 408 120 see see VERB cblr-1732 408 121 , , PUNCT cblr-1732 408 122 e.g. e.g. ADV cblr-1732 408 123 , , PUNCT cblr-1732 408 124 the the DET cblr-1732 408 125 successful successful ADJ cblr-1732 408 126 engagements engagement NOUN cblr-1732 408 127 with with ADP cblr-1732 408 128 targets target NOUN cblr-1732 408 129 such such ADJ cblr-1732 408 130 as as ADP cblr-1732 408 131 cablevision cablevision PROPN cblr-1732 408 132 , , PUNCT cblr-1732 408 133 dow dow PROPN cblr-1732 408 134 jones jones PROPN cblr-1732 408 135 , , PUNCT cblr-1732 408 136 emmis emmis PROPN cblr-1732 408 137 communications communication NOUN cblr-1732 408 138 , , PUNCT cblr-1732 408 139 forest forest NOUN cblr-1732 408 140 city city NOUN cblr-1732 408 141 enterprises enterprise NOUN cblr-1732 408 142 , , PUNCT cblr-1732 408 143 inc inc PROPN cblr-1732 408 144 . . PROPN cblr-1732 408 145 , , PUNCT cblr-1732 408 146 media media PROPN cblr-1732 408 147 general general PROPN cblr-1732 408 148 , , PUNCT cblr-1732 408 149 inc inc PROPN cblr-1732 408 150 . . PROPN cblr-1732 408 151 , , PUNCT cblr-1732 408 152 stewart stewart PROPN cblr-1732 408 153 information information PROPN cblr-1732 408 154 services service NOUN cblr-1732 408 155 corporation corporation NOUN cblr-1732 408 156 , , PUNCT cblr-1732 408 157 td td PROPN cblr-1732 408 158 ameritrade ameritrade NOUN cblr-1732 408 159 holding hold VERB cblr-1732 408 160 corporation corporation NOUN cblr-1732 408 161 , , PUNCT cblr-1732 408 162 telephone telephone NOUN cblr-1732 408 163 and and CCONJ cblr-1732 408 164 data datum NOUN cblr-1732 408 165 systems system NOUN cblr-1732 408 166 , , PUNCT cblr-1732 408 167 inc inc PROPN cblr-1732 408 168 . . PROPN cblr-1732 408 169 , , PUNCT cblr-1732 408 170 united united PROPN cblr-1732 408 171 states states PROPN cblr-1732 408 172 cellular cellular ADJ cblr-1732 408 173 corporation corporation NOUN cblr-1732 408 174 , , PUNCT cblr-1732 408 175 and and CCONJ cblr-1732 408 176 whitney whitney PROPN cblr-1732 408 177 information information PROPN cblr-1732 408 178 network network PROPN cblr-1732 408 179 , , PUNCT cblr-1732 408 180 inc inc PROPN cblr-1732 408 181 . . PROPN cblr-1732 409 1 i i PRON cblr-1732 409 2 collected collect VERB cblr-1732 409 3 data datum NOUN cblr-1732 409 4 on on ADP cblr-1732 409 5 these these DET cblr-1732 409 6 engagements engagement NOUN cblr-1732 409 7 from from ADP cblr-1732 409 8 the the DET cblr-1732 409 9 sharkrepellent sharkrepellent NOUN cblr-1732 409 10 database database NOUN cblr-1732 409 11 . . PUNCT cblr-1732 410 1 see see VERB cblr-1732 410 2 factset factset NOUN cblr-1732 410 3 research research NOUN cblr-1732 410 4 systems systems PROPN cblr-1732 410 5 , , PUNCT cblr-1732 410 6 inc inc PROPN cblr-1732 410 7 . . PROPN cblr-1732 410 8 , , PUNCT cblr-1732 410 9 sharkrepellent.net sharkrepellent.net NOUN cblr-1732 410 10 , , PUNCT cblr-1732 410 11 https://www.sharkrepellent.net https://www.sharkrepellent.net X cblr-1732 411 1 [ [ X cblr-1732 411 2 https://perma.cc/5dxg-7tpe https://perma.cc/5dxg-7tpe X cblr-1732 411 3 ] ] PUNCT cblr-1732 411 4 . . PUNCT cblr-1732 412 1 99 99 NUM cblr-1732 412 2 see see VERB cblr-1732 412 3 press press NOUN cblr-1732 412 4 release release NOUN cblr-1732 412 5 , , PUNCT cblr-1732 412 6 barington barington PROPN cblr-1732 412 7 capital capital PROPN cblr-1732 412 8 group group PROPN cblr-1732 412 9 , , PUNCT cblr-1732 412 10 l.p l.p PROPN cblr-1732 412 11 . . PROPN cblr-1732 412 12 , , PUNCT cblr-1732 412 13 barington barington PROPN cblr-1732 412 14 capital capital PROPN cblr-1732 412 15 group group PROPN cblr-1732 412 16 seeks seek VERB cblr-1732 412 17 to to PART cblr-1732 412 18 maximize maximize VERB cblr-1732 412 19 shareholder shareholder NOUN cblr-1732 412 20 value value NOUN cblr-1732 412 21 at at ADP cblr-1732 412 22 dillard dillard PROPN cblr-1732 412 23 ’s ’s PROPN cblr-1732 412 24 , , PUNCT cblr-1732 412 25 inc inc PROPN cblr-1732 412 26 . . PROPN cblr-1732 412 27 ( ( PUNCT cblr-1732 412 28 june june PROPN cblr-1732 412 29 28 28 NUM cblr-1732 412 30 , , PUNCT cblr-1732 412 31 2007 2007 NUM cblr-1732 412 32 ) ) PUNCT cblr-1732 412 33 , , PUNCT cblr-1732 412 34 http://www.prnewswire.com/news-releases/baringtoncapital-group-seeks-to-maximize-shareholder-value-at-dillards-inc58531067.html http://www.prnewswire.com/news-releases/baringtoncapital-group-seeks-to-maximize-shareholder-value-at-dillards-inc58531067.html VERB cblr-1732 413 1 [ [ X cblr-1732 413 2 https://perma.cc/r4gq-jk6u https://perma.cc/r4gq-jk6u X cblr-1732 413 3 ] ] X cblr-1732 413 4 ; ; PUNCT cblr-1732 413 5 press press NOUN cblr-1732 413 6 release release NOUN cblr-1732 413 7 , , PUNCT cblr-1732 413 8 barington barington PROPN cblr-1732 413 9 capital capital PROPN cblr-1732 413 10 group group PROPN cblr-1732 413 11 , , PUNCT cblr-1732 413 12 l.p l.p PROPN cblr-1732 413 13 . . PROPN cblr-1732 413 14 , , PUNCT cblr-1732 413 15 barington barington PROPN cblr-1732 413 16 capital capital PROPN cblr-1732 413 17 group group PROPN cblr-1732 413 18 continues continue VERB cblr-1732 413 19 to to PART cblr-1732 413 20 seek seek VERB cblr-1732 413 21 to to PART cblr-1732 413 22 maximize maximize VERB cblr-1732 413 23 shareholder shareholder NOUN cblr-1732 413 24 value value NOUN cblr-1732 413 25 at at ADP cblr-1732 413 26 dillard dillard PROPN cblr-1732 413 27 ’s ’s PROPN cblr-1732 413 28 , , PUNCT cblr-1732 413 29 inc inc PROPN cblr-1732 413 30 . . PROPN cblr-1732 413 31 ( ( PUNCT cblr-1732 413 32 aug aug PROPN cblr-1732 413 33 . . PROPN cblr-1732 413 34 3 3 NUM cblr-1732 413 35 , , PUNCT cblr-1732 413 36 2007 2007 NUM cblr-1732 413 37 ) ) PUNCT cblr-1732 413 38 , , PUNCT cblr-1732 414 1 http://www http://www PROPN cblr-1732 414 2 . . PROPN cblr-1732 414 3 prnewswire.com/news-releases/barington-capital-group-continues-to-seekto-maximize-shareholder-value-at-dillards-inc-57838437.html prnewswire.com/news-releases/barington-capital-group-continues-to-seekto-maximize-shareholder-value-at-dillards-inc-57838437.html NOUN cblr-1732 415 1 [ [ X cblr-1732 415 2 https://perma.cc/k2q6-q5el https://perma.cc/k2q6-q5el X cblr-1732 415 3 ] ] X cblr-1732 415 4 . . PUNCT cblr-1732 416 1 100 100 NUM cblr-1732 416 2 a a DET cblr-1732 416 3 report report NOUN cblr-1732 416 4 by by ADP cblr-1732 416 5 the the DET cblr-1732 416 6 institutional institutional ADJ cblr-1732 416 7 shareholder shareholder NOUN cblr-1732 416 8 services service NOUN cblr-1732 416 9 ( ( PUNCT cblr-1732 416 10 “ " PUNCT cblr-1732 416 11 iss iss PROPN cblr-1732 416 12 ” " PUNCT cblr-1732 416 13 ) ) PUNCT cblr-1732 416 14 supports support VERB cblr-1732 416 15 this this DET cblr-1732 416 16 view view NOUN cblr-1732 416 17 , , PUNCT cblr-1732 416 18 revealing reveal VERB cblr-1732 416 19 that that SCONJ cblr-1732 416 20 dillard dillard NOUN cblr-1732 416 21 ’s ’s PART cblr-1732 416 22 had have VERB cblr-1732 416 23 the the DET cblr-1732 416 24 second second ADJ cblr-1732 416 25 worst bad ADJ cblr-1732 416 26 corporate corporate ADJ cblr-1732 416 27 governance governance NOUN cblr-1732 416 28 profile profile NOUN cblr-1732 416 29 of of ADP cblr-1732 416 30 the the DET cblr-1732 416 31 500 500 NUM cblr-1732 416 32 companies company NOUN cblr-1732 416 33 in in ADP cblr-1732 416 34 the the DET cblr-1732 416 35 s&p s&p PROPN cblr-1732 416 36 500 500 NUM cblr-1732 416 37 index index NOUN cblr-1732 416 38 . . PUNCT cblr-1732 417 1 see see VERB cblr-1732 417 2 press press NOUN cblr-1732 417 3 release release NOUN cblr-1732 417 4 , , PUNCT cblr-1732 417 5 barington barington PROPN cblr-1732 417 6 capital capital PROPN cblr-1732 417 7 group group PROPN cblr-1732 417 8 , , PUNCT cblr-1732 417 9 l.p l.p PROPN cblr-1732 417 10 . . PROPN cblr-1732 417 11 , , PUNCT cblr-1732 417 12 barington barington PROPN cblr-1732 417 13 capital capital PROPN cblr-1732 417 14 group group PROPN cblr-1732 417 15 questions question VERB cblr-1732 417 16 the the DET cblr-1732 417 17 commitment commitment NOUN cblr-1732 417 18 of of ADP cblr-1732 417 19 dillard dillard NOUN cblr-1732 417 20 ’s ’s X cblr-1732 417 21 to to ADP cblr-1732 417 22 the the DET cblr-1732 417 23 company company NOUN cblr-1732 417 24 's 's PART cblr-1732 417 25 public public ADJ cblr-1732 417 26 stockholders stockholder NOUN cblr-1732 417 27 ( ( PUNCT cblr-1732 417 28 aug aug PROPN cblr-1732 417 29 . . PROPN cblr-1732 417 30 30 30 NUM cblr-1732 417 31 , , PUNCT cblr-1732 417 32 2007 2007 NUM cblr-1732 417 33 ) ) PUNCT cblr-1732 417 34 , , PUNCT cblr-1732 417 35 http://www.prnewswire.com/news-releases/ http://www.prnewswire.com/news-releases/ PROPN cblr-1732 417 36 barington barington NOUN cblr-1732 417 37 - - PUNCT cblr-1732 417 38 capital capital NOUN cblr-1732 417 39 - - PUNCT cblr-1732 417 40 group group NOUN cblr-1732 417 41 - - PUNCT cblr-1732 417 42 questions question NOUN cblr-1732 417 43 - - PUNCT cblr-1732 417 44 the the DET cblr-1732 417 45 - - PUNCT cblr-1732 417 46 commitment commitment NOUN cblr-1732 417 47 - - PUNCT cblr-1732 417 48 of of ADP cblr-1732 417 49 - - PUNCT cblr-1732 417 50 dillards dillard NOUN cblr-1732 417 51 - - PUNCT cblr-1732 417 52 to to ADP cblr-1732 417 53 - - PUNCT cblr-1732 417 54 the the DET cblr-1732 417 55 - - PUNCT cblr-1732 417 56 comp comp NOUN cblr-1732 417 57 anys-public-stockholders-58629562.html anys-public-stockholders-58629562.html PUNCT cblr-1732 418 1 [ [ X cblr-1732 418 2 http://perma.cc/pb2k-zfsd http://perma.cc/pb2k-zfsd PROPN cblr-1732 418 3 ] ] PUNCT cblr-1732 418 4 . . PUNCT cblr-1732 419 1 kastiel kastiel PROPN cblr-1732 419 2 – – PUNCT cblr-1732 419 3 final final ADJ cblr-1732 419 4 no no NOUN cblr-1732 419 5 . . PROPN cblr-1732 419 6 1:60 1:60 NUM cblr-1732 419 7 ] ] PUNCT cblr-1732 419 8 against against ADP cblr-1732 419 9 all all DET cblr-1732 419 10 odds odd NOUN cblr-1732 419 11 93 93 NUM cblr-1732 419 12 repurchase repurchase VERB cblr-1732 419 13 up up ADP cblr-1732 419 14 to to PART cblr-1732 419 15 $ $ SYM cblr-1732 419 16 200 200 NUM cblr-1732 419 17 million million NUM cblr-1732 419 18 of of ADP cblr-1732 419 19 its its PRON cblr-1732 419 20 shares share NOUN cblr-1732 419 21 held hold VERB cblr-1732 419 22 by by ADP cblr-1732 419 23 minority minority NOUN cblr-1732 419 24 holders.101 holders.101 PROPN cblr-1732 419 25 this this PRON cblr-1732 419 26 was be AUX cblr-1732 419 27 not not PART cblr-1732 419 28 enough enough ADJ cblr-1732 419 29 . . PUNCT cblr-1732 420 1 the the DET cblr-1732 420 2 activist activist ADJ cblr-1732 420 3 player player NOUN cblr-1732 420 4 , , PUNCT cblr-1732 420 5 who who PRON cblr-1732 420 6 used use VERB cblr-1732 420 7 its its PRON cblr-1732 420 8 ability ability NOUN cblr-1732 420 9 to to PART cblr-1732 420 10 nominate nominate VERB cblr-1732 420 11 a a DET cblr-1732 420 12 minority minority NOUN cblr-1732 420 13 director director NOUN cblr-1732 420 14 as as ADP cblr-1732 420 15 a a DET cblr-1732 420 16 bargaining bargaining NOUN cblr-1732 420 17 chip,102 chip,102 NOUN cblr-1732 420 18 kept keep VERB cblr-1732 420 19 pushing push VERB cblr-1732 420 20 for for ADP cblr-1732 420 21 change change NOUN cblr-1732 420 22 . . PUNCT cblr-1732 421 1 in in ADP cblr-1732 421 2 early early ADJ cblr-1732 421 3 2008 2008 NUM cblr-1732 421 4 , , PUNCT cblr-1732 421 5 the the DET cblr-1732 421 6 activist activist NOUN cblr-1732 421 7 joined join VERB cblr-1732 421 8 forces force NOUN cblr-1732 421 9 with with ADP cblr-1732 421 10 other other ADJ cblr-1732 421 11 funds fund NOUN cblr-1732 421 12 and and CCONJ cblr-1732 421 13 insisted insist VERB cblr-1732 421 14 that that SCONJ cblr-1732 421 15 further further ADJ cblr-1732 421 16 steps step NOUN cblr-1732 421 17 be be AUX cblr-1732 421 18 taken take VERB cblr-1732 421 19 to to PART cblr-1732 421 20 increase increase VERB cblr-1732 421 21 shareholder shareholder NOUN cblr-1732 421 22 value value NOUN cblr-1732 421 23 and and CCONJ cblr-1732 421 24 to to PART cblr-1732 421 25 improve improve VERB cblr-1732 421 26 the the DET cblr-1732 421 27 company company NOUN cblr-1732 421 28 ’s ’s PART cblr-1732 421 29 corporate corporate ADJ cblr-1732 421 30 governance.103 governance.103 NOUN cblr-1732 421 31 the the DET cblr-1732 421 32 dissident dissident ADJ cblr-1732 421 33 group group NOUN cblr-1732 421 34 also also ADV cblr-1732 421 35 gave give VERB cblr-1732 421 36 formal formal ADJ cblr-1732 421 37 notice notice NOUN cblr-1732 421 38 to to ADP cblr-1732 421 39 the the DET cblr-1732 421 40 company company NOUN cblr-1732 421 41 of of ADP cblr-1732 421 42 its its PRON cblr-1732 421 43 intent intent NOUN cblr-1732 421 44 to to PART cblr-1732 421 45 nominate nominate VERB cblr-1732 421 46 a a DET cblr-1732 421 47 four four NUM cblr-1732 421 48 - - PUNCT cblr-1732 421 49 person person NOUN cblr-1732 421 50 slate slate NOUN cblr-1732 421 51 for for ADP cblr-1732 421 52 election election NOUN cblr-1732 421 53 at at ADP cblr-1732 421 54 the the DET cblr-1732 421 55 2008 2008 NUM cblr-1732 421 56 annual annual ADJ cblr-1732 421 57 meeting.104 meeting.104 NOUN cblr-1732 421 58 shortly shortly ADV cblr-1732 421 59 thereafter thereafter ADV cblr-1732 421 60 , , PUNCT cblr-1732 421 61 a a DET cblr-1732 421 62 settlement settlement NOUN cblr-1732 421 63 was be AUX cblr-1732 421 64 reached reach VERB cblr-1732 421 65 between between ADP cblr-1732 421 66 the the DET cblr-1732 421 67 parties party NOUN cblr-1732 421 68 , , PUNCT cblr-1732 421 69 and and CCONJ cblr-1732 421 70 the the DET cblr-1732 421 71 company company NOUN cblr-1732 421 72 agreed agree VERB cblr-1732 421 73 to to PART cblr-1732 421 74 nominate nominate VERB cblr-1732 421 75 four four NUM cblr-1732 421 76 candidates candidate NOUN cblr-1732 421 77 proposed propose VERB cblr-1732 421 78 by by ADP cblr-1732 421 79 the the DET cblr-1732 421 80 activists.105 activists.105 PROPN cblr-1732 421 81 following follow VERB cblr-1732 421 82 this this DET cblr-1732 421 83 intervention intervention NOUN cblr-1732 421 84 , , PUNCT cblr-1732 421 85 the the DET cblr-1732 421 86 family family NOUN cblr-1732 421 87 also also ADV cblr-1732 421 88 took take VERB cblr-1732 421 89 sizable sizable ADJ cblr-1732 421 90 cuts cut NOUN cblr-1732 421 91 in in ADP cblr-1732 421 92 compensation,106 compensation,106 NOUN cblr-1732 421 93 and and CCONJ cblr-1732 421 94 , , PUNCT cblr-1732 421 95 suggesting suggest VERB cblr-1732 421 96 the the DET cblr-1732 421 97 market market NOUN cblr-1732 421 98 ’s ’s PART cblr-1732 421 99 support support NOUN cblr-1732 421 100 for for ADP cblr-1732 421 101 these these DET cblr-1732 421 102 moves move NOUN cblr-1732 421 103 , , PUNCT cblr-1732 421 104 dillard dillard NOUN cblr-1732 421 105 ’s ’s PART cblr-1732 421 106 shares share NOUN cblr-1732 421 107 surged surge VERB cblr-1732 421 108 35 35 NUM cblr-1732 421 109 % % NOUN cblr-1732 421 110 , , PUNCT cblr-1732 421 111 the the DET cblr-1732 421 112 biggest big ADJ cblr-1732 421 113 one one NUM cblr-1732 421 114 - - PUNCT cblr-1732 421 115 day day NOUN cblr-1732 421 116 percentage percentage NOUN cblr-1732 421 117 gain gain NOUN cblr-1732 421 118 in in ADP cblr-1732 421 119 twenty twenty NUM cblr-1732 421 120 - - PUNCT cblr-1732 421 121 eight eight NUM cblr-1732 421 122 years.107 years.107 NUM cblr-1732 421 123 one one NOUN cblr-1732 421 124 can can AUX cblr-1732 421 125 rightfully rightfully ADV cblr-1732 421 126 ask ask VERB cblr-1732 421 127 why why SCONJ cblr-1732 421 128 controllers controller NOUN cblr-1732 421 129 would would AUX cblr-1732 421 130 voluntarily voluntarily ADV cblr-1732 421 131 adopt adopt VERB cblr-1732 421 132 such such DET cblr-1732 421 133 a a DET cblr-1732 421 134 dual dual ADJ cblr-1732 421 135 - - PUNCT cblr-1732 421 136 class class NOUN cblr-1732 421 137 structure structure NOUN cblr-1732 421 138 that that PRON cblr-1732 421 139 allows allow VERB cblr-1732 421 140 minority minority NOUN cblr-1732 421 141 shareholders shareholder NOUN cblr-1732 421 142 to to PART cblr-1732 421 143 get get VERB cblr-1732 421 144 their their PRON cblr-1732 421 145 representatives representative NOUN cblr-1732 421 146 on on ADP cblr-1732 421 147 the the DET cblr-1732 421 148 board board NOUN cblr-1732 421 149 . . PUNCT cblr-1732 422 1 the the DET cblr-1732 422 2 answer answer NOUN cblr-1732 422 3 to to ADP cblr-1732 422 4 this this DET cblr-1732 422 5 question question NOUN cblr-1732 422 6 relates relate VERB cblr-1732 422 7 to to ADP cblr-1732 422 8 past past ADJ cblr-1732 422 9 restraints restraint NOUN cblr-1732 422 10 that that PRON cblr-1732 422 11 major major ADJ cblr-1732 422 12 u.s u.s PROPN cblr-1732 422 13 . . PROPN cblr-1732 422 14 exchanges exchange NOUN cblr-1732 422 15 imposed impose VERB cblr-1732 422 16 on on ADP cblr-1732 422 17 the the DET cblr-1732 422 18 use use NOUN cblr-1732 422 19 of of ADP cblr-1732 422 20 dual dual ADJ cblr-1732 422 21 - - PUNCT cblr-1732 422 22 class class NOUN cblr-1732 422 23 structures.108 structures.108 NOUN cblr-1732 422 24 while while SCONJ cblr-1732 422 25 the the DET cblr-1732 422 26 nyse nyse PROPN cblr-1732 422 27 refused refuse VERB cblr-1732 422 28 to to PART cblr-1732 422 29 list list VERB cblr-1732 422 30 companies company NOUN cblr-1732 422 31 with with ADP cblr-1732 422 32 a a DET cblr-1732 422 33 dual dual ADJ cblr-1732 422 34 - - PUNCT cblr-1732 422 35 class class NOUN cblr-1732 422 36 structure structure NOUN cblr-1732 422 37 for for ADP cblr-1732 422 38 approximately approximately ADV cblr-1732 422 39 sixty sixty NUM cblr-1732 422 40 years year NOUN cblr-1732 422 41 , , PUNCT cblr-1732 422 42 up up ADV cblr-1732 422 43 until until ADP cblr-1732 422 44 101 101 NUM cblr-1732 422 45 dillard dillard PROPN cblr-1732 422 46 ’s ’s PROPN cblr-1732 422 47 , , PUNCT cblr-1732 422 48 inc inc PROPN cblr-1732 422 49 . . PROPN cblr-1732 422 50 , , PUNCT cblr-1732 422 51 current current ADJ cblr-1732 422 52 report report NOUN cblr-1732 422 53 ( ( PUNCT cblr-1732 422 54 form form NOUN cblr-1732 422 55 8 8 NUM cblr-1732 422 56 - - PUNCT cblr-1732 422 57 k k NOUN cblr-1732 422 58 ) ) PUNCT cblr-1732 422 59 ( ( PUNCT cblr-1732 422 60 nov nov PROPN cblr-1732 422 61 . . PROPN cblr-1732 422 62 21 21 NUM cblr-1732 422 63 , , PUNCT cblr-1732 422 64 2007 2007 NUM cblr-1732 422 65 ) ) PUNCT cblr-1732 422 66 . . PUNCT cblr-1732 423 1 102 102 NUM cblr-1732 423 2 the the DET cblr-1732 423 3 heirs heir NOUN cblr-1732 423 4 of of ADP cblr-1732 423 5 the the DET cblr-1732 423 6 company company NOUN cblr-1732 423 7 ’s ’s PART cblr-1732 423 8 founder founder NOUN cblr-1732 423 9 control control VERB cblr-1732 423 10 the the DET cblr-1732 423 11 election election NOUN cblr-1732 423 12 of of ADP cblr-1732 423 13 eight eight NUM cblr-1732 423 14 out out ADP cblr-1732 423 15 of of ADP cblr-1732 423 16 twelve twelve NUM cblr-1732 423 17 directors director NOUN cblr-1732 423 18 . . PUNCT cblr-1732 424 1 public public ADJ cblr-1732 424 2 shareholders shareholder NOUN cblr-1732 424 3 elect elect VERB cblr-1732 424 4 the the DET cblr-1732 424 5 remaining remain VERB cblr-1732 424 6 four four NUM cblr-1732 424 7 directors director NOUN cblr-1732 424 8 . . PUNCT cblr-1732 425 1 see see VERB cblr-1732 425 2 dillard dillard PROPN cblr-1732 425 3 ’s ’s PROPN cblr-1732 425 4 , , PUNCT cblr-1732 425 5 inc inc PROPN cblr-1732 425 6 . . PROPN cblr-1732 425 7 , , PUNCT cblr-1732 425 8 proxy proxy ADJ cblr-1732 425 9 statement statement NOUN cblr-1732 425 10 ( ( PUNCT cblr-1732 425 11 form form NOUN cblr-1732 425 12 def def VERB cblr-1732 425 13 14 14 NUM cblr-1732 425 14 - - PUNCT cblr-1732 425 15 a a NOUN cblr-1732 425 16 ) ) PUNCT cblr-1732 425 17 5–6 5–6 PROPN cblr-1732 425 18 ( ( PUNCT cblr-1732 425 19 apr apr PROPN cblr-1732 425 20 . . PROPN cblr-1732 425 21 22 22 NUM cblr-1732 425 22 , , PUNCT cblr-1732 425 23 2008 2008 NUM cblr-1732 425 24 ) ) PUNCT cblr-1732 425 25 . . PUNCT cblr-1732 426 1 103 103 NUM cblr-1732 426 2 dillard dillard PROPN cblr-1732 426 3 ’s ’s PART cblr-1732 426 4 , , PUNCT cblr-1732 426 5 inc inc PROPN cblr-1732 426 6 . . PROPN cblr-1732 426 7 , , PUNCT cblr-1732 426 8 schedule schedule NOUN cblr-1732 426 9 13d 13d NOUN cblr-1732 426 10 ( ( PUNCT cblr-1732 426 11 form form VERB cblr-1732 426 12 sc sc PROPN cblr-1732 426 13 13 13 NUM cblr-1732 426 14 - - SYM cblr-1732 426 15 d d NOUN cblr-1732 426 16 ) ) PUNCT cblr-1732 426 17 ( ( PUNCT cblr-1732 426 18 jan jan PROPN cblr-1732 426 19 . . PROPN cblr-1732 426 20 29 29 NUM cblr-1732 426 21 , , PUNCT cblr-1732 426 22 2008 2008 NUM cblr-1732 426 23 ) ) PUNCT cblr-1732 426 24 . . PUNCT cblr-1732 427 1 104 104 NUM cblr-1732 427 2 dillard dillard PROPN cblr-1732 427 3 ’s ’s PART cblr-1732 427 4 , , PUNCT cblr-1732 427 5 inc inc PROPN cblr-1732 427 6 . . PROPN cblr-1732 427 7 , , PUNCT cblr-1732 427 8 schedule schedule NOUN cblr-1732 427 9 13d 13d NOUN cblr-1732 427 10 ( ( PUNCT cblr-1732 427 11 form form VERB cblr-1732 427 12 sc sc PROPN cblr-1732 427 13 13 13 NUM cblr-1732 427 14 - - PUNCT cblr-1732 427 15 d d NOUN cblr-1732 427 16 / / SYM cblr-1732 427 17 a a NOUN cblr-1732 427 18 ) ) PUNCT cblr-1732 427 19 ( ( PUNCT cblr-1732 427 20 mar mar PROPN cblr-1732 427 21 . . PROPN cblr-1732 427 22 19 19 NUM cblr-1732 427 23 , , PUNCT cblr-1732 427 24 2008 2008 NUM cblr-1732 427 25 ) ) PUNCT cblr-1732 427 26 . . PUNCT cblr-1732 428 1 105 105 NUM cblr-1732 428 2 dillard dillard PROPN cblr-1732 428 3 ’s ’s PART cblr-1732 428 4 , , PUNCT cblr-1732 428 5 inc inc PROPN cblr-1732 428 6 . . PROPN cblr-1732 428 7 , , PUNCT cblr-1732 428 8 schedule schedule NOUN cblr-1732 428 9 13d 13d NOUN cblr-1732 428 10 ( ( PUNCT cblr-1732 428 11 form form VERB cblr-1732 428 12 sc sc PROPN cblr-1732 428 13 13 13 NUM cblr-1732 428 14 - - PUNCT cblr-1732 428 15 d d NOUN cblr-1732 428 16 / / SYM cblr-1732 428 17 a a NOUN cblr-1732 428 18 ) ) PUNCT cblr-1732 428 19 ( ( PUNCT cblr-1732 428 20 apr apr NOUN cblr-1732 428 21 . . PROPN cblr-1732 428 22 3 3 NUM cblr-1732 428 23 , , PUNCT cblr-1732 428 24 2008 2008 NUM cblr-1732 428 25 ) ) PUNCT cblr-1732 428 26 . . PUNCT cblr-1732 429 1 106 106 NUM cblr-1732 429 2 arnold arnold PROPN cblr-1732 429 3 j. j. PROPN cblr-1732 429 4 karr karr PROPN cblr-1732 429 5 , , PUNCT cblr-1732 429 6 dillard dillard PROPN cblr-1732 429 7 family family NOUN cblr-1732 429 8 sees see VERB cblr-1732 429 9 compensation compensation NOUN cblr-1732 429 10 drop drop NOUN cblr-1732 429 11 in in ADP cblr-1732 429 12 ‘ ' PUNCT cblr-1732 429 13 08 08 NUM cblr-1732 429 14 , , PUNCT cblr-1732 429 15 women woman NOUN cblr-1732 429 16 ’s ’s PART cblr-1732 429 17 wear wear VERB cblr-1732 429 18 daily daily ADV cblr-1732 429 19 , , PUNCT cblr-1732 429 20 apr apr PROPN cblr-1732 429 21 . . PROPN cblr-1732 429 22 22 22 NUM cblr-1732 429 23 , , PUNCT cblr-1732 429 24 2009 2009 NUM cblr-1732 429 25 , , PUNCT cblr-1732 429 26 at at ADP cblr-1732 429 27 14 14 NUM cblr-1732 429 28 . . PUNCT cblr-1732 430 1 107 107 NUM cblr-1732 430 2 dillard dillard NOUN cblr-1732 430 3 ’s ’s PART cblr-1732 430 4 stock stock NOUN cblr-1732 430 5 up up ADP cblr-1732 430 6 more more ADJ cblr-1732 430 7 than than ADP cblr-1732 430 8 35 35 NUM cblr-1732 430 9 pct pct NOUN cblr-1732 430 10 after after ADP cblr-1732 430 11 surprise surprise NOUN cblr-1732 430 12 profit profit NOUN cblr-1732 430 13 , , PUNCT cblr-1732 430 14 reuters reuter NOUN cblr-1732 430 15 ( ( PUNCT cblr-1732 430 16 may may PROPN cblr-1732 430 17 18 18 NUM cblr-1732 430 18 , , PUNCT cblr-1732 430 19 2009 2009 NUM cblr-1732 430 20 ) ) PUNCT cblr-1732 430 21 , , PUNCT cblr-1732 430 22 http://www.reuters.com/article/dillards-stockidusn1836930420090518 http://www.reuters.com/article/dillards-stockidusn1836930420090518 X cblr-1732 431 1 [ [ X cblr-1732 431 2 https://perma.cc/fwr4-xhkx https://perma.cc/fwr4-xhkx X cblr-1732 431 3 ] ] PUNCT cblr-1732 431 4 . . PUNCT cblr-1732 432 1 108 108 NUM cblr-1732 432 2 for for ADP cblr-1732 432 3 a a DET cblr-1732 432 4 detailed detailed ADJ cblr-1732 432 5 account account NOUN cblr-1732 432 6 of of ADP cblr-1732 432 7 the the DET cblr-1732 432 8 history history NOUN cblr-1732 432 9 of of ADP cblr-1732 432 10 dual dual ADJ cblr-1732 432 11 - - PUNCT cblr-1732 432 12 class class NOUN cblr-1732 432 13 capitalization capitalization NOUN cblr-1732 432 14 in in ADP cblr-1732 432 15 the the DET cblr-1732 432 16 united united PROPN cblr-1732 432 17 states states PROPN cblr-1732 432 18 , , PUNCT cblr-1732 432 19 see see VERB cblr-1732 432 20 joel joel PROPN cblr-1732 432 21 seligman seligman PROPN cblr-1732 432 22 , , PUNCT cblr-1732 432 23 equal equal ADJ cblr-1732 432 24 protection protection NOUN cblr-1732 432 25 in in ADP cblr-1732 432 26 shareholder shareholder NOUN cblr-1732 432 27 voting voting NOUN cblr-1732 432 28 rights right NOUN cblr-1732 432 29 : : PUNCT cblr-1732 432 30 the the DET cblr-1732 432 31 one one NUM cblr-1732 432 32 common common ADJ cblr-1732 432 33 share share NOUN cblr-1732 432 34 , , PUNCT cblr-1732 432 35 one one NUM cblr-1732 432 36 vote vote NOUN cblr-1732 432 37 controversy controversy NOUN cblr-1732 432 38 , , PUNCT cblr-1732 432 39 54 54 NUM cblr-1732 432 40 geo geo PROPN cblr-1732 432 41 . . PROPN cblr-1732 432 42 wash wash PROPN cblr-1732 432 43 . . PUNCT cblr-1732 433 1 l. l. PROPN cblr-1732 433 2 rev rev PROPN cblr-1732 433 3 . . PROPN cblr-1732 433 4 687 687 NUM cblr-1732 433 5 , , PUNCT cblr-1732 433 6 693–707 693–707 NUM cblr-1732 433 7 ( ( PUNCT cblr-1732 433 8 1986 1986 NUM cblr-1732 433 9 ) ) PUNCT cblr-1732 433 10 . . PUNCT cblr-1732 434 1 kastiel kastiel PROPN cblr-1732 434 2 – – PUNCT cblr-1732 434 3 final final ADJ cblr-1732 434 4 94 94 NUM cblr-1732 434 5 columbia columbia PROPN cblr-1732 434 6 business business NOUN cblr-1732 434 7 law law PROPN cblr-1732 434 8 review review NOUN cblr-1732 435 1 [ [ X cblr-1732 435 2 vol vol NOUN cblr-1732 435 3 . . NOUN cblr-1732 435 4 2016 2016 NUM cblr-1732 435 5 the the DET cblr-1732 435 6 mid-1980s,109 mid-1980s,109 ADJ cblr-1732 435 7 the the DET cblr-1732 435 8 amex amex PROPN cblr-1732 435 9 adopted adopt VERB cblr-1732 435 10 a a DET cblr-1732 435 11 more more ADV cblr-1732 435 12 flexible flexible ADJ cblr-1732 435 13 policy policy NOUN cblr-1732 435 14 with with ADP cblr-1732 435 15 respect respect NOUN cblr-1732 435 16 to to ADP cblr-1732 435 17 disparate disparate ADJ cblr-1732 435 18 voting voting NOUN cblr-1732 435 19 rights right NOUN cblr-1732 435 20 . . PUNCT cblr-1732 436 1 in in ADP cblr-1732 436 2 1976 1976 NUM cblr-1732 436 3 , , PUNCT cblr-1732 436 4 the the DET cblr-1732 436 5 amex amex NOUN cblr-1732 436 6 agreed agree VERB cblr-1732 436 7 to to PART cblr-1732 436 8 list list VERB cblr-1732 436 9 a a DET cblr-1732 436 10 dual dual ADJ cblr-1732 436 11 - - PUNCT cblr-1732 436 12 class class NOUN cblr-1732 436 13 firm firm NOUN cblr-1732 436 14 , , PUNCT cblr-1732 436 15 named name VERB cblr-1732 436 16 wang wang PROPN cblr-1732 436 17 laboratories laboratory NOUN cblr-1732 436 18 , , PUNCT cblr-1732 436 19 inc inc PROPN cblr-1732 436 20 . . PROPN cblr-1732 436 21 , , PUNCT cblr-1732 436 22 that that PRON cblr-1732 436 23 went go VERB cblr-1732 436 24 public public ADJ cblr-1732 436 25 with with ADP cblr-1732 436 26 a a DET cblr-1732 436 27 structure structure NOUN cblr-1732 436 28 that that PRON cblr-1732 436 29 , , PUNCT cblr-1732 436 30 among among ADP cblr-1732 436 31 other other ADJ cblr-1732 436 32 things thing NOUN cblr-1732 436 33 , , PUNCT cblr-1732 436 34 grants grant VERB cblr-1732 436 35 holders holder NOUN cblr-1732 436 36 of of ADP cblr-1732 436 37 shares share NOUN cblr-1732 436 38 with with ADP cblr-1732 436 39 inferior inferior ADJ cblr-1732 436 40 voting voting NOUN cblr-1732 436 41 power power NOUN cblr-1732 436 42 the the DET cblr-1732 436 43 right right NOUN cblr-1732 436 44 to to PART cblr-1732 436 45 elect elect VERB cblr-1732 436 46 25 25 NUM cblr-1732 436 47 % % NOUN cblr-1732 436 48 of of ADP cblr-1732 436 49 the the DET cblr-1732 436 50 board board NOUN cblr-1732 436 51 of of ADP cblr-1732 436 52 directors.110 directors.110 PROPN cblr-1732 436 53 the the DET cblr-1732 436 54 amex amex PROPN cblr-1732 436 55 subsequently subsequently ADV cblr-1732 436 56 published publish VERB cblr-1732 436 57 the the DET cblr-1732 436 58 essence essence NOUN cblr-1732 436 59 of of ADP cblr-1732 436 60 the the DET cblr-1732 436 61 prelisting preliste VERB cblr-1732 436 62 understandings understanding NOUN cblr-1732 436 63 with with ADP cblr-1732 436 64 wang wang PROPN cblr-1732 436 65 laboratories laboratory NOUN cblr-1732 436 66 in in ADP cblr-1732 436 67 the the DET cblr-1732 436 68 form form NOUN cblr-1732 436 69 of of ADP cblr-1732 436 70 a a DET cblr-1732 436 71 statement statement NOUN cblr-1732 436 72 of of ADP cblr-1732 436 73 policy policy NOUN cblr-1732 436 74 , , PUNCT cblr-1732 436 75 called call VERB cblr-1732 436 76 the the DET cblr-1732 436 77 “ " PUNCT cblr-1732 436 78 wang wang PROPN cblr-1732 436 79 formula formula NOUN cblr-1732 436 80 . . PUNCT cblr-1732 437 1 ”111 ”111 PROPN cblr-1732 437 2 after after ADP cblr-1732 437 3 wang wang PROPN cblr-1732 437 4 and and CCONJ cblr-1732 437 5 up up ADV cblr-1732 437 6 until until ADP cblr-1732 437 7 1985 1985 NUM cblr-1732 437 8 ( ( PUNCT cblr-1732 437 9 when when SCONJ cblr-1732 437 10 major major ADJ cblr-1732 437 11 u.s u.s PROPN cblr-1732 437 12 . . PROPN cblr-1732 437 13 stock stock NOUN cblr-1732 437 14 exchanges exchange NOUN cblr-1732 437 15 relaxed relax VERB cblr-1732 437 16 their their PRON cblr-1732 437 17 restrictions restriction NOUN cblr-1732 437 18 on on ADP cblr-1732 437 19 dual dual ADJ cblr-1732 437 20 - - PUNCT cblr-1732 437 21 class class NOUN cblr-1732 437 22 stock stock NOUN cblr-1732 437 23 ) ) PUNCT cblr-1732 437 24 , , PUNCT cblr-1732 437 25 twenty twenty NUM cblr-1732 437 26 - - PUNCT cblr-1732 437 27 two two NUM cblr-1732 437 28 dual dual ADJ cblr-1732 437 29 - - PUNCT cblr-1732 437 30 class class NOUN cblr-1732 437 31 firms firm NOUN cblr-1732 437 32 that that PRON cblr-1732 437 33 went go VERB cblr-1732 437 34 public public ADJ cblr-1732 437 35 on on ADP cblr-1732 437 36 the the DET cblr-1732 437 37 amex amex NOUN cblr-1732 437 38 used use VERB cblr-1732 437 39 this this DET cblr-1732 437 40 formula formula NOUN cblr-1732 437 41 , , PUNCT cblr-1732 437 42 and and CCONJ cblr-1732 437 43 seven seven NUM cblr-1732 437 44 additional additional ADJ cblr-1732 437 45 firms firm NOUN cblr-1732 437 46 that that PRON cblr-1732 437 47 had have VERB cblr-1732 437 48 disproportionate disproportionate ADJ cblr-1732 437 49 voting voting NOUN cblr-1732 437 50 rights right NOUN cblr-1732 437 51 before before ADP cblr-1732 437 52 1976 1976 NUM cblr-1732 437 53 have have AUX cblr-1732 437 54 recapitalized recapitalize VERB cblr-1732 437 55 employing employ VERB cblr-1732 437 56 the the DET cblr-1732 437 57 wang wang PROPN cblr-1732 437 58 formula.112 formula.112 PROPN cblr-1732 437 59 therefore therefore ADV cblr-1732 437 60 , , PUNCT cblr-1732 437 61 up up ADV cblr-1732 437 62 until until ADP cblr-1732 437 63 the the DET cblr-1732 437 64 mid1980s mid1980 NOUN cblr-1732 437 65 , , PUNCT cblr-1732 437 66 controllers controller NOUN cblr-1732 437 67 who who PRON cblr-1732 437 68 wanted want VERB cblr-1732 437 69 to to PART cblr-1732 437 70 use use VERB cblr-1732 437 71 a a DET cblr-1732 437 72 dual dual ADJ cblr-1732 437 73 - - PUNCT cblr-1732 437 74 class class NOUN cblr-1732 437 75 structure structure NOUN cblr-1732 437 76 in in ADP cblr-1732 437 77 order order NOUN cblr-1732 437 78 to to PART cblr-1732 437 79 maintain maintain VERB cblr-1732 437 80 control control NOUN cblr-1732 437 81 over over ADP cblr-1732 437 82 the the DET cblr-1732 437 83 company company NOUN cblr-1732 437 84 even even ADV cblr-1732 437 85 when when SCONJ cblr-1732 437 86 they they PRON cblr-1732 437 87 liquidated liquidate VERB cblr-1732 437 88 some some PRON cblr-1732 437 89 of of ADP cblr-1732 437 90 their their PRON cblr-1732 437 91 position position NOUN cblr-1732 437 92 had have VERB cblr-1732 437 93 no no DET cblr-1732 437 94 choice choice NOUN cblr-1732 437 95 but but SCONJ cblr-1732 437 96 to to PART cblr-1732 437 97 provide provide VERB cblr-1732 437 98 public public ADJ cblr-1732 437 99 holders holder NOUN cblr-1732 437 100 with with ADP cblr-1732 437 101 the the DET cblr-1732 437 102 right right NOUN cblr-1732 437 103 to to PART cblr-1732 437 104 elect elect VERB cblr-1732 437 105 minority minority NOUN cblr-1732 437 106 directors director NOUN cblr-1732 437 107 . . PUNCT cblr-1732 438 1 moreover moreover ADV cblr-1732 438 2 , , PUNCT cblr-1732 438 3 in in ADP cblr-1732 438 4 this this DET cblr-1732 438 5 pre pre ADJ cblr-1732 438 6 - - ADJ cblr-1732 438 7 activist activist ADJ cblr-1732 438 8 era era NOUN cblr-1732 438 9 , , PUNCT cblr-1732 438 10 controllers controller NOUN cblr-1732 438 11 who who PRON cblr-1732 438 12 adopted adopt VERB cblr-1732 438 13 this this DET cblr-1732 438 14 special special ADJ cblr-1732 438 15 structure113 structure113 PROPN cblr-1732 438 16 probably probably ADV cblr-1732 438 17 did do AUX cblr-1732 438 18 not not PART cblr-1732 438 19 anticipate anticipate VERB cblr-1732 438 20 that that SCONJ cblr-1732 438 21 activist activist ADJ cblr-1732 438 22 investors investor NOUN cblr-1732 438 23 would would AUX cblr-1732 438 24 ever ever ADV cblr-1732 438 25 take take VERB cblr-1732 438 26 advantage advantage NOUN cblr-1732 438 27 of of ADP cblr-1732 438 28 it it PRON cblr-1732 438 29 to to PART cblr-1732 438 30 launch launch VERB cblr-1732 438 31 campaigns campaign NOUN cblr-1732 438 32 against against ADP cblr-1732 438 33 them.114 them.114 PROPN cblr-1732 438 34 upon upon SCONJ cblr-1732 438 35 the the DET cblr-1732 438 36 rise rise NOUN cblr-1732 438 37 of of ADP cblr-1732 438 38 activism activism NOUN cblr-1732 438 39 , , PUNCT cblr-1732 438 40 109 109 NUM cblr-1732 438 41 ronald ronald PROPN cblr-1732 438 42 j. j. PROPN cblr-1732 438 43 gilson gilson PROPN cblr-1732 438 44 , , PUNCT cblr-1732 438 45 evaluating evaluate VERB cblr-1732 438 46 dual dual ADJ cblr-1732 438 47 class class NOUN cblr-1732 438 48 common common ADJ cblr-1732 438 49 stock stock NOUN cblr-1732 438 50 : : PUNCT cblr-1732 438 51 the the DET cblr-1732 438 52 relevance relevance NOUN cblr-1732 438 53 of of ADP cblr-1732 438 54 substitutes substitute NOUN cblr-1732 438 55 , , PUNCT cblr-1732 438 56 73 73 NUM cblr-1732 438 57 va va NOUN cblr-1732 438 58 . . PUNCT cblr-1732 439 1 l. l. PROPN cblr-1732 439 2 rev rev PROPN cblr-1732 439 3 . . PROPN cblr-1732 439 4 807 807 NUM cblr-1732 439 5 , , PUNCT cblr-1732 439 6 807–08 807–08 NUM cblr-1732 439 7 ( ( PUNCT cblr-1732 439 8 1987 1987 NUM cblr-1732 439 9 ) ) PUNCT cblr-1732 439 10 . . PUNCT cblr-1732 440 1 110 110 NUM cblr-1732 440 2 seligman seligman NOUN cblr-1732 440 3 , , PUNCT cblr-1732 440 4 supra supra PROPN cblr-1732 440 5 note note PROPN cblr-1732 440 6 108 108 NUM cblr-1732 440 7 , , PUNCT cblr-1732 440 8 at at ADP cblr-1732 440 9 704 704 NUM cblr-1732 440 10 n.90 n.90 DET cblr-1732 440 11 . . NOUN cblr-1732 440 12 111 111 NUM cblr-1732 440 13 i i PRON cblr-1732 440 14 d. d. PROPN cblr-1732 440 15 112 112 NUM cblr-1732 440 16 i i PRON cblr-1732 440 17 d. d. PROPN cblr-1732 440 18 see see VERB cblr-1732 440 19 also also ADV cblr-1732 440 20 m. m. PROPN cblr-1732 440 21 megan megan PROPN cblr-1732 440 22 partch partch PROPN cblr-1732 440 23 , , PUNCT cblr-1732 440 24 the the DET cblr-1732 440 25 creation creation NOUN cblr-1732 440 26 of of ADP cblr-1732 440 27 a a DET cblr-1732 440 28 class class NOUN cblr-1732 440 29 of of ADP cblr-1732 440 30 limited limited ADJ cblr-1732 440 31 voting vote VERB cblr-1732 440 32 common common ADJ cblr-1732 440 33 stock stock NOUN cblr-1732 440 34 and and CCONJ cblr-1732 440 35 shareholder shareholder NOUN cblr-1732 440 36 wealth wealth NOUN cblr-1732 440 37 , , PUNCT cblr-1732 441 1 18 18 NUM cblr-1732 441 2 j. j. PROPN cblr-1732 441 3 fin fin PROPN cblr-1732 441 4 . . PUNCT cblr-1732 441 5 econ econ PROPN cblr-1732 441 6 . . PUNCT cblr-1732 442 1 313 313 NUM cblr-1732 442 2 ( ( PUNCT cblr-1732 442 3 1987 1987 NUM cblr-1732 442 4 ) ) PUNCT cblr-1732 442 5 ( ( PUNCT cblr-1732 442 6 examining examine VERB cblr-1732 442 7 forty forty NUM cblr-1732 442 8 - - PUNCT cblr-1732 442 9 four four NUM cblr-1732 442 10 publicly publicly ADV cblr-1732 442 11 traded trade VERB cblr-1732 442 12 firms firm NOUN cblr-1732 442 13 that that PRON cblr-1732 442 14 created create VERB cblr-1732 442 15 a a DET cblr-1732 442 16 class class NOUN cblr-1732 442 17 of of ADP cblr-1732 442 18 limited limited ADJ cblr-1732 442 19 voting vote VERB cblr-1732 442 20 common common ADJ cblr-1732 442 21 stock stock NOUN cblr-1732 442 22 during during ADP cblr-1732 442 23 1962–1984 1962–1984 NUM cblr-1732 442 24 , , PUNCT cblr-1732 442 25 and and CCONJ cblr-1732 442 26 showing show VERB cblr-1732 442 27 that that SCONJ cblr-1732 442 28 in in ADP cblr-1732 442 29 thirty thirty NUM cblr-1732 442 30 - - PUNCT cblr-1732 442 31 four four NUM cblr-1732 442 32 cases case NOUN cblr-1732 442 33 each each DET cblr-1732 442 34 class class NOUN cblr-1732 442 35 separately separately ADV cblr-1732 442 36 elects elect VERB cblr-1732 442 37 a a DET cblr-1732 442 38 certain certain ADJ cblr-1732 442 39 percentage percentage NOUN cblr-1732 442 40 of of ADP cblr-1732 442 41 the the DET cblr-1732 442 42 board board NOUN cblr-1732 442 43 of of ADP cblr-1732 442 44 directors director NOUN cblr-1732 442 45 , , PUNCT cblr-1732 442 46 which which PRON cblr-1732 442 47 reflects reflect VERB cblr-1732 442 48 amex amex PROPN cblr-1732 442 49 guidelines guideline NOUN cblr-1732 442 50 ) ) PUNCT cblr-1732 442 51 . . PUNCT cblr-1732 443 1 113 113 NUM cblr-1732 443 2 note note VERB cblr-1732 443 3 that that SCONJ cblr-1732 443 4 most most ADJ cblr-1732 443 5 of of ADP cblr-1732 443 6 the the DET cblr-1732 443 7 controlled control VERB cblr-1732 443 8 companies company NOUN cblr-1732 443 9 that that PRON cblr-1732 443 10 adopted adopt VERB cblr-1732 443 11 this this DET cblr-1732 443 12 special special ADJ cblr-1732 443 13 dual dual ADJ cblr-1732 443 14 - - PUNCT cblr-1732 443 15 class class NOUN cblr-1732 443 16 structure structure NOUN cblr-1732 443 17 did do VERB cblr-1732 443 18 so so ADV cblr-1732 443 19 before before ADP cblr-1732 443 20 2005 2005 NUM cblr-1732 443 21 , , PUNCT cblr-1732 443 22 when when SCONJ cblr-1732 443 23 the the DET cblr-1732 443 24 phenomenon phenomenon NOUN cblr-1732 443 25 of of ADP cblr-1732 443 26 hedge hedge NOUN cblr-1732 443 27 fund fund NOUN cblr-1732 443 28 activism activism NOUN cblr-1732 443 29 gained gain VERB cblr-1732 443 30 steam steam NOUN cblr-1732 443 31 . . PUNCT cblr-1732 444 1 see see VERB cblr-1732 444 2 infra infra NOUN cblr-1732 444 3 note note VERB cblr-1732 444 4 212 212 NUM cblr-1732 444 5 . . PUNCT cblr-1732 444 6 114 114 NUM cblr-1732 444 7 for for ADP cblr-1732 444 8 instance instance NOUN cblr-1732 444 9 , , PUNCT cblr-1732 444 10 when when SCONJ cblr-1732 444 11 activist activist ADJ cblr-1732 444 12 holders holder NOUN cblr-1732 444 13 engaged engage VERB cblr-1732 444 14 with with ADP cblr-1732 444 15 the the DET cblr-1732 444 16 times times PROPN cblr-1732 444 17 company company NOUN cblr-1732 444 18 in in ADP cblr-1732 444 19 2008 2008 NUM cblr-1732 444 20 , , PUNCT cblr-1732 444 21 it it PRON cblr-1732 444 22 was be AUX cblr-1732 444 23 the the DET cblr-1732 444 24 first first ADJ cblr-1732 444 25 time time NOUN cblr-1732 444 26 the the DET cblr-1732 444 27 company company NOUN cblr-1732 444 28 ’s ’s PART cblr-1732 444 29 directors director NOUN cblr-1732 444 30 were be AUX cblr-1732 444 31 ever ever ADV cblr-1732 444 32 nominated nominate VERB cblr-1732 444 33 by by ADP cblr-1732 444 34 shareholders shareholder NOUN cblr-1732 444 35 unaffiliated unaffiliate VERB cblr-1732 444 36 with with ADP cblr-1732 444 37 management management NOUN cblr-1732 444 38 . . PUNCT cblr-1732 445 1 see see VERB cblr-1732 445 2 richard richard PROPN cblr-1732 445 3 kastiel kastiel PROPN cblr-1732 445 4 – – PUNCT cblr-1732 445 5 final final ADJ cblr-1732 445 6 no no NOUN cblr-1732 445 7 . . PROPN cblr-1732 445 8 1:60 1:60 NUM cblr-1732 445 9 ] ] PUNCT cblr-1732 445 10 against against ADP cblr-1732 445 11 all all DET cblr-1732 445 12 odds odd NOUN cblr-1732 445 13 95 95 NUM cblr-1732 445 14 this this DET cblr-1732 445 15 special special ADJ cblr-1732 445 16 dual dual ADJ cblr-1732 445 17 - - PUNCT cblr-1732 445 18 class class NOUN cblr-1732 445 19 structure structure NOUN cblr-1732 445 20 became become VERB cblr-1732 445 21 an an DET cblr-1732 445 22 important important ADJ cblr-1732 445 23 channel channel NOUN cblr-1732 445 24 of of ADP cblr-1732 445 25 activism activism NOUN cblr-1732 445 26 , , PUNCT cblr-1732 445 27 and and CCONJ cblr-1732 445 28 companies company NOUN cblr-1732 445 29 that that PRON cblr-1732 445 30 adopted adopt VERB cblr-1732 445 31 this this DET cblr-1732 445 32 structure structure NOUN cblr-1732 445 33 were be AUX cblr-1732 445 34 twice twice ADV cblr-1732 445 35 as as ADV cblr-1732 445 36 likely likely ADJ cblr-1732 445 37 to to PART cblr-1732 445 38 be be AUX cblr-1732 445 39 subject subject ADJ cblr-1732 445 40 to to ADP cblr-1732 445 41 an an DET cblr-1732 445 42 activist activist ADJ cblr-1732 445 43 intervention intervention NOUN cblr-1732 445 44 than than ADP cblr-1732 445 45 a a DET cblr-1732 445 46 dual dual ADJ cblr-1732 445 47 - - PUNCT cblr-1732 445 48 class class NOUN cblr-1732 445 49 company company NOUN cblr-1732 445 50 without without ADP cblr-1732 445 51 any any DET cblr-1732 445 52 special special ADJ cblr-1732 445 53 arrangement arrangement NOUN cblr-1732 445 54 . . PUNCT cblr-1732 446 1 a a DET cblr-1732 446 2 review review NOUN cblr-1732 446 3 of of ADP cblr-1732 446 4 a a DET cblr-1732 446 5 sample sample NOUN cblr-1732 446 6 of of ADP cblr-1732 446 7 193 193 NUM cblr-1732 446 8 dual dual ADJ cblr-1732 446 9 - - PUNCT cblr-1732 446 10 class class NOUN cblr-1732 446 11 firms firm NOUN cblr-1732 446 12 shows show VERB cblr-1732 446 13 that that SCONJ cblr-1732 446 14 43 43 NUM cblr-1732 446 15 % % NOUN cblr-1732 446 16 of of ADP cblr-1732 446 17 all all DET cblr-1732 446 18 dual dual ADJ cblr-1732 446 19 - - PUNCT cblr-1732 446 20 class class NOUN cblr-1732 446 21 firms firm NOUN cblr-1732 446 22 that that PRON cblr-1732 446 23 grant grant VERB cblr-1732 446 24 public public ADJ cblr-1732 446 25 shareholders shareholder NOUN cblr-1732 446 26 the the DET cblr-1732 446 27 right right NOUN cblr-1732 446 28 to to PART cblr-1732 446 29 nominate nominate VERB cblr-1732 446 30 a a DET cblr-1732 446 31 minority minority NOUN cblr-1732 446 32 director director NOUN cblr-1732 446 33 experienced experience VERB cblr-1732 446 34 at at ADP cblr-1732 446 35 least least ADV cblr-1732 446 36 one one NUM cblr-1732 446 37 activist activist ADJ cblr-1732 446 38 event event NOUN cblr-1732 446 39 during during ADP cblr-1732 446 40 the the DET cblr-1732 446 41 sample sample NOUN cblr-1732 446 42 period period NOUN cblr-1732 446 43 compared compare VERB cblr-1732 446 44 to to ADP cblr-1732 446 45 20 20 NUM cblr-1732 446 46 % % NOUN cblr-1732 446 47 of of ADP cblr-1732 446 48 all all DET cblr-1732 446 49 dual dual ADJ cblr-1732 446 50 class class NOUN cblr-1732 446 51 firms firm NOUN cblr-1732 446 52 without without ADP cblr-1732 446 53 such such ADJ cblr-1732 446 54 structure.115 structure.115 PROPN cblr-1732 446 55 this this DET cblr-1732 446 56 relationship relationship NOUN cblr-1732 446 57 between between ADP cblr-1732 446 58 shareholder shareholder NOUN cblr-1732 446 59 activism activism NOUN cblr-1732 446 60 and and CCONJ cblr-1732 446 61 the the DET cblr-1732 446 62 ability ability NOUN cblr-1732 446 63 of of ADP cblr-1732 446 64 activist activist ADJ cblr-1732 446 65 holders holder NOUN cblr-1732 446 66 to to PART cblr-1732 446 67 elect elect VERB cblr-1732 446 68 minority minority NOUN cblr-1732 446 69 directors director NOUN cblr-1732 446 70 is be AUX cblr-1732 446 71 also also ADV cblr-1732 446 72 supported support VERB cblr-1732 446 73 by by ADP cblr-1732 446 74 evidence evidence NOUN cblr-1732 446 75 from from ADP cblr-1732 446 76 italy italy PROPN cblr-1732 446 77 , , PUNCT cblr-1732 446 78 where where SCONJ cblr-1732 446 79 a a DET cblr-1732 446 80 regulation regulation NOUN cblr-1732 446 81 passed pass VERB cblr-1732 446 82 in in ADP cblr-1732 446 83 2007 2007 NUM cblr-1732 446 84 allowed allow VERB cblr-1732 446 85 minority minority NOUN cblr-1732 446 86 holders holder NOUN cblr-1732 446 87 to to PART cblr-1732 446 88 appoint appoint VERB cblr-1732 446 89 their their PRON cblr-1732 446 90 own own ADJ cblr-1732 446 91 directors director NOUN cblr-1732 446 92 via via ADP cblr-1732 446 93 proportional proportional ADJ cblr-1732 446 94 voting.116 voting.116 PROPN cblr-1732 446 95 matteo matteo PROPN cblr-1732 446 96 erede erede NOUN cblr-1732 446 97 , , PUNCT cblr-1732 446 98 who who PRON cblr-1732 446 99 researches research VERB cblr-1732 446 100 shareholder shareholder NOUN cblr-1732 446 101 activism activism NOUN cblr-1732 446 102 in in ADP cblr-1732 446 103 italy italy PROPN cblr-1732 446 104 , , PUNCT cblr-1732 446 105 shows show VERB cblr-1732 446 106 that that SCONJ cblr-1732 446 107 hedge hedge NOUN cblr-1732 446 108 funds fund NOUN cblr-1732 446 109 have have AUX cblr-1732 446 110 actively actively ADV cblr-1732 446 111 intervened intervene VERB cblr-1732 446 112 in in ADP cblr-1732 446 113 half half NOUN cblr-1732 446 114 of of ADP cblr-1732 446 115 the the DET cblr-1732 446 116 elections election NOUN cblr-1732 446 117 in in ADP cblr-1732 446 118 italian italian ADJ cblr-1732 446 119 - - PUNCT cblr-1732 446 120 listed list VERB cblr-1732 446 121 companies company NOUN cblr-1732 446 122 that that PRON cblr-1732 446 123 are be AUX cblr-1732 446 124 subject subject ADJ cblr-1732 446 125 to to ADP cblr-1732 446 126 the the DET cblr-1732 446 127 2007 2007 NUM cblr-1732 446 128 regulation regulation NOUN cblr-1732 446 129 , , PUNCT cblr-1732 446 130 which which PRON cblr-1732 446 131 allows allow VERB cblr-1732 446 132 minority minority NOUN cblr-1732 446 133 holders holder NOUN cblr-1732 446 134 to to PART cblr-1732 446 135 appoint appoint VERB cblr-1732 446 136 their their PRON cblr-1732 446 137 own own ADJ cblr-1732 446 138 directors.117 directors.117 PROPN cblr-1732 446 139 2 2 NUM cblr-1732 446 140 . . PUNCT cblr-1732 446 141 effectively effectively ADV cblr-1732 446 142 - - PUNCT cblr-1732 446 143 controlled control VERB cblr-1732 446 144 firms firm NOUN cblr-1732 446 145 activists activist NOUN cblr-1732 446 146 may may AUX cblr-1732 446 147 also also ADV cblr-1732 446 148 threaten threaten VERB cblr-1732 446 149 to to PART cblr-1732 446 150 challenge challenge VERB cblr-1732 446 151 an an DET cblr-1732 446 152 “ " PUNCT cblr-1732 446 153 effective effective ADJ cblr-1732 446 154 ” " PUNCT cblr-1732 446 155 controller controller NOUN cblr-1732 446 156 , , PUNCT cblr-1732 446 157 who who PRON cblr-1732 446 158 owns own VERB cblr-1732 446 159 less less ADJ cblr-1732 446 160 than than ADP cblr-1732 446 161 50 50 NUM cblr-1732 446 162 % % NOUN cblr-1732 446 163 of of ADP cblr-1732 446 164 the the DET cblr-1732 446 165 voting voting NOUN cblr-1732 446 166 power power NOUN cblr-1732 446 167 , , PUNCT cblr-1732 446 168 by by ADP cblr-1732 446 169 seeking seek VERB cblr-1732 446 170 board board NOUN cblr-1732 446 171 representation representation NOUN cblr-1732 446 172 despite despite SCONJ cblr-1732 446 173 the the DET cblr-1732 446 174 low low ADJ cblr-1732 446 175 ex ex X cblr-1732 446 176 ante ante NOUN cblr-1732 446 177 chances chance NOUN cblr-1732 446 178 of of ADP cblr-1732 446 179 winning win VERB cblr-1732 446 180 a a DET cblr-1732 446 181 proxy proxy NOUN cblr-1732 446 182 fight fight NOUN cblr-1732 446 183 against against ADP cblr-1732 446 184 an an DET cblr-1732 446 185 effective effective ADJ cblr-1732 446 186 controller controller NOUN cblr-1732 446 187 . . PUNCT cblr-1732 447 1 pérez pérez NOUN cblr-1732 447 2 - - PUNCT cblr-1732 447 3 peña peña NOUN cblr-1732 447 4 , , PUNCT cblr-1732 447 5 investor investor NOUN cblr-1732 447 6 to to PART cblr-1732 447 7 step step VERB cblr-1732 447 8 down down ADP cblr-1732 447 9 from from ADP cblr-1732 447 10 times times PROPN cblr-1732 447 11 co. co. PROPN cblr-1732 447 12 board board PROPN cblr-1732 447 13 , , PUNCT cblr-1732 447 14 n.y n.y PROPN cblr-1732 447 15 . . PROPN cblr-1732 447 16 times times PROPN cblr-1732 447 17 : : PUNCT cblr-1732 447 18 dealbook dealbook PROPN cblr-1732 447 19 , , PUNCT cblr-1732 447 20 feb feb PROPN cblr-1732 447 21 . . PROPN cblr-1732 447 22 19 19 NUM cblr-1732 447 23 , , PUNCT cblr-1732 447 24 2010 2010 NUM cblr-1732 447 25 , , PUNCT cblr-1732 447 26 at at ADP cblr-1732 447 27 b8 b8 PROPN cblr-1732 447 28 . . PUNCT cblr-1732 448 1 115 115 NUM cblr-1732 448 2 data datum NOUN cblr-1732 448 3 on on ADP cblr-1732 448 4 dual dual ADJ cblr-1732 448 5 - - PUNCT cblr-1732 448 6 class class NOUN cblr-1732 448 7 firms firm NOUN cblr-1732 448 8 is be AUX cblr-1732 448 9 as as ADP cblr-1732 448 10 of of ADP cblr-1732 448 11 2012 2012 NUM cblr-1732 448 12 and and CCONJ cblr-1732 448 13 was be AUX cblr-1732 448 14 taken take VERB cblr-1732 448 15 from from ADP cblr-1732 448 16 sharkrepellent sharkrepellent NOUN cblr-1732 448 17 . . PUNCT cblr-1732 449 1 information information NOUN cblr-1732 449 2 on on ADP cblr-1732 449 3 the the DET cblr-1732 449 4 ability ability NOUN cblr-1732 449 5 to to PART cblr-1732 449 6 elect elect VERB cblr-1732 449 7 minority minority NOUN cblr-1732 449 8 directors director NOUN cblr-1732 449 9 was be AUX cblr-1732 449 10 hand hand NOUN cblr-1732 449 11 - - PUNCT cblr-1732 449 12 collected collect VERB cblr-1732 449 13 . . PUNCT cblr-1732 450 1 the the DET cblr-1732 450 2 sample sample NOUN cblr-1732 450 3 includes include VERB cblr-1732 450 4 60 60 NUM cblr-1732 450 5 dual dual ADJ cblr-1732 450 6 - - PUNCT cblr-1732 450 7 class class NOUN cblr-1732 450 8 firms firm NOUN cblr-1732 450 9 that that PRON cblr-1732 450 10 grant grant VERB cblr-1732 450 11 public public ADJ cblr-1732 450 12 shareholders shareholder NOUN cblr-1732 450 13 the the DET cblr-1732 450 14 right right NOUN cblr-1732 450 15 to to PART cblr-1732 450 16 nominate nominate VERB cblr-1732 450 17 a a DET cblr-1732 450 18 minority minority NOUN cblr-1732 450 19 director director NOUN cblr-1732 450 20 and and CCONJ cblr-1732 450 21 133 133 NUM cblr-1732 450 22 dual dual ADJ cblr-1732 450 23 - - PUNCT cblr-1732 450 24 class class NOUN cblr-1732 450 25 firms firm NOUN cblr-1732 450 26 without without ADP cblr-1732 450 27 such such ADJ cblr-1732 450 28 structure structure NOUN cblr-1732 450 29 . . PUNCT cblr-1732 451 1 116 116 NUM cblr-1732 451 2 erede erede NOUN cblr-1732 451 3 , , PUNCT cblr-1732 451 4 supra supra PROPN cblr-1732 451 5 note note PROPN cblr-1732 451 6 65 65 NUM cblr-1732 451 7 , , PUNCT cblr-1732 451 8 at at ADP cblr-1732 451 9 359 359 NUM cblr-1732 451 10 . . PUNCT cblr-1732 452 1 117 117 NUM cblr-1732 453 1 i i PROPN cblr-1732 453 2 d. d. PROPN cblr-1732 453 3 at at ADP cblr-1732 453 4 358–59 358–59 NOUN cblr-1732 453 5 . . PUNCT cblr-1732 454 1 82.5 82.5 NUM cblr-1732 454 2 % % NOUN cblr-1732 454 3 of of ADP cblr-1732 454 4 these these DET cblr-1732 454 5 italian italian ADJ cblr-1732 454 6 targets target NOUN cblr-1732 454 7 are be AUX cblr-1732 454 8 controlled control VERB cblr-1732 454 9 ones one NOUN cblr-1732 454 10 . . PUNCT cblr-1732 455 1 see see VERB cblr-1732 455 2 also also ADV cblr-1732 455 3 belcredi belcredi PROPN cblr-1732 455 4 & & CCONJ cblr-1732 455 5 enriques enrique NOUN cblr-1732 455 6 , , PUNCT cblr-1732 455 7 supra supra PROPN cblr-1732 455 8 note note NOUN cblr-1732 455 9 64 64 NUM cblr-1732 455 10 , , PUNCT cblr-1732 455 11 at at ADP cblr-1732 455 12 21–23 21–23 NUM cblr-1732 455 13 , , PUNCT cblr-1732 455 14 30 30 NUM cblr-1732 455 15 ( ( PUNCT cblr-1732 455 16 noting note VERB cblr-1732 455 17 that that SCONJ cblr-1732 455 18 hedge hedge NOUN cblr-1732 455 19 funds fund NOUN cblr-1732 455 20 and and CCONJ cblr-1732 455 21 mutual mutual ADJ cblr-1732 455 22 funds fund NOUN cblr-1732 455 23 have have AUX cblr-1732 455 24 submitted submit VERB cblr-1732 455 25 slate slate NOUN cblr-1732 455 26 voting voting NOUN cblr-1732 455 27 for for ADP cblr-1732 455 28 corporate corporate ADJ cblr-1732 455 29 bodies body NOUN cblr-1732 455 30 on on ADP cblr-1732 455 31 various various ADJ cblr-1732 455 32 occasions occasion NOUN cblr-1732 455 33 ) ) PUNCT cblr-1732 455 34 . . PUNCT cblr-1732 456 1 kastiel kastiel PROPN cblr-1732 456 2 – – PUNCT cblr-1732 456 3 final final ADJ cblr-1732 456 4 96 96 NUM cblr-1732 456 5 columbia columbia PROPN cblr-1732 456 6 business business NOUN cblr-1732 456 7 law law PROPN cblr-1732 456 8 review review NOUN cblr-1732 457 1 [ [ X cblr-1732 457 2 vol vol NOUN cblr-1732 457 3 . . NOUN cblr-1732 457 4 2016 2016 NUM cblr-1732 457 5 controllers controller NOUN cblr-1732 457 6 are be AUX cblr-1732 457 7 often often ADV cblr-1732 457 8 incentivized incentivize VERB cblr-1732 457 9 to to PART cblr-1732 457 10 partially partially ADV cblr-1732 457 11 liquidate liquidate VERB cblr-1732 457 12 their their PRON cblr-1732 457 13 equity equity NOUN cblr-1732 457 14 position position NOUN cblr-1732 457 15 below below ADP cblr-1732 457 16 the the DET cblr-1732 457 17 50 50 NUM cblr-1732 457 18 % % NOUN cblr-1732 457 19 threshold threshold NOUN cblr-1732 457 20 , , PUNCT cblr-1732 457 21 as as SCONJ cblr-1732 457 22 it it PRON cblr-1732 457 23 enables enable VERB cblr-1732 457 24 them they PRON cblr-1732 457 25 to to PART cblr-1732 457 26 diversify diversify VERB cblr-1732 457 27 their their PRON cblr-1732 457 28 holdings holding NOUN cblr-1732 457 29 , , PUNCT cblr-1732 457 30 reduce reduce VERB cblr-1732 457 31 their their PRON cblr-1732 457 32 idiosyncratic idiosyncratic ADJ cblr-1732 457 33 risk risk NOUN cblr-1732 457 34 , , PUNCT cblr-1732 457 35 and and CCONJ cblr-1732 457 36 raise raise VERB cblr-1732 457 37 new new ADJ cblr-1732 457 38 capital capital NOUN cblr-1732 457 39 while while SCONJ cblr-1732 457 40 still still ADV cblr-1732 457 41 controlling control VERB cblr-1732 457 42 their their PRON cblr-1732 457 43 companies.118 companies.118 PROPN cblr-1732 457 44 in in ADP cblr-1732 457 45 the the DET cblr-1732 457 46 ordinary ordinary ADJ cblr-1732 457 47 course course NOUN cblr-1732 457 48 of of ADP cblr-1732 457 49 business business NOUN cblr-1732 457 50 , , PUNCT cblr-1732 457 51 maintaining maintain VERB cblr-1732 457 52 between between ADP cblr-1732 457 53 30 30 NUM cblr-1732 457 54 % % NOUN cblr-1732 457 55 and and CCONJ cblr-1732 457 56 50 50 NUM cblr-1732 457 57 % % NOUN cblr-1732 457 58 of of ADP cblr-1732 457 59 the the DET cblr-1732 457 60 voting voting NOUN cblr-1732 457 61 rights right NOUN cblr-1732 457 62 should should AUX cblr-1732 457 63 allow allow VERB cblr-1732 457 64 controllers controller NOUN cblr-1732 457 65 to to PART cblr-1732 457 66 exercise exercise VERB cblr-1732 457 67 effective effective ADJ cblr-1732 457 68 control control NOUN cblr-1732 457 69 . . PUNCT cblr-1732 458 1 this this PRON cblr-1732 458 2 is be AUX cblr-1732 458 3 especially especially ADV cblr-1732 458 4 true true ADJ cblr-1732 458 5 considering consider VERB cblr-1732 458 6 retail retail ADJ cblr-1732 458 7 investors investor NOUN cblr-1732 458 8 ’ ’ PART cblr-1732 458 9 rational rational ADJ cblr-1732 458 10 apathy apathy NOUN cblr-1732 458 11 problem problem NOUN cblr-1732 458 12 , , PUNCT cblr-1732 458 13 and and CCONJ cblr-1732 458 14 their their PRON cblr-1732 458 15 tendency tendency NOUN cblr-1732 458 16 to to PART cblr-1732 458 17 avoid avoid VERB cblr-1732 458 18 voting.119 voting.119 NOUN cblr-1732 458 19 consider consider VERB cblr-1732 458 20 a a DET cblr-1732 458 21 situation situation NOUN cblr-1732 458 22 where where SCONJ cblr-1732 458 23 the the DET cblr-1732 458 24 largest large ADJ cblr-1732 458 25 shareholder shareholder NOUN cblr-1732 458 26 owns own VERB cblr-1732 458 27 35 35 NUM cblr-1732 458 28 % % NOUN cblr-1732 458 29 of of ADP cblr-1732 458 30 the the DET cblr-1732 458 31 firm firm NOUN cblr-1732 458 32 ’s ’s PART cblr-1732 458 33 voting voting NOUN cblr-1732 458 34 rights right NOUN cblr-1732 458 35 and and CCONJ cblr-1732 458 36 15 15 NUM cblr-1732 458 37 % % NOUN cblr-1732 458 38 of of ADP cblr-1732 458 39 the the DET cblr-1732 458 40 investors investor NOUN cblr-1732 458 41 avoid avoid VERB cblr-1732 458 42 voting vote VERB cblr-1732 458 43 . . PUNCT cblr-1732 459 1 in in ADP cblr-1732 459 2 such such DET cblr-1732 459 3 a a DET cblr-1732 459 4 case case NOUN cblr-1732 459 5 , , PUNCT cblr-1732 459 6 an an DET cblr-1732 459 7 activist activist ADJ cblr-1732 459 8 nominee nominee NOUN cblr-1732 459 9 needs need VERB cblr-1732 459 10 to to PART cblr-1732 459 11 attract attract VERB cblr-1732 459 12 the the DET cblr-1732 459 13 support support NOUN cblr-1732 459 14 of of ADP cblr-1732 459 15 more more ADJ cblr-1732 459 16 than than ADP cblr-1732 459 17 70 70 NUM cblr-1732 459 18 % % NOUN cblr-1732 459 19 of of ADP cblr-1732 459 20 the the DET cblr-1732 459 21 public public ADJ cblr-1732 459 22 shareholders shareholder NOUN cblr-1732 459 23 not not PART cblr-1732 459 24 affiliated affiliate VERB cblr-1732 459 25 with with ADP cblr-1732 459 26 the the DET cblr-1732 459 27 controller controller NOUN cblr-1732 459 28 in in ADP cblr-1732 459 29 order order NOUN cblr-1732 459 30 to to PART cblr-1732 459 31 be be AUX cblr-1732 459 32 elected.120 elected.120 ADV cblr-1732 459 33 moreover moreover ADV cblr-1732 459 34 , , PUNCT cblr-1732 459 35 in in ADP cblr-1732 459 36 order order NOUN cblr-1732 459 37 to to PART cblr-1732 459 38 pass pass VERB cblr-1732 459 39 a a DET cblr-1732 459 40 shareholder shareholder NOUN cblr-1732 459 41 proposal proposal NOUN cblr-1732 459 42 with with ADP cblr-1732 459 43 a a DET cblr-1732 459 44 simple simple ADJ cblr-1732 459 45 majority majority NOUN cblr-1732 459 46 vote vote NOUN cblr-1732 459 47 , , PUNCT cblr-1732 459 48 an an DET cblr-1732 459 49 activist activist NOUN cblr-1732 459 50 has have VERB cblr-1732 459 51 to to PART cblr-1732 459 52 receive receive VERB cblr-1732 459 53 the the DET cblr-1732 459 54 support support NOUN cblr-1732 459 55 of of ADP cblr-1732 459 56 all all DET cblr-1732 459 57 shareholders shareholder NOUN cblr-1732 459 58 not not PART cblr-1732 459 59 affiliated affiliate VERB cblr-1732 459 60 with with ADP cblr-1732 459 61 the the DET cblr-1732 459 62 controller.121 controller.121 NOUN cblr-1732 459 63 however however ADV cblr-1732 459 64 , , PUNCT cblr-1732 459 65 an an DET cblr-1732 459 66 activist activist ADJ cblr-1732 459 67 engagement engagement NOUN cblr-1732 459 68 against against ADP cblr-1732 459 69 an an DET cblr-1732 459 70 effectively effectively ADV cblr-1732 459 71 controlled control VERB cblr-1732 459 72 company company NOUN cblr-1732 459 73 is be AUX cblr-1732 459 74 not not PART cblr-1732 459 75 necessarily necessarily ADV cblr-1732 459 76 a a DET cblr-1732 459 77 lost lost ADJ cblr-1732 459 78 cause cause NOUN cblr-1732 459 79 . . PUNCT cblr-1732 460 1 controllers controller NOUN cblr-1732 460 2 ’ ' PUNCT cblr-1732 460 3 effective effective ADJ cblr-1732 460 4 control control NOUN cblr-1732 460 5 may may AUX cblr-1732 460 6 be be AUX cblr-1732 460 7 challenged challenge VERB cblr-1732 460 8 , , PUNCT cblr-1732 460 9 but but CCONJ cblr-1732 460 10 only only ADV cblr-1732 460 11 if if SCONJ cblr-1732 460 12 the the DET cblr-1732 460 13 activist activist NOUN cblr-1732 460 14 receives receive VERB cblr-1732 460 15 the the DET cblr-1732 460 16 overwhelming overwhelming ADJ cblr-1732 460 17 support support NOUN cblr-1732 460 18 of of ADP cblr-1732 460 19 shareholders shareholder NOUN cblr-1732 460 20 unaffiliated unaffiliate VERB cblr-1732 460 21 with with ADP cblr-1732 460 22 the the DET cblr-1732 460 23 controller.122 controller.122 NOUN cblr-1732 460 24 since since SCONJ cblr-1732 460 25 there there ADV cblr-1732 460 26 118 118 NUM cblr-1732 460 27 see see NOUN cblr-1732 460 28 , , PUNCT cblr-1732 460 29 e.g. e.g. ADV cblr-1732 460 30 , , PUNCT cblr-1732 460 31 george george PROPN cblr-1732 460 32 w. w. PROPN cblr-1732 460 33 dent dent PROPN cblr-1732 460 34 , , PUNCT cblr-1732 460 35 jr jr PROPN cblr-1732 460 36 . . PROPN cblr-1732 460 37 , , PUNCT cblr-1732 460 38 dual dual ADJ cblr-1732 460 39 class class NOUN cblr-1732 460 40 capitalization capitalization NOUN cblr-1732 460 41 : : PUNCT cblr-1732 460 42 a a DET cblr-1732 460 43 reply reply NOUN cblr-1732 460 44 to to ADP cblr-1732 460 45 professor professor NOUN cblr-1732 460 46 seligman seligman NOUN cblr-1732 460 47 , , PUNCT cblr-1732 460 48 54 54 NUM cblr-1732 460 49 geo geo PROPN cblr-1732 460 50 . . PROPN cblr-1732 460 51 wash wash PROPN cblr-1732 460 52 . . PUNCT cblr-1732 461 1 l. l. PROPN cblr-1732 461 2 rev rev PROPN cblr-1732 461 3 . . PROPN cblr-1732 462 1 725 725 NUM cblr-1732 462 2 , , PUNCT cblr-1732 463 1 749 749 NUM cblr-1732 463 2 ( ( PUNCT cblr-1732 463 3 1986 1986 NUM cblr-1732 463 4 ) ) PUNCT cblr-1732 463 5 ; ; PUNCT cblr-1732 464 1 gilson gilson PROPN cblr-1732 464 2 , , PUNCT cblr-1732 464 3 supra supra PROPN cblr-1732 464 4 note note PROPN cblr-1732 464 5 109 109 NUM cblr-1732 464 6 , , PUNCT cblr-1732 464 7 at at ADP cblr-1732 464 8 812 812 NUM cblr-1732 464 9 . . NOUN cblr-1732 464 10 119 119 NUM cblr-1732 464 11 see see VERB cblr-1732 464 12 kobi kobi PROPN cblr-1732 464 13 kastiel kastiel PROPN cblr-1732 464 14 & & CCONJ cblr-1732 464 15 yaron yaron PROPN cblr-1732 464 16 nili nili PROPN cblr-1732 464 17 , , PUNCT cblr-1732 464 18 in in ADP cblr-1732 464 19 search search NOUN cblr-1732 464 20 of of ADP cblr-1732 464 21 the the DET cblr-1732 464 22 “ " PUNCT cblr-1732 464 23 absent absent ADJ cblr-1732 464 24 ” " PUNCT cblr-1732 464 25 shareholders shareholder NOUN cblr-1732 464 26 : : PUNCT cblr-1732 464 27 a a DET cblr-1732 464 28 new new ADJ cblr-1732 464 29 solution solution NOUN cblr-1732 464 30 to to ADP cblr-1732 464 31 retail retail ADJ cblr-1732 464 32 investors investor NOUN cblr-1732 464 33 ’ ’ PART cblr-1732 464 34 apathy apathy NOUN cblr-1732 464 35 , , PUNCT cblr-1732 464 36 40 40 NUM cblr-1732 464 37 del del PROPN cblr-1732 464 38 . . PROPN cblr-1732 464 39 j. j. PROPN cblr-1732 464 40 corp corp PROPN cblr-1732 464 41 . . PROPN cblr-1732 464 42 l. l. PROPN cblr-1732 464 43 ( ( PUNCT cblr-1732 464 44 forthcoming forthcoming ADJ cblr-1732 464 45 2016 2016 NUM cblr-1732 464 46 ) ) PUNCT cblr-1732 464 47 ( ( PUNCT cblr-1732 464 48 manuscript manuscript NOUN cblr-1732 464 49 at at ADP cblr-1732 464 50 8) 8) NUM cblr-1732 464 51 ( ( PUNCT cblr-1732 464 52 showing show VERB cblr-1732 464 53 that that SCONJ cblr-1732 464 54 in in ADP cblr-1732 464 55 2014 2014 NUM cblr-1732 464 56 , , PUNCT cblr-1732 464 57 24 24 NUM cblr-1732 464 58 % % NOUN cblr-1732 464 59 of of ADP cblr-1732 464 60 the the DET cblr-1732 464 61 shares share NOUN cblr-1732 464 62 in in ADP cblr-1732 464 63 the the DET cblr-1732 464 64 s&p s&p PROPN cblr-1732 464 65 500 500 NUM cblr-1732 464 66 were be AUX cblr-1732 464 67 not not PART cblr-1732 464 68 voted vote VERB cblr-1732 464 69 ) ) PUNCT cblr-1732 464 70 . . PUNCT cblr-1732 465 1 120 120 NUM cblr-1732 465 2 the the DET cblr-1732 465 3 public public ADJ cblr-1732 465 4 float float NOUN cblr-1732 465 5 after after ADP cblr-1732 465 6 excluding exclude VERB cblr-1732 465 7 the the DET cblr-1732 465 8 controller controller NOUN cblr-1732 465 9 ’s ’s PART cblr-1732 465 10 stake stake NOUN cblr-1732 465 11 ( ( PUNCT cblr-1732 465 12 35 35 NUM cblr-1732 465 13 % % NOUN cblr-1732 465 14 ) ) PUNCT cblr-1732 465 15 and and CCONJ cblr-1732 465 16 the the DET cblr-1732 465 17 shares share NOUN cblr-1732 465 18 held hold VERB cblr-1732 465 19 by by ADP cblr-1732 465 20 shareholders shareholder NOUN cblr-1732 465 21 who who PRON cblr-1732 465 22 do do AUX cblr-1732 465 23 not not PART cblr-1732 465 24 exercise exercise VERB cblr-1732 465 25 their their PRON cblr-1732 465 26 vote vote NOUN cblr-1732 465 27 ( ( PUNCT cblr-1732 465 28 15 15 NUM cblr-1732 465 29 % % NOUN cblr-1732 465 30 ) ) PUNCT cblr-1732 465 31 is be AUX cblr-1732 465 32 50 50 NUM cblr-1732 465 33 % % NOUN cblr-1732 465 34 . . PUNCT cblr-1732 466 1 since since SCONJ cblr-1732 466 2 the the DET cblr-1732 466 3 activist activist NOUN cblr-1732 466 4 has have VERB cblr-1732 466 5 to to PART cblr-1732 466 6 receive receive VERB cblr-1732 466 7 at at ADV cblr-1732 466 8 least least ADV cblr-1732 466 9 35.1 35.1 NUM cblr-1732 466 10 % % NOUN cblr-1732 466 11 of of ADP cblr-1732 466 12 the the DET cblr-1732 466 13 votes vote NOUN cblr-1732 466 14 in in ADP cblr-1732 466 15 order order NOUN cblr-1732 466 16 to to PART cblr-1732 466 17 win win VERB cblr-1732 466 18 the the DET cblr-1732 466 19 contested contest VERB cblr-1732 466 20 election election NOUN cblr-1732 466 21 , , PUNCT cblr-1732 466 22 it it PRON cblr-1732 466 23 will will AUX cblr-1732 466 24 need need VERB cblr-1732 466 25 the the DET cblr-1732 466 26 support support NOUN cblr-1732 466 27 of of ADP cblr-1732 466 28 approximately approximately ADV cblr-1732 466 29 70 70 NUM cblr-1732 466 30 % % NOUN cblr-1732 466 31 of of ADP cblr-1732 466 32 the the DET cblr-1732 466 33 shareholders shareholder NOUN cblr-1732 466 34 not not PART cblr-1732 466 35 affiliated affiliate VERB cblr-1732 466 36 with with ADP cblr-1732 466 37 the the DET cblr-1732 466 38 controller controller NOUN cblr-1732 466 39 ( ( PUNCT cblr-1732 466 40 35.1/50 35.1/50 NUM cblr-1732 466 41 ) ) PUNCT cblr-1732 466 42 . . PUNCT cblr-1732 467 1 121 121 NUM cblr-1732 467 2 since since SCONJ cblr-1732 467 3 the the DET cblr-1732 467 4 public public ADJ cblr-1732 467 5 float float NOUN cblr-1732 467 6 after after ADP cblr-1732 467 7 excluding exclude VERB cblr-1732 467 8 the the DET cblr-1732 467 9 controller controller NOUN cblr-1732 467 10 ’s ’s PART cblr-1732 467 11 stake stake NOUN cblr-1732 467 12 and and CCONJ cblr-1732 467 13 non non ADJ cblr-1732 467 14 - - ADJ cblr-1732 467 15 voting voting ADJ cblr-1732 467 16 shares share NOUN cblr-1732 467 17 is be AUX cblr-1732 467 18 50 50 NUM cblr-1732 467 19 % % NOUN cblr-1732 467 20 , , PUNCT cblr-1732 467 21 all all DET cblr-1732 467 22 shareholders shareholder NOUN cblr-1732 467 23 will will AUX cblr-1732 467 24 have have VERB cblr-1732 467 25 to to PART cblr-1732 467 26 support support VERB cblr-1732 467 27 the the DET cblr-1732 467 28 proposal proposal NOUN cblr-1732 467 29 so so SCONJ cblr-1732 467 30 that that SCONJ cblr-1732 467 31 it it PRON cblr-1732 467 32 will will AUX cblr-1732 467 33 pass pass VERB cblr-1732 467 34 . . PUNCT cblr-1732 468 1 122 122 NUM cblr-1732 469 1 the the DET cblr-1732 469 2 chances chance NOUN cblr-1732 469 3 of of ADP cblr-1732 469 4 a a DET cblr-1732 469 5 successful successful ADJ cblr-1732 469 6 challenge challenge NOUN cblr-1732 469 7 depend depend VERB cblr-1732 469 8 on on ADP cblr-1732 469 9 certain certain ADJ cblr-1732 469 10 factors factor NOUN cblr-1732 469 11 , , PUNCT cblr-1732 469 12 including include VERB cblr-1732 469 13 investors investor NOUN cblr-1732 469 14 ’ ’ PART cblr-1732 469 15 turnout turnout NOUN cblr-1732 469 16 rate rate NOUN cblr-1732 469 17 at at ADP cblr-1732 469 18 the the DET cblr-1732 469 19 annual annual ADJ cblr-1732 469 20 meeting meeting NOUN cblr-1732 469 21 , , PUNCT cblr-1732 469 22 the the DET cblr-1732 469 23 size size NOUN cblr-1732 469 24 of of ADP cblr-1732 469 25 the the DET cblr-1732 469 26 activist activist NOUN cblr-1732 469 27 ’s ’s PART cblr-1732 469 28 stake stake NOUN cblr-1732 469 29 , , PUNCT cblr-1732 469 30 and and CCONJ cblr-1732 469 31 the the DET cblr-1732 469 32 controller controller NOUN cblr-1732 469 33 ’s ’s PART cblr-1732 469 34 ownership ownership NOUN cblr-1732 469 35 percentage percentage NOUN cblr-1732 469 36 . . PUNCT cblr-1732 470 1 as as ADP cblr-1732 470 2 the the DET cblr-1732 470 3 kastiel kastiel NOUN cblr-1732 470 4 – – PUNCT cblr-1732 470 5 final final ADJ cblr-1732 470 6 no no NOUN cblr-1732 470 7 . . PROPN cblr-1732 470 8 1:60 1:60 NUM cblr-1732 470 9 ] ] PUNCT cblr-1732 470 10 against against ADP cblr-1732 470 11 all all DET cblr-1732 470 12 odds odd NOUN cblr-1732 470 13 97 97 NUM cblr-1732 470 14 is be AUX cblr-1732 470 15 some some DET cblr-1732 470 16 uncertainty uncertainty NOUN cblr-1732 470 17 regarding regard VERB cblr-1732 470 18 both both CCONJ cblr-1732 470 19 the the DET cblr-1732 470 20 turnout turnout NOUN cblr-1732 470 21 rate rate NOUN cblr-1732 470 22 among among ADP cblr-1732 470 23 institutional institutional ADJ cblr-1732 470 24 and and CCONJ cblr-1732 470 25 retail retail ADJ cblr-1732 470 26 investors investor NOUN cblr-1732 470 27 and and CCONJ cblr-1732 470 28 how how SCONJ cblr-1732 470 29 they they PRON cblr-1732 470 30 will will AUX cblr-1732 470 31 exercise exercise VERB cblr-1732 470 32 their their PRON cblr-1732 470 33 vote vote NOUN cblr-1732 470 34 , , PUNCT cblr-1732 470 35 it it PRON cblr-1732 470 36 is be AUX cblr-1732 470 37 difficult difficult ADJ cblr-1732 470 38 to to PART cblr-1732 470 39 determine determine VERB cblr-1732 470 40 ex ex PRON cblr-1732 470 41 ante ante NOUN cblr-1732 470 42 whether whether SCONJ cblr-1732 470 43 a a DET cblr-1732 470 44 campaign campaign NOUN cblr-1732 470 45 will will AUX cblr-1732 470 46 succeed succeed VERB cblr-1732 470 47 . . PUNCT cblr-1732 471 1 concerns concern NOUN cblr-1732 471 2 that that SCONJ cblr-1732 471 3 effective effective ADJ cblr-1732 471 4 control control NOUN cblr-1732 471 5 will will AUX cblr-1732 471 6 be be AUX cblr-1732 471 7 contested contest VERB cblr-1732 471 8 in in ADP cblr-1732 471 9 a a DET cblr-1732 471 10 perfect perfect ADJ cblr-1732 471 11 - - PUNCT cblr-1732 471 12 storm storm NOUN cblr-1732 471 13 scenario scenario NOUN cblr-1732 471 14 , , PUNCT cblr-1732 471 15 as as ADV cblr-1732 471 16 well well ADV cblr-1732 471 17 as as ADP cblr-1732 471 18 the the DET cblr-1732 471 19 potential potential ADJ cblr-1732 471 20 damage damage NOUN cblr-1732 471 21 to to ADP cblr-1732 471 22 controller controller NOUN cblr-1732 471 23 ’s ’s PART cblr-1732 471 24 reputation,123 reputation,123 NOUN cblr-1732 471 25 could could AUX cblr-1732 471 26 push push VERB cblr-1732 471 27 a a DET cblr-1732 471 28 controller controller NOUN cblr-1732 471 29 to to PART cblr-1732 471 30 accept accept VERB cblr-1732 471 31 activists activist NOUN cblr-1732 471 32 ’ ' PUNCT cblr-1732 471 33 demands demand NOUN cblr-1732 471 34 , , PUNCT cblr-1732 471 35 even even ADV cblr-1732 471 36 when when SCONJ cblr-1732 471 37 the the DET cblr-1732 471 38 actual actual ADJ cblr-1732 471 39 chances chance NOUN cblr-1732 471 40 of of ADP cblr-1732 471 41 a a DET cblr-1732 471 42 campaign campaign NOUN cblr-1732 471 43 ’s ’s PART cblr-1732 471 44 success success NOUN cblr-1732 471 45 are be AUX cblr-1732 471 46 low low ADJ cblr-1732 471 47 . . PUNCT cblr-1732 472 1 the the DET cblr-1732 472 2 activist activist ADJ cblr-1732 472 3 engagement engagement NOUN cblr-1732 472 4 with with ADP cblr-1732 472 5 comcast comcast PROPN cblr-1732 472 6 in in ADP cblr-1732 472 7 2008 2008 NUM cblr-1732 472 8 exemplifies exemplify VERB cblr-1732 472 9 this this DET cblr-1732 472 10 point point NOUN cblr-1732 472 11 . . PUNCT cblr-1732 473 1 although although SCONJ cblr-1732 473 2 the the DET cblr-1732 473 3 roberts roberts PROPN cblr-1732 473 4 family family NOUN cblr-1732 473 5 holds hold VERB cblr-1732 473 6 33 33 NUM cblr-1732 473 7 % % NOUN cblr-1732 473 8 of of ADP cblr-1732 473 9 the the DET cblr-1732 473 10 outstanding outstanding ADJ cblr-1732 473 11 voting voting NOUN cblr-1732 473 12 rights,124 rights,124 PRON cblr-1732 474 1 the the DET cblr-1732 474 2 family family NOUN cblr-1732 474 3 ’s ’s PART cblr-1732 474 4 effective effective ADJ cblr-1732 474 5 control control NOUN cblr-1732 474 6 over over ADP cblr-1732 474 7 comcast comcast PROPN cblr-1732 474 8 could could AUX cblr-1732 474 9 not not PART cblr-1732 474 10 be be AUX cblr-1732 474 11 easily easily ADV cblr-1732 474 12 contested contest VERB cblr-1732 474 13 . . PUNCT cblr-1732 475 1 in in ADP cblr-1732 475 2 the the DET cblr-1732 475 3 four four NUM cblr-1732 475 4 - - PUNCT cblr-1732 475 5 year year NOUN cblr-1732 475 6 period period NOUN cblr-1732 475 7 prior prior ADV cblr-1732 475 8 to to ADP cblr-1732 475 9 the the DET cblr-1732 475 10 engagement engagement NOUN cblr-1732 475 11 , , PUNCT cblr-1732 475 12 all all DET cblr-1732 475 13 twenty twenty NUM cblr-1732 475 14 - - PUNCT cblr-1732 475 15 three three NUM cblr-1732 475 16 shareholder shareholder NOUN cblr-1732 475 17 proposals proposal NOUN cblr-1732 475 18 that that PRON cblr-1732 475 19 were be AUX cblr-1732 475 20 submitted submit VERB cblr-1732 475 21 to to ADP cblr-1732 475 22 the the DET cblr-1732 475 23 company company NOUN cblr-1732 475 24 failed.125 failed.125 NOUN cblr-1732 475 25 this this DET cblr-1732 475 26 data data NOUN cblr-1732 475 27 suggests suggest VERB cblr-1732 475 28 that that SCONJ cblr-1732 475 29 the the DET cblr-1732 475 30 chances chance NOUN cblr-1732 475 31 of of ADP cblr-1732 475 32 an an DET cblr-1732 475 33 activist activist ADJ cblr-1732 475 34 shareholder shareholder NOUN cblr-1732 475 35 winning win VERB cblr-1732 475 36 a a DET cblr-1732 475 37 proxy proxy NOUN cblr-1732 475 38 fight fight NOUN cblr-1732 475 39 against against ADP cblr-1732 475 40 the the DET cblr-1732 475 41 roberts roberts PROPN cblr-1732 475 42 family family NOUN cblr-1732 475 43 were be AUX cblr-1732 475 44 ostensibly ostensibly ADV cblr-1732 475 45 low low ADJ cblr-1732 475 46 , , PUNCT cblr-1732 475 47 but but CCONJ cblr-1732 475 48 the the DET cblr-1732 475 49 mere mere ADJ cblr-1732 475 50 existence existence NOUN cblr-1732 475 51 of of ADP cblr-1732 475 52 some some DET cblr-1732 475 53 possibility possibility NOUN cblr-1732 475 54 of of ADP cblr-1732 475 55 challenging challenge VERB cblr-1732 475 56 the the DET cblr-1732 475 57 controlling control VERB cblr-1732 475 58 family family NOUN cblr-1732 475 59 put put VERB cblr-1732 475 60 pressure pressure NOUN cblr-1732 475 61 on on ADP cblr-1732 475 62 the the DET cblr-1732 475 63 company company NOUN cblr-1732 475 64 and and CCONJ cblr-1732 475 65 motivated motivate VERB cblr-1732 475 66 it it PRON cblr-1732 475 67 to to PART cblr-1732 475 68 accept accept VERB cblr-1732 475 69 some some PRON cblr-1732 475 70 of of ADP cblr-1732 475 71 the the DET cblr-1732 475 72 activist activist NOUN cblr-1732 475 73 ’s ’s PART cblr-1732 475 74 demands demand NOUN cblr-1732 475 75 . . PUNCT cblr-1732 476 1 indeed indeed ADV cblr-1732 476 2 , , PUNCT cblr-1732 476 3 as as ADP cblr-1732 476 4 a a DET cblr-1732 476 5 result result NOUN cblr-1732 476 6 of of ADP cblr-1732 476 7 the the DET cblr-1732 476 8 engagement engagement NOUN cblr-1732 476 9 , , PUNCT cblr-1732 476 10 comcast comcast PROPN cblr-1732 476 11 agreed agree VERB cblr-1732 476 12 to to PART cblr-1732 476 13 pay pay VERB cblr-1732 476 14 a a DET cblr-1732 476 15 quarterly quarterly ADJ cblr-1732 476 16 dividend dividend NOUN cblr-1732 476 17 — — PUNCT cblr-1732 476 18 its its PRON cblr-1732 476 19 first first ADJ cblr-1732 476 20 dividend dividend NOUN cblr-1732 476 21 since since SCONJ cblr-1732 476 22 1999 1999 NUM cblr-1732 476 23 — — PUNCT cblr-1732 476 24 and and CCONJ cblr-1732 476 25 to to PART cblr-1732 476 26 utilize utilize VERB cblr-1732 476 27 its its PRON cblr-1732 476 28 remaining remain VERB cblr-1732 476 29 $ $ SYM cblr-1732 476 30 6.9 6.9 NUM cblr-1732 476 31 billion billion NUM cblr-1732 476 32 share share NOUN cblr-1732 476 33 repurchase repurchase NOUN cblr-1732 476 34 authorization authorization NOUN cblr-1732 476 35 by by ADP cblr-1732 476 36 the the DET cblr-1732 476 37 end end NOUN cblr-1732 476 38 of of ADP cblr-1732 476 39 2009.126 2009.126 NOUN cblr-1732 476 40 in in ADP cblr-1732 476 41 addition addition NOUN cblr-1732 476 42 , , PUNCT cblr-1732 476 43 the the DET cblr-1732 476 44 company company NOUN cblr-1732 476 45 eliminated eliminate VERB cblr-1732 476 46 a a DET cblr-1732 476 47 controversial controversial ADJ cblr-1732 476 48 benefit benefit NOUN cblr-1732 476 49 to to ADP cblr-1732 476 50 controller controller NOUN cblr-1732 476 51 ’s ’s PART cblr-1732 476 52 stake stake NOUN cblr-1732 476 53 increases increase NOUN cblr-1732 476 54 from from ADP cblr-1732 476 55 30 30 NUM cblr-1732 476 56 % % NOUN cblr-1732 476 57 to to PART cblr-1732 476 58 50 50 NUM cblr-1732 476 59 % % NOUN cblr-1732 476 60 , , PUNCT cblr-1732 476 61 the the DET cblr-1732 476 62 likelihood likelihood NOUN cblr-1732 476 63 to to PART cblr-1732 476 64 win win VERB cblr-1732 476 65 a a DET cblr-1732 476 66 proxy proxy NOUN cblr-1732 476 67 fight fight NOUN cblr-1732 476 68 decreases decrease VERB cblr-1732 476 69 . . PUNCT cblr-1732 477 1 123 123 NUM cblr-1732 477 2 see see VERB cblr-1732 477 3 the the DET cblr-1732 477 4 discussion discussion NOUN cblr-1732 477 5 in in ADP cblr-1732 477 6 part part NOUN cblr-1732 477 7 v v NOUN cblr-1732 477 8 , , PUNCT cblr-1732 477 9 infra infra NOUN cblr-1732 477 10 . . PUNCT cblr-1732 478 1 124 124 NUM cblr-1732 478 2 comcast comcast PROPN cblr-1732 478 3 corp corp PROPN cblr-1732 478 4 . . PROPN cblr-1732 478 5 , , PUNCT cblr-1732 478 6 proxy proxy ADJ cblr-1732 478 7 statement statement NOUN cblr-1732 478 8 ( ( PUNCT cblr-1732 478 9 form form NOUN cblr-1732 478 10 14 14 NUM cblr-1732 478 11 - - PUNCT cblr-1732 478 12 a a NOUN cblr-1732 478 13 ) ) PUNCT cblr-1732 478 14 5 5 NUM cblr-1732 478 15 ( ( PUNCT cblr-1732 478 16 mar mar PROPN cblr-1732 478 17 . . PROPN cblr-1732 478 18 17 17 NUM cblr-1732 478 19 , , PUNCT cblr-1732 478 20 2008 2008 NUM cblr-1732 478 21 ) ) PUNCT cblr-1732 478 22 ( ( PUNCT cblr-1732 478 23 stating state VERB cblr-1732 478 24 that that SCONJ cblr-1732 478 25 the the DET cblr-1732 478 26 shares share NOUN cblr-1732 478 27 beneficially beneficially ADV cblr-1732 478 28 owned own VERB cblr-1732 478 29 by by ADP cblr-1732 478 30 mr mr PROPN cblr-1732 478 31 . . PROPN cblr-1732 478 32 brian brian PROPN cblr-1732 478 33 l. l. PROPN cblr-1732 478 34 roberts roberts PROPN cblr-1732 478 35 represent represent VERB cblr-1732 478 36 33.33 33.33 NUM cblr-1732 478 37 % % NOUN cblr-1732 478 38 of of ADP cblr-1732 478 39 the the DET cblr-1732 478 40 combined combine VERB cblr-1732 478 41 voting voting NOUN cblr-1732 478 42 power power NOUN cblr-1732 478 43 of of ADP cblr-1732 478 44 the the DET cblr-1732 478 45 company company NOUN cblr-1732 478 46 ) ) PUNCT cblr-1732 478 47 . . PUNCT cblr-1732 479 1 125 125 NUM cblr-1732 479 2 most most ADJ cblr-1732 479 3 of of ADP cblr-1732 479 4 those those DET cblr-1732 479 5 proposals proposal NOUN cblr-1732 479 6 were be AUX cblr-1732 479 7 governanceor governanceor PROPN cblr-1732 479 8 compensation compensation NOUN cblr-1732 479 9 - - PUNCT cblr-1732 479 10 related relate VERB cblr-1732 479 11 proposals proposal NOUN cblr-1732 479 12 that that PRON cblr-1732 479 13 usually usually ADV cblr-1732 479 14 receive receive VERB cblr-1732 479 15 strong strong ADJ cblr-1732 479 16 shareholder shareholder NOUN cblr-1732 479 17 support support NOUN cblr-1732 479 18 . . PUNCT cblr-1732 480 1 the the DET cblr-1732 480 2 data datum NOUN cblr-1732 480 3 on on ADP cblr-1732 480 4 shareholder shareholder NOUN cblr-1732 480 5 proposals proposal NOUN cblr-1732 480 6 submitted submit VERB cblr-1732 480 7 to to ADP cblr-1732 480 8 comcast comcast PROPN cblr-1732 480 9 was be AUX cblr-1732 480 10 collected collect VERB cblr-1732 480 11 from from ADP cblr-1732 480 12 the the DET cblr-1732 480 13 sharkrepellent sharkrepellent NOUN cblr-1732 480 14 database database NOUN cblr-1732 480 15 . . PUNCT cblr-1732 481 1 see see VERB cblr-1732 481 2 factset factset NOUN cblr-1732 481 3 research research NOUN cblr-1732 481 4 systems systems PROPN cblr-1732 481 5 , , PUNCT cblr-1732 481 6 inc inc PROPN cblr-1732 481 7 . . PROPN cblr-1732 481 8 , , PUNCT cblr-1732 481 9 sharkrepellent.net sharkrepellent.net NOUN cblr-1732 481 10 , , PUNCT cblr-1732 481 11 https://www.sharkrepellent.net https://www.sharkrepellent.net X cblr-1732 482 1 [ [ X cblr-1732 482 2 https://perma.cc/5d https://perma.cc/5d X cblr-1732 482 3 xg-7tpe xg-7tpe NOUN cblr-1732 482 4 ] ] X cblr-1732 482 5 . . PUNCT cblr-1732 483 1 126 126 NUM cblr-1732 483 2 comcast comcast PROPN cblr-1732 483 3 corp corp PROPN cblr-1732 483 4 . . PROPN cblr-1732 483 5 , , PUNCT cblr-1732 483 6 current current ADJ cblr-1732 483 7 report report NOUN cblr-1732 483 8 ( ( PUNCT cblr-1732 483 9 form form NOUN cblr-1732 483 10 8 8 NUM cblr-1732 483 11 - - PUNCT cblr-1732 483 12 k k NOUN cblr-1732 483 13 ) ) PUNCT cblr-1732 483 14 1 1 NUM cblr-1732 483 15 ( ( PUNCT cblr-1732 483 16 feb feb PROPN cblr-1732 483 17 . . PROPN cblr-1732 483 18 14 14 NUM cblr-1732 483 19 , , PUNCT cblr-1732 483 20 2008 2008 NUM cblr-1732 483 21 ) ) PUNCT cblr-1732 483 22 . . PUNCT cblr-1732 484 1 kastiel kastiel PROPN cblr-1732 484 2 – – PUNCT cblr-1732 484 3 final final ADJ cblr-1732 484 4 98 98 NUM cblr-1732 484 5 columbia columbia PROPN cblr-1732 484 6 business business NOUN cblr-1732 484 7 law law PROPN cblr-1732 484 8 review review NOUN cblr-1732 485 1 [ [ X cblr-1732 485 2 vol vol NOUN cblr-1732 485 3 . . NOUN cblr-1732 485 4 2016 2016 NUM cblr-1732 485 5 the the DET cblr-1732 485 6 estate estate NOUN cblr-1732 485 7 of of ADP cblr-1732 485 8 the the DET cblr-1732 485 9 company company NOUN cblr-1732 485 10 founder founder NOUN cblr-1732 485 11 upon upon SCONJ cblr-1732 485 12 his his PRON cblr-1732 485 13 death death NOUN cblr-1732 485 14 , , PUNCT cblr-1732 485 15 and and CCONJ cblr-1732 485 16 reduced reduce VERB cblr-1732 485 17 bonuses bonus NOUN cblr-1732 485 18 for for ADP cblr-1732 485 19 certain certain ADJ cblr-1732 485 20 executive executive NOUN cblr-1732 485 21 officers.127 officers.127 ADV cblr-1732 485 22 finally finally ADV cblr-1732 485 23 , , PUNCT cblr-1732 485 24 activist activist ADJ cblr-1732 485 25 engagements engagement NOUN cblr-1732 485 26 with with ADP cblr-1732 485 27 controlled control VERB cblr-1732 485 28 companies company NOUN cblr-1732 485 29 could could AUX cblr-1732 485 30 also also ADV cblr-1732 485 31 be be AUX cblr-1732 485 32 motivated motivate VERB cblr-1732 485 33 by by ADP cblr-1732 485 34 the the DET cblr-1732 485 35 existence existence NOUN cblr-1732 485 36 of of ADP cblr-1732 485 37 a a DET cblr-1732 485 38 second second ADV cblr-1732 485 39 - - PUNCT cblr-1732 485 40 largest large ADJ cblr-1732 485 41 holder holder NOUN cblr-1732 485 42 who who PRON cblr-1732 485 43 opposes oppose VERB cblr-1732 485 44 the the DET cblr-1732 485 45 controller controller NOUN cblr-1732 485 46 and and CCONJ cblr-1732 485 47 who who PRON cblr-1732 485 48 could could AUX cblr-1732 485 49 create create VERB cblr-1732 485 50 a a DET cblr-1732 485 51 coalition coalition NOUN cblr-1732 485 52 with with ADP cblr-1732 485 53 the the DET cblr-1732 485 54 activist activist NOUN cblr-1732 485 55 to to PART cblr-1732 485 56 facilitate facilitate VERB cblr-1732 485 57 the the DET cblr-1732 485 58 engagement engagement NOUN cblr-1732 485 59 . . PUNCT cblr-1732 486 1 in in ADP cblr-1732 486 2 this this DET cblr-1732 486 3 type type NOUN cblr-1732 486 4 of of ADP cblr-1732 486 5 situation situation NOUN cblr-1732 486 6 , , PUNCT cblr-1732 486 7 although although SCONJ cblr-1732 486 8 the the DET cblr-1732 486 9 controlling control VERB cblr-1732 486 10 shareholder shareholder NOUN cblr-1732 486 11 exercises exercise VERB cblr-1732 486 12 an an DET cblr-1732 486 13 effective effective ADJ cblr-1732 486 14 control control NOUN cblr-1732 486 15 over over ADP cblr-1732 486 16 the the DET cblr-1732 486 17 company company NOUN cblr-1732 486 18 by by ADP cblr-1732 486 19 holding hold VERB cblr-1732 486 20 30 30 NUM cblr-1732 486 21 % % NOUN cblr-1732 486 22 ( ( PUNCT cblr-1732 486 23 or or CCONJ cblr-1732 486 24 more more ADJ cblr-1732 486 25 ) ) PUNCT cblr-1732 486 26 of of ADP cblr-1732 486 27 the the DET cblr-1732 486 28 voting voting NOUN cblr-1732 486 29 rights right NOUN cblr-1732 486 30 , , PUNCT cblr-1732 486 31 its its PRON cblr-1732 486 32 effective effective ADJ cblr-1732 486 33 control control NOUN cblr-1732 486 34 could could AUX cblr-1732 486 35 more more ADV cblr-1732 486 36 easily easily ADV cblr-1732 486 37 be be AUX cblr-1732 486 38 contested contest VERB cblr-1732 486 39 due due ADP cblr-1732 486 40 to to ADP cblr-1732 486 41 the the DET cblr-1732 486 42 existence existence NOUN cblr-1732 486 43 of of ADP cblr-1732 486 44 an an DET cblr-1732 486 45 additional additional ADJ cblr-1732 486 46 holder holder NOUN cblr-1732 486 47 with with ADP cblr-1732 486 48 a a DET cblr-1732 486 49 substantial substantial ADJ cblr-1732 486 50 ownership ownership NOUN cblr-1732 486 51 percentage percentage NOUN cblr-1732 486 52 . . PUNCT cblr-1732 487 1 this this DET cblr-1732 487 2 dynamic dynamic NOUN cblr-1732 487 3 is be AUX cblr-1732 487 4 particularly particularly ADV cblr-1732 487 5 common common ADJ cblr-1732 487 6 when when SCONJ cblr-1732 487 7 there there PRON cblr-1732 487 8 is be VERB cblr-1732 487 9 a a DET cblr-1732 487 10 dispute dispute NOUN cblr-1732 487 11 between between ADP cblr-1732 487 12 the the DET cblr-1732 487 13 company company NOUN cblr-1732 487 14 ’s ’s PART cblr-1732 487 15 major major ADJ cblr-1732 487 16 holders holder NOUN cblr-1732 487 17 and and CCONJ cblr-1732 487 18 the the DET cblr-1732 487 19 activist activist NOUN cblr-1732 487 20 takes take VERB cblr-1732 487 21 advantage advantage NOUN cblr-1732 487 22 of of ADP cblr-1732 487 23 this this DET cblr-1732 487 24 conflict conflict NOUN cblr-1732 487 25 to to PART cblr-1732 487 26 co co VERB cblr-1732 487 27 - - VERB cblr-1732 487 28 operate operate VERB cblr-1732 487 29 with with ADP cblr-1732 487 30 one one NUM cblr-1732 487 31 side.128 side.128 NOUN cblr-1732 487 32 more more ADV cblr-1732 487 33 generally generally ADV cblr-1732 487 34 , , PUNCT cblr-1732 487 35 as as ADP cblr-1732 487 36 table table NOUN cblr-1732 487 37 3 3 NUM cblr-1732 487 38 shows show NOUN cblr-1732 487 39 , , PUNCT cblr-1732 487 40 29 29 NUM cblr-1732 487 41 % % NOUN cblr-1732 487 42 of of ADP cblr-1732 487 43 the the DET cblr-1732 487 44 engagements engagement NOUN cblr-1732 487 45 in in ADP cblr-1732 487 46 the the DET cblr-1732 487 47 sample sample NOUN cblr-1732 487 48 of of ADP cblr-1732 487 49 publicly publicly ADV cblr-1732 487 50 - - PUNCT cblr-1732 487 51 disclosed disclose VERB cblr-1732 487 52 engagements engagement NOUN cblr-1732 487 53 were be AUX cblr-1732 487 54 with with ADP cblr-1732 487 55 controlled control VERB cblr-1732 487 56 companies company NOUN cblr-1732 487 57 whose whose DET cblr-1732 487 58 controllers controller NOUN cblr-1732 487 59 exercised exercise VERB cblr-1732 487 60 effective effective ADJ cblr-1732 487 61 control,129 control,129 PROPN cblr-1732 487 62 and and CCONJ cblr-1732 487 63 the the DET cblr-1732 487 64 activists activist NOUN cblr-1732 487 65 had have VERB cblr-1732 487 66 no no DET cblr-1732 487 67 ability ability NOUN cblr-1732 487 68 to to PART cblr-1732 487 69 press press VERB cblr-1732 487 70 controllers controller NOUN cblr-1732 487 71 through through ADP cblr-1732 487 72 other other ADJ cblr-1732 487 73 legal legal ADJ cblr-1732 487 74 127 127 NUM cblr-1732 487 75 i i PROPN cblr-1732 487 76 d. d. PROPN cblr-1732 487 77 another another DET cblr-1732 487 78 interesting interesting ADJ cblr-1732 487 79 example example NOUN cblr-1732 487 80 is be AUX cblr-1732 487 81 the the DET cblr-1732 487 82 activist activist ADJ cblr-1732 487 83 engagement engagement NOUN cblr-1732 487 84 with with ADP cblr-1732 487 85 barnes barnes PROPN cblr-1732 487 86 & & CCONJ cblr-1732 487 87 noble noble ADJ cblr-1732 487 88 that that PRON cblr-1732 487 89 is be AUX cblr-1732 487 90 controlled control VERB cblr-1732 487 91 by by ADP cblr-1732 487 92 the the DET cblr-1732 487 93 riggio riggio PROPN cblr-1732 487 94 family family NOUN cblr-1732 487 95 . . PUNCT cblr-1732 488 1 in in ADP cblr-1732 488 2 march march PROPN cblr-1732 488 3 2010 2010 NUM cblr-1732 488 4 , , PUNCT cblr-1732 488 5 after after ADP cblr-1732 488 6 being be AUX cblr-1732 488 7 subject subject ADJ cblr-1732 488 8 to to ADP cblr-1732 488 9 continuing continue VERB cblr-1732 488 10 pressure pressure NOUN cblr-1732 488 11 by by ADP cblr-1732 488 12 yucaipa yucaipa PROPN cblr-1732 488 13 american american PROPN cblr-1732 488 14 management management PROPN cblr-1732 488 15 , , PUNCT cblr-1732 488 16 the the DET cblr-1732 488 17 company company NOUN cblr-1732 488 18 removed remove VERB cblr-1732 488 19 its its PRON cblr-1732 488 20 ceo ceo NOUN cblr-1732 488 21 and and CCONJ cblr-1732 488 22 a a DET cblr-1732 488 23 member member NOUN cblr-1732 488 24 of of ADP cblr-1732 488 25 the the DET cblr-1732 488 26 controlling control VERB cblr-1732 488 27 family family NOUN cblr-1732 488 28 , , PUNCT cblr-1732 488 29 stephen stephen PROPN cblr-1732 488 30 riggio riggio PROPN cblr-1732 488 31 . . PUNCT cblr-1732 489 1 barnes barnes PROPN cblr-1732 489 2 & & CCONJ cblr-1732 489 3 noble noble PROPN cblr-1732 489 4 , , PUNCT cblr-1732 489 5 inc inc PROPN cblr-1732 489 6 . . PROPN cblr-1732 489 7 , , PUNCT cblr-1732 489 8 current current ADJ cblr-1732 489 9 report report NOUN cblr-1732 489 10 ( ( PUNCT cblr-1732 489 11 form form NOUN cblr-1732 489 12 8 8 NUM cblr-1732 489 13 - - PUNCT cblr-1732 489 14 k k NOUN cblr-1732 489 15 ) ) PUNCT cblr-1732 489 16 1 1 NUM cblr-1732 489 17 ( ( PUNCT cblr-1732 489 18 mar mar PROPN cblr-1732 489 19 . . PROPN cblr-1732 489 20 18 18 NUM cblr-1732 489 21 , , PUNCT cblr-1732 489 22 2010 2010 NUM cblr-1732 489 23 ) ) PUNCT cblr-1732 489 24 . . PUNCT cblr-1732 490 1 later later ADV cblr-1732 490 2 on on ADV cblr-1732 490 3 , , PUNCT cblr-1732 490 4 although although SCONJ cblr-1732 490 5 yucaipa yucaipa PROPN cblr-1732 490 6 ’s ’s PART cblr-1732 490 7 proxy proxy NOUN cblr-1732 490 8 fight fight NOUN cblr-1732 490 9 failed fail VERB cblr-1732 490 10 , , PUNCT cblr-1732 490 11 barnes barnes PROPN cblr-1732 490 12 & & CCONJ cblr-1732 490 13 noble noble PROPN cblr-1732 490 14 , , PUNCT cblr-1732 490 15 inc inc PROPN cblr-1732 490 16 . . PROPN cblr-1732 490 17 , , PUNCT cblr-1732 490 18 current current ADJ cblr-1732 490 19 report report NOUN cblr-1732 490 20 ( ( PUNCT cblr-1732 490 21 form form NOUN cblr-1732 490 22 8 8 NUM cblr-1732 490 23 - - PUNCT cblr-1732 490 24 k k NOUN cblr-1732 490 25 ) ) PUNCT cblr-1732 490 26 1 1 NUM cblr-1732 490 27 ( ( PUNCT cblr-1732 490 28 oct oct PROPN cblr-1732 490 29 . . PROPN cblr-1732 490 30 13 13 NUM cblr-1732 490 31 , , PUNCT cblr-1732 490 32 2010 2010 NUM cblr-1732 490 33 ) ) PUNCT cblr-1732 490 34 , , PUNCT cblr-1732 490 35 the the DET cblr-1732 490 36 pressure pressure NOUN cblr-1732 490 37 on on ADP cblr-1732 490 38 barnes barne NOUN cblr-1732 490 39 & & CCONJ cblr-1732 490 40 noble noble PROPN cblr-1732 490 41 continued continue VERB cblr-1732 490 42 in in ADP cblr-1732 490 43 subsequent subsequent ADJ cblr-1732 490 44 activist activist ADJ cblr-1732 490 45 campaigns campaign NOUN cblr-1732 490 46 ; ; PUNCT cblr-1732 490 47 one one NUM cblr-1732 490 48 of of ADP cblr-1732 490 49 them they PRON cblr-1732 490 50 urged urge VERB cblr-1732 490 51 the the DET cblr-1732 490 52 company company NOUN cblr-1732 490 53 to to PART cblr-1732 490 54 spin spin VERB cblr-1732 490 55 off off ADP cblr-1732 490 56 its its PRON cblr-1732 490 57 nook nook NOUN cblr-1732 490 58 business business NOUN cblr-1732 490 59 , , PUNCT cblr-1732 490 60 and and CCONJ cblr-1732 490 61 indeed indeed ADV cblr-1732 490 62 in in ADP cblr-1732 490 63 april april PROPN cblr-1732 490 64 2012 2012 NUM cblr-1732 490 65 , , PUNCT cblr-1732 490 66 the the DET cblr-1732 490 67 company company NOUN cblr-1732 490 68 agreed agree VERB cblr-1732 490 69 to to PART cblr-1732 490 70 sell sell VERB cblr-1732 490 71 a a DET cblr-1732 490 72 17.6 17.6 NUM cblr-1732 490 73 % % NOUN cblr-1732 490 74 stake stake NOUN cblr-1732 490 75 in in ADP cblr-1732 490 76 the the DET cblr-1732 490 77 nook nook NOUN cblr-1732 490 78 business business NOUN cblr-1732 490 79 to to ADP cblr-1732 490 80 microsoft microsoft PROPN cblr-1732 490 81 . . PUNCT cblr-1732 491 1 barnes barnes PROPN cblr-1732 491 2 & & CCONJ cblr-1732 491 3 noble noble PROPN cblr-1732 491 4 , , PUNCT cblr-1732 491 5 inc inc PROPN cblr-1732 491 6 . . PROPN cblr-1732 491 7 , , PUNCT cblr-1732 491 8 current current ADJ cblr-1732 491 9 report report NOUN cblr-1732 491 10 ( ( PUNCT cblr-1732 491 11 form form NOUN cblr-1732 491 12 8k 8k NUM cblr-1732 491 13 ) ) PUNCT cblr-1732 491 14 1 1 NUM cblr-1732 491 15 ( ( PUNCT cblr-1732 491 16 dec dec PROPN cblr-1732 491 17 . . PROPN cblr-1732 491 18 28 28 NUM cblr-1732 491 19 , , PUNCT cblr-1732 491 20 2012 2012 NUM cblr-1732 491 21 ) ) PUNCT cblr-1732 491 22 . . PUNCT cblr-1732 492 1 128 128 NUM cblr-1732 492 2 belcredi belcredi PROPN cblr-1732 492 3 & & CCONJ cblr-1732 492 4 enriques enrique NOUN cblr-1732 492 5 , , PUNCT cblr-1732 492 6 supra supra PROPN cblr-1732 492 7 note note NOUN cblr-1732 492 8 64 64 NUM cblr-1732 492 9 , , PUNCT cblr-1732 492 10 at at ADP cblr-1732 492 11 25–27 25–27 NUM cblr-1732 492 12 ( ( PUNCT cblr-1732 492 13 describing describe VERB cblr-1732 492 14 examples example NOUN cblr-1732 492 15 where where SCONJ cblr-1732 492 16 the the DET cblr-1732 492 17 control control NOUN cblr-1732 492 18 block block NOUN cblr-1732 492 19 is be AUX cblr-1732 492 20 scattered scatter VERB cblr-1732 492 21 among among ADP cblr-1732 492 22 members member NOUN cblr-1732 492 23 of of ADP cblr-1732 492 24 the the DET cblr-1732 492 25 controlling control VERB cblr-1732 492 26 group group NOUN cblr-1732 492 27 and and CCONJ cblr-1732 492 28 the the DET cblr-1732 492 29 dispute dispute NOUN cblr-1732 492 30 between between ADP cblr-1732 492 31 them they PRON cblr-1732 492 32 triggers trigger VERB cblr-1732 492 33 the the DET cblr-1732 492 34 activist activist ADJ cblr-1732 492 35 engagements engagement NOUN cblr-1732 492 36 ) ) PUNCT cblr-1732 492 37 . . PUNCT cblr-1732 493 1 notable notable ADJ cblr-1732 493 2 examples example NOUN cblr-1732 493 3 include include VERB cblr-1732 493 4 the the DET cblr-1732 493 5 activist activist ADJ cblr-1732 493 6 engagements engagement NOUN cblr-1732 493 7 with with ADP cblr-1732 493 8 benihana benihana PROPN cblr-1732 493 9 inc inc PROPN cblr-1732 493 10 . . PROPN cblr-1732 493 11 , , PUNCT cblr-1732 493 12 morgans morgans PROPN cblr-1732 493 13 hotel hotel PROPN cblr-1732 493 14 group group PROPN cblr-1732 493 15 co. co. PROPN cblr-1732 493 16 , , PUNCT cblr-1732 493 17 private private ADJ cblr-1732 493 18 media medium NOUN cblr-1732 493 19 group group NOUN cblr-1732 493 20 , , PUNCT cblr-1732 493 21 inc inc PROPN cblr-1732 493 22 . . PROPN cblr-1732 493 23 , , PUNCT cblr-1732 493 24 and and CCONJ cblr-1732 493 25 synovics synovic NOUN cblr-1732 493 26 pharmaceuticals pharmaceutical NOUN cblr-1732 493 27 , , PUNCT cblr-1732 493 28 inc inc PROPN cblr-1732 493 29 . . PROPN cblr-1732 494 1 i i PRON cblr-1732 494 2 collected collect VERB cblr-1732 494 3 data datum NOUN cblr-1732 494 4 on on ADP cblr-1732 494 5 these these DET cblr-1732 494 6 engagements engagement NOUN cblr-1732 494 7 from from ADP cblr-1732 494 8 the the DET cblr-1732 494 9 sharkrepellent sharkrepellent NOUN cblr-1732 494 10 database database NOUN cblr-1732 494 11 . . PUNCT cblr-1732 495 1 see see VERB cblr-1732 495 2 factset factset NOUN cblr-1732 495 3 research research NOUN cblr-1732 495 4 systems system NOUN cblr-1732 495 5 , , PUNCT cblr-1732 495 6 supra supra PROPN cblr-1732 495 7 note note NOUN cblr-1732 495 8 125 125 NUM cblr-1732 495 9 . . PUNCT cblr-1732 496 1 129 129 NUM cblr-1732 497 1 i i PRON cblr-1732 497 2 define define VERB cblr-1732 497 3 an an DET cblr-1732 497 4 effective effective ADJ cblr-1732 497 5 controller controller NOUN cblr-1732 497 6 as as ADP cblr-1732 497 7 a a DET cblr-1732 497 8 controller controller NOUN cblr-1732 497 9 who who PRON cblr-1732 497 10 holds hold VERB cblr-1732 497 11 up up ADP cblr-1732 497 12 to to PART cblr-1732 497 13 45 45 NUM cblr-1732 497 14 % % NOUN cblr-1732 497 15 of of ADP cblr-1732 497 16 the the DET cblr-1732 497 17 voting voting NOUN cblr-1732 497 18 rights right NOUN cblr-1732 497 19 . . PUNCT cblr-1732 498 1 such such ADJ cblr-1732 498 2 controller controller NOUN cblr-1732 498 3 is be AUX cblr-1732 498 4 practically practically ADV cblr-1732 498 5 entrenched entrenched ADJ cblr-1732 498 6 since since SCONJ cblr-1732 498 7 the the DET cblr-1732 498 8 average average ADJ cblr-1732 498 9 shareholder shareholder NOUN cblr-1732 498 10 turnout turnout NOUN cblr-1732 498 11 at at ADP cblr-1732 498 12 the the DET cblr-1732 498 13 sampled sample VERB cblr-1732 498 14 companies company NOUN cblr-1732 498 15 is be AUX cblr-1732 498 16 lower low ADJ cblr-1732 498 17 than than ADP cblr-1732 498 18 90 90 NUM cblr-1732 498 19 % % NOUN cblr-1732 498 20 . . PUNCT cblr-1732 499 1 kastiel kastiel PROPN cblr-1732 499 2 – – PUNCT cblr-1732 499 3 final final ADJ cblr-1732 499 4 no no NOUN cblr-1732 499 5 . . PROPN cblr-1732 499 6 1:60 1:60 NUM cblr-1732 499 7 ] ] PUNCT cblr-1732 499 8 against against ADP cblr-1732 499 9 all all DET cblr-1732 499 10 odds odd NOUN cblr-1732 499 11 99 99 NUM cblr-1732 499 12 channels channel NOUN cblr-1732 499 13 . . PUNCT cblr-1732 500 1 in in ADP cblr-1732 500 2 45 45 NUM cblr-1732 500 3 % % NOUN cblr-1732 500 4 of of ADP cblr-1732 500 5 the the DET cblr-1732 500 6 cases case NOUN cblr-1732 500 7 ( ( PUNCT cblr-1732 500 8 excluding exclude VERB cblr-1732 500 9 related relate VERB cblr-1732 500 10 ones one NOUN cblr-1732 500 11 ) ) PUNCT cblr-1732 500 12 , , PUNCT cblr-1732 500 13 the the DET cblr-1732 500 14 activists activist NOUN cblr-1732 500 15 sought seek VERB cblr-1732 500 16 board board NOUN cblr-1732 500 17 representation representation NOUN cblr-1732 500 18 or or CCONJ cblr-1732 500 19 asked ask VERB cblr-1732 500 20 to to PART cblr-1732 500 21 add add VERB cblr-1732 500 22 an an DET cblr-1732 500 23 independent independent ADJ cblr-1732 500 24 director director NOUN cblr-1732 500 25 . . PUNCT cblr-1732 501 1 board board NOUN cblr-1732 501 2 seats seat NOUN cblr-1732 501 3 were be AUX cblr-1732 501 4 granted grant VERB cblr-1732 501 5 in in ADP cblr-1732 501 6 approximately approximately ADV cblr-1732 501 7 half half NOUN cblr-1732 501 8 of of ADP cblr-1732 501 9 these these DET cblr-1732 501 10 challenges challenge NOUN cblr-1732 501 11 , , PUNCT cblr-1732 501 12 with with SCONJ cblr-1732 501 13 all all DET cblr-1732 501 14 but but CCONJ cblr-1732 501 15 two two NUM cblr-1732 501 16 cases case NOUN cblr-1732 501 17 settled settle VERB cblr-1732 501 18 in in ADP cblr-1732 501 19 advance advance NOUN cblr-1732 501 20 . . PUNCT cblr-1732 502 1 b. b. PROPN cblr-1732 502 2 minority minority PROPN cblr-1732 502 3 ’s ’s PART cblr-1732 502 4 veto veto NOUN cblr-1732 502 5 power power NOUN cblr-1732 502 6 in in ADP cblr-1732 502 7 going go VERB cblr-1732 502 8 - - PUNCT cblr-1732 502 9 private private ADJ cblr-1732 502 10 transactions transaction NOUN cblr-1732 502 11 activism activism NOUN cblr-1732 502 12 in in ADP cblr-1732 502 13 connection connection NOUN cblr-1732 502 14 with with ADP cblr-1732 502 15 public public ADJ cblr-1732 502 16 merger merger NOUN cblr-1732 502 17 and and CCONJ cblr-1732 502 18 acquisition acquisition NOUN cblr-1732 502 19 ( ( PUNCT cblr-1732 502 20 “ " PUNCT cblr-1732 502 21 m&a m&a PROPN cblr-1732 502 22 ” " PUNCT cblr-1732 502 23 ) ) PUNCT cblr-1732 502 24 transactions transaction NOUN cblr-1732 502 25 has have AUX cblr-1732 502 26 long long ADV cblr-1732 502 27 been be AUX cblr-1732 502 28 an an DET cblr-1732 502 29 important important ADJ cblr-1732 502 30 channel channel NOUN cblr-1732 502 31 through through ADP cblr-1732 502 32 which which PRON cblr-1732 502 33 activists activist NOUN cblr-1732 502 34 generate generate VERB cblr-1732 502 35 returns return NOUN cblr-1732 502 36 for for ADP cblr-1732 502 37 their their PRON cblr-1732 502 38 investors.130 investors.130 NOUN cblr-1732 502 39 the the DET cblr-1732 502 40 main main ADJ cblr-1732 502 41 m&a m&a PROPN cblr-1732 502 42 - - PUNCT cblr-1732 502 43 related relate VERB cblr-1732 502 44 strategies strategy NOUN cblr-1732 502 45 involve involve AUX cblr-1732 502 46 directly directly ADV cblr-1732 502 47 challenging challenge VERB cblr-1732 502 48 an an DET cblr-1732 502 49 announced announce VERB cblr-1732 502 50 deal deal NOUN cblr-1732 502 51 in in ADP cblr-1732 502 52 an an DET cblr-1732 502 53 effort effort NOUN cblr-1732 502 54 to to PART cblr-1732 502 55 extract extract VERB cblr-1732 502 56 a a DET cblr-1732 502 57 higher high ADJ cblr-1732 502 58 price price NOUN cblr-1732 502 59 from from ADP cblr-1732 502 60 the the DET cblr-1732 502 61 purchaser purchaser NOUN cblr-1732 502 62 or or CCONJ cblr-1732 502 63 defeating defeat VERB cblr-1732 502 64 a a DET cblr-1732 502 65 transaction transaction NOUN cblr-1732 502 66 at at ADP cblr-1732 502 67 a a DET cblr-1732 502 68 price price NOUN cblr-1732 502 69 that that PRON cblr-1732 502 70 significantly significantly ADV cblr-1732 502 71 undervalues undervalue VERB cblr-1732 502 72 the the DET cblr-1732 502 73 shares share NOUN cblr-1732 502 74 held hold VERB cblr-1732 502 75 by by ADP cblr-1732 502 76 the the DET cblr-1732 502 77 public public ADJ cblr-1732 502 78 shareholders shareholder NOUN cblr-1732 502 79 . . PUNCT cblr-1732 503 1 those those DET cblr-1732 503 2 strategies strategy NOUN cblr-1732 503 3 prove prove VERB cblr-1732 503 4 effective effective ADJ cblr-1732 503 5 even even ADV cblr-1732 503 6 in in ADP cblr-1732 503 7 the the DET cblr-1732 503 8 context context NOUN cblr-1732 503 9 of of ADP cblr-1732 503 10 controlled control VERB cblr-1732 503 11 companies company NOUN cblr-1732 503 12 , , PUNCT cblr-1732 503 13 mostly mostly ADV cblr-1732 503 14 when when SCONJ cblr-1732 503 15 a a DET cblr-1732 503 16 going go VERB cblr-1732 503 17 - - PUNCT cblr-1732 503 18 private private ADJ cblr-1732 503 19 transaction transaction NOUN cblr-1732 503 20 needs need VERB cblr-1732 503 21 to to PART cblr-1732 503 22 be be AUX cblr-1732 503 23 approved approve VERB cblr-1732 503 24 by by ADP cblr-1732 503 25 a a DET cblr-1732 503 26 majority majority NOUN cblr-1732 503 27 of of ADP cblr-1732 503 28 minority minority NOUN cblr-1732 503 29 shareholders shareholder NOUN cblr-1732 503 30 . . PUNCT cblr-1732 504 1 such such ADJ cblr-1732 504 2 veto veto NOUN cblr-1732 504 3 power power NOUN cblr-1732 504 4 provides provide VERB cblr-1732 504 5 activist activist ADJ cblr-1732 504 6 investors investor NOUN cblr-1732 504 7 with with ADP cblr-1732 504 8 the the DET cblr-1732 504 9 ability ability NOUN cblr-1732 504 10 to to PART cblr-1732 504 11 extract extract VERB cblr-1732 504 12 a a DET cblr-1732 504 13 higher high ADJ cblr-1732 504 14 deal deal NOUN cblr-1732 504 15 premium premium NOUN cblr-1732 504 16 from from ADP cblr-1732 504 17 a a DET cblr-1732 504 18 controlling control VERB cblr-1732 504 19 shareholder shareholder NOUN cblr-1732 504 20 or or CCONJ cblr-1732 504 21 block block VERB cblr-1732 504 22 a a DET cblr-1732 504 23 merger merger NOUN cblr-1732 504 24 at at ADP cblr-1732 504 25 a a DET cblr-1732 504 26 depressed depressed ADJ cblr-1732 504 27 offering offering NOUN cblr-1732 504 28 price price NOUN cblr-1732 504 29 . . PUNCT cblr-1732 505 1 in in ADP cblr-1732 505 2 certain certain ADJ cblr-1732 505 3 jurisdictions jurisdiction NOUN cblr-1732 505 4 , , PUNCT cblr-1732 505 5 such such ADJ cblr-1732 505 6 as as ADP cblr-1732 505 7 delaware delaware PROPN cblr-1732 505 8 , , PUNCT cblr-1732 505 9 controllers controller NOUN cblr-1732 505 10 are be AUX cblr-1732 505 11 not not PART cblr-1732 505 12 required require VERB cblr-1732 505 13 by by ADP cblr-1732 505 14 law law NOUN cblr-1732 505 15 to to PART cblr-1732 505 16 get get VERB cblr-1732 505 17 the the DET cblr-1732 505 18 approval approval NOUN cblr-1732 505 19 of of ADP cblr-1732 505 20 the the DET cblr-1732 505 21 majority majority NOUN cblr-1732 505 22 of of ADP cblr-1732 505 23 minority minority NOUN cblr-1732 505 24 shareholders shareholder NOUN cblr-1732 505 25 before before ADP cblr-1732 505 26 consummating consummate VERB cblr-1732 505 27 a a DET cblr-1732 505 28 conflicted conflicted ADJ cblr-1732 505 29 going go VERB cblr-1732 505 30 - - PUNCT cblr-1732 505 31 private private ADJ cblr-1732 505 32 transaction transaction NOUN cblr-1732 505 33 . . PUNCT cblr-1732 506 1 however however ADV cblr-1732 506 2 , , PUNCT cblr-1732 506 3 delaware delaware PROPN cblr-1732 506 4 courts court NOUN cblr-1732 506 5 incentivize incentivize VERB cblr-1732 506 6 controllers controller NOUN cblr-1732 506 7 to to PART cblr-1732 506 8 seek seek VERB cblr-1732 506 9 such such ADJ cblr-1732 506 10 approval approval NOUN cblr-1732 506 11 . . PUNCT cblr-1732 507 1 until until ADP cblr-1732 507 2 recently recently ADV cblr-1732 507 3 , , PUNCT cblr-1732 507 4 an an DET cblr-1732 507 5 informed informed ADJ cblr-1732 507 6 vote vote NOUN cblr-1732 507 7 of of ADP cblr-1732 507 8 a a DET cblr-1732 507 9 majority majority NOUN cblr-1732 507 10 of of ADP cblr-1732 507 11 the the DET cblr-1732 507 12 minority minority NOUN cblr-1732 507 13 shareholders shareholder NOUN cblr-1732 507 14 shifted shift VERB cblr-1732 507 15 the the DET cblr-1732 507 16 burden burden NOUN cblr-1732 507 17 of of ADP cblr-1732 507 18 proof proof NOUN cblr-1732 507 19 under under ADP cblr-1732 507 20 the the DET cblr-1732 507 21 “ " PUNCT cblr-1732 507 22 entire entire ADJ cblr-1732 507 23 fairness fairness NOUN cblr-1732 507 24 ” " PUNCT cblr-1732 507 25 standard standard NOUN cblr-1732 507 26 from from ADP cblr-1732 507 27 the the DET cblr-1732 507 28 defendant defendant NOUN cblr-1732 507 29 to to ADP cblr-1732 507 30 the the DET cblr-1732 507 31 plaintiff,131 plaintiff,131 PROPN cblr-1732 507 32 and and CCONJ cblr-1732 507 33 a a DET cblr-1732 507 34 recent recent ADJ cblr-1732 507 35 130 130 NUM cblr-1732 507 36 see see NOUN cblr-1732 507 37 , , PUNCT cblr-1732 507 38 e.g. e.g. ADV cblr-1732 507 39 , , PUNCT cblr-1732 507 40 greenwood greenwood PROPN cblr-1732 507 41 & & CCONJ cblr-1732 507 42 schor schor PROPN cblr-1732 507 43 , , PUNCT cblr-1732 507 44 supra supra PROPN cblr-1732 507 45 note note PROPN cblr-1732 507 46 38 38 NUM cblr-1732 507 47 ; ; PUNCT cblr-1732 507 48 morrison morrison PROPN cblr-1732 507 49 & & CCONJ cblr-1732 507 50 foerster foerster PROPN cblr-1732 507 51 llp llp PROPN cblr-1732 507 52 , , PUNCT cblr-1732 507 53 activist activist ADJ cblr-1732 507 54 hedge hedge NOUN cblr-1732 507 55 funds fund NOUN cblr-1732 507 56 find find VERB cblr-1732 507 57 ways way NOUN cblr-1732 507 58 to to PART cblr-1732 507 59 profit profit VERB cblr-1732 507 60 from from ADP cblr-1732 507 61 m&a m&a PROPN cblr-1732 507 62 transactions transaction NOUN cblr-1732 507 63 , , PUNCT cblr-1732 507 64 harv harv PROPN cblr-1732 507 65 . . PUNCT cblr-1732 508 1 l. l. PROPN cblr-1732 508 2 sch sch PROPN cblr-1732 508 3 . . PUNCT cblr-1732 509 1 f. f. PROPN cblr-1732 509 2 on on ADP cblr-1732 509 3 corp corp PROPN cblr-1732 509 4 . . PROPN cblr-1732 509 5 governance governance PROPN cblr-1732 509 6 & & CCONJ cblr-1732 509 7 fin fin PROPN cblr-1732 509 8 . . PUNCT cblr-1732 510 1 reg reg PROPN cblr-1732 510 2 . . PUNCT cblr-1732 511 1 ( ( PUNCT cblr-1732 511 2 june june PROPN cblr-1732 511 3 4 4 NUM cblr-1732 511 4 , , PUNCT cblr-1732 511 5 2014 2014 NUM cblr-1732 511 6 ) ) PUNCT cblr-1732 511 7 , , PUNCT cblr-1732 512 1 http://blogs.law.harvard.edu/corpgov/2014/06/04/activist-hedge-funds-findways-to-profit-from-ma-transactions/#more-63772 http://blogs.law.harvard.edu/corpgov/2014/06/04/activist-hedge-funds-findways-to-profit-from-ma-transactions/#more-63772 NOUN cblr-1732 513 1 [ [ X cblr-1732 513 2 http://perma.cc/7xnu9lfs http://perma.cc/7xnu9lfs NOUN cblr-1732 513 3 ] ] X cblr-1732 513 4 . . PUNCT cblr-1732 514 1 131 131 NUM cblr-1732 514 2 where where SCONJ cblr-1732 514 3 a a DET cblr-1732 514 4 transaction transaction NOUN cblr-1732 514 5 involving involve VERB cblr-1732 514 6 self self NOUN cblr-1732 514 7 - - PUNCT cblr-1732 514 8 dealing dealing NOUN cblr-1732 514 9 by by ADP cblr-1732 514 10 a a DET cblr-1732 514 11 controlling control VERB cblr-1732 514 12 stockholder stockholder NOUN cblr-1732 514 13 is be AUX cblr-1732 514 14 challenged challenge VERB cblr-1732 514 15 at at ADP cblr-1732 514 16 court court NOUN cblr-1732 514 17 , , PUNCT cblr-1732 514 18 the the DET cblr-1732 514 19 applicable applicable ADJ cblr-1732 514 20 standard standard NOUN cblr-1732 514 21 of of ADP cblr-1732 514 22 judicial judicial ADJ cblr-1732 514 23 review review NOUN cblr-1732 514 24 is be AUX cblr-1732 514 25 “ " PUNCT cblr-1732 514 26 entire entire ADJ cblr-1732 514 27 fairness fairness NOUN cblr-1732 514 28 , , PUNCT cblr-1732 514 29 ” " PUNCT cblr-1732 514 30 with with ADP cblr-1732 514 31 the the DET cblr-1732 514 32 defendants defendant NOUN cblr-1732 514 33 having have VERB cblr-1732 514 34 the the DET cblr-1732 514 35 burden burden NOUN cblr-1732 514 36 of of ADP cblr-1732 514 37 kastiel kastiel NOUN cblr-1732 514 38 – – PUNCT cblr-1732 514 39 final final ADJ cblr-1732 514 40 100 100 NUM cblr-1732 514 41 columbia columbia PROPN cblr-1732 514 42 business business NOUN cblr-1732 514 43 law law PROPN cblr-1732 514 44 review review NOUN cblr-1732 514 45 [ [ X cblr-1732 514 46 vol vol NOUN cblr-1732 514 47 . . NOUN cblr-1732 514 48 2016 2016 NUM cblr-1732 514 49 delaware delaware PROPN cblr-1732 514 50 decision decision NOUN cblr-1732 514 51 in in ADP cblr-1732 514 52 kahn kahn PROPN cblr-1732 514 53 v. v. PROPN cblr-1732 514 54 m m PROPN cblr-1732 514 55 & & CCONJ cblr-1732 514 56 f f PROPN cblr-1732 514 57 worldwide worldwide PROPN cblr-1732 514 58 corp corp PROPN cblr-1732 514 59 . . PROPN cblr-1732 514 60 ( ( PUNCT cblr-1732 514 61 “ " PUNCT cblr-1732 514 62 mfw mfw NOUN cblr-1732 514 63 ” " PUNCT cblr-1732 514 64 ) ) PUNCT cblr-1732 514 65 further far ADV cblr-1732 514 66 intensified intensify VERB cblr-1732 514 67 those those DET cblr-1732 514 68 incentives incentive NOUN cblr-1732 514 69 by by ADP cblr-1732 514 70 allowing allow VERB cblr-1732 514 71 controllers controller NOUN cblr-1732 514 72 who who PRON cblr-1732 514 73 seek seek VERB cblr-1732 514 74 such such ADJ cblr-1732 514 75 approval approval NOUN cblr-1732 514 76 ( ( PUNCT cblr-1732 514 77 as as ADV cblr-1732 514 78 well well ADV cblr-1732 514 79 as as ADP cblr-1732 514 80 approval approval NOUN cblr-1732 514 81 by by ADP cblr-1732 514 82 a a DET cblr-1732 514 83 well well ADV cblr-1732 514 84 - - PUNCT cblr-1732 514 85 functioning function VERB cblr-1732 514 86 committee committee NOUN cblr-1732 514 87 of of ADP cblr-1732 514 88 independent independent ADJ cblr-1732 514 89 directors director NOUN cblr-1732 514 90 ) ) PUNCT cblr-1732 514 91 to to PART cblr-1732 514 92 avoid avoid VERB cblr-1732 514 93 onerous onerous ADJ cblr-1732 514 94 entire entire ADJ cblr-1732 514 95 fairness fairness NOUN cblr-1732 514 96 scrutiny scrutiny NOUN cblr-1732 514 97 and and CCONJ cblr-1732 514 98 be be AUX cblr-1732 514 99 subject subject ADJ cblr-1732 514 100 instead instead ADV cblr-1732 514 101 to to ADP cblr-1732 514 102 “ " PUNCT cblr-1732 514 103 business business NOUN cblr-1732 514 104 judgment judgment NOUN cblr-1732 514 105 ” " PUNCT cblr-1732 514 106 review.132 review.132 NUM cblr-1732 514 107 critics critic NOUN cblr-1732 514 108 of of ADP cblr-1732 514 109 mfw mfw NOUN cblr-1732 514 110 often often ADV cblr-1732 514 111 argue argue VERB cblr-1732 514 112 that that SCONJ cblr-1732 514 113 giving give VERB cblr-1732 514 114 shareholders shareholder NOUN cblr-1732 514 115 the the DET cblr-1732 514 116 additional additional ADJ cblr-1732 514 117 protection protection NOUN cblr-1732 514 118 of of ADP cblr-1732 514 119 a a DET cblr-1732 514 120 majority majority NOUN cblr-1732 514 121 - - PUNCT cblr-1732 514 122 of of ADP cblr-1732 514 123 - - PUNCT cblr-1732 514 124 minority minority NOUN cblr-1732 514 125 vote vote NOUN cblr-1732 514 126 adds add VERB cblr-1732 514 127 little little ADJ cblr-1732 514 128 value value NOUN cblr-1732 514 129 because because SCONJ cblr-1732 514 130 shareholders shareholder NOUN cblr-1732 514 131 who who PRON cblr-1732 514 132 suffer suffer VERB cblr-1732 514 133 from from ADP cblr-1732 514 134 information information NOUN cblr-1732 514 135 asymmetry asymmetry NOUN cblr-1732 514 136 will will AUX cblr-1732 514 137 always always ADV cblr-1732 514 138 vote vote VERB cblr-1732 514 139 for for ADP cblr-1732 514 140 a a DET cblr-1732 514 141 good good ADJ cblr-1732 514 142 premium premium NOUN cblr-1732 514 143 deal deal NOUN cblr-1732 514 144 offered offer VERB cblr-1732 514 145 by by ADP cblr-1732 514 146 the the DET cblr-1732 514 147 controller.133 controller.133 NOUN cblr-1732 514 148 this this DET cblr-1732 514 149 criticism criticism NOUN cblr-1732 514 150 , , PUNCT cblr-1732 514 151 however however ADV cblr-1732 514 152 , , PUNCT cblr-1732 514 153 misses miss VERB cblr-1732 514 154 an an DET cblr-1732 514 155 important important ADJ cblr-1732 514 156 implication implication NOUN cblr-1732 514 157 of of ADP cblr-1732 514 158 mfw mfw NOUN cblr-1732 514 159 : : PUNCT cblr-1732 514 160 its its PRON cblr-1732 514 161 potential potential ADJ cblr-1732 514 162 indirect indirect ADJ cblr-1732 514 163 impact impact NOUN cblr-1732 514 164 on on ADP cblr-1732 514 165 hedge hedge NOUN cblr-1732 514 166 fund fund NOUN cblr-1732 514 167 activism activism NOUN cblr-1732 514 168 . . PUNCT cblr-1732 515 1 even even ADV cblr-1732 515 2 if if SCONJ cblr-1732 515 3 most most ADJ cblr-1732 515 4 minority minority NOUN cblr-1732 515 5 shareholders shareholder NOUN cblr-1732 515 6 lack lack VERB cblr-1732 515 7 the the DET cblr-1732 515 8 ability ability NOUN cblr-1732 515 9 to to PART cblr-1732 515 10 gather gather VERB cblr-1732 515 11 information information NOUN cblr-1732 515 12 and and CCONJ cblr-1732 515 13 closely closely ADV cblr-1732 515 14 analyze analyze VERB cblr-1732 515 15 the the DET cblr-1732 515 16 suggested suggest VERB cblr-1732 515 17 deal deal NOUN cblr-1732 515 18 terms term NOUN cblr-1732 515 19 , , PUNCT cblr-1732 515 20 the the DET cblr-1732 515 21 use use NOUN cblr-1732 515 22 of of ADP cblr-1732 515 23 a a DET cblr-1732 515 24 legal legal ADJ cblr-1732 515 25 rule rule NOUN cblr-1732 515 26 that that PRON cblr-1732 515 27 incentivizes incentivize VERB cblr-1732 515 28 controllers controller NOUN cblr-1732 515 29 to to PART cblr-1732 515 30 provide provide VERB cblr-1732 515 31 minority minority NOUN cblr-1732 515 32 holders holder NOUN cblr-1732 515 33 with with ADP cblr-1732 515 34 veto veto NOUN cblr-1732 515 35 power power NOUN cblr-1732 515 36 over over ADP cblr-1732 515 37 conflicted conflicted ADJ cblr-1732 515 38 transactions transaction NOUN cblr-1732 515 39 allows allow VERB cblr-1732 515 40 activist activist ADJ cblr-1732 515 41 shareholders shareholder NOUN cblr-1732 515 42 to to PART cblr-1732 515 43 extract extract VERB cblr-1732 515 44 a a DET cblr-1732 515 45 higher high ADJ cblr-1732 515 46 premium premium NOUN cblr-1732 515 47 in in ADP cblr-1732 515 48 goingprivate goingprivate NOUN cblr-1732 515 49 transactions transaction NOUN cblr-1732 515 50 ( ( PUNCT cblr-1732 515 51 usually usually ADV cblr-1732 515 52 suspected suspect VERB cblr-1732 515 53 to to PART cblr-1732 515 54 be be AUX cblr-1732 515 55 conducted conduct VERB cblr-1732 515 56 at at ADP cblr-1732 515 57 a a DET cblr-1732 515 58 depressed depressed ADJ cblr-1732 515 59 price)134 price)134 NOUN cblr-1732 515 60 to to ADP cblr-1732 515 61 the the DET cblr-1732 515 62 benefit benefit NOUN cblr-1732 515 63 of of ADP cblr-1732 515 64 all all DET cblr-1732 515 65 shareholders shareholder NOUN cblr-1732 515 66 . . PUNCT cblr-1732 516 1 finally finally ADV cblr-1732 516 2 , , PUNCT cblr-1732 516 3 persuasion persuasion NOUN cblr-1732 516 4 . . PUNCT cblr-1732 517 1 see see VERB cblr-1732 517 2 , , PUNCT cblr-1732 517 3 e.g. e.g. ADV cblr-1732 517 4 , , PUNCT cblr-1732 517 5 weinberger weinberger PROPN cblr-1732 517 6 v. v. ADP cblr-1732 517 7 uop uop PROPN cblr-1732 517 8 , , PUNCT cblr-1732 517 9 inc inc PROPN cblr-1732 517 10 . . PROPN cblr-1732 517 11 , , PUNCT cblr-1732 517 12 457 457 NUM cblr-1732 517 13 a.2d a.2d SYM cblr-1732 517 14 701 701 NUM cblr-1732 517 15 , , PUNCT cblr-1732 517 16 710 710 NUM cblr-1732 517 17 ( ( PUNCT cblr-1732 517 18 del del PROPN cblr-1732 517 19 . . PROPN cblr-1732 517 20 1983 1983 NUM cblr-1732 517 21 ) ) PUNCT cblr-1732 517 22 ; ; PUNCT cblr-1732 517 23 kahn kahn PROPN cblr-1732 517 24 v. v. PROPN cblr-1732 517 25 tremont tremont PROPN cblr-1732 517 26 corp corp PROPN cblr-1732 517 27 . . PROPN cblr-1732 517 28 , , PUNCT cblr-1732 517 29 694 694 NUM cblr-1732 517 30 a.2d a.2d SYM cblr-1732 517 31 422 422 NUM cblr-1732 517 32 , , PUNCT cblr-1732 517 33 428 428 NUM cblr-1732 517 34 ( ( PUNCT cblr-1732 517 35 del del PROPN cblr-1732 517 36 . . PROPN cblr-1732 517 37 1997 1997 NUM cblr-1732 517 38 ) ) PUNCT cblr-1732 517 39 . . PUNCT cblr-1732 518 1 however however ADV cblr-1732 518 2 , , PUNCT cblr-1732 518 3 until until ADP cblr-1732 518 4 recently recently ADV cblr-1732 518 5 , , PUNCT cblr-1732 518 6 approval approval NOUN cblr-1732 518 7 by by ADP cblr-1732 518 8 either either CCONJ cblr-1732 518 9 a a DET cblr-1732 518 10 well well ADV cblr-1732 518 11 - - PUNCT cblr-1732 518 12 functioning function VERB cblr-1732 518 13 committee committee NOUN cblr-1732 518 14 of of ADP cblr-1732 518 15 independent independent ADJ cblr-1732 518 16 directors director NOUN cblr-1732 518 17 or or CCONJ cblr-1732 518 18 an an DET cblr-1732 518 19 informed informed ADJ cblr-1732 518 20 vote vote NOUN cblr-1732 518 21 of of ADP cblr-1732 518 22 a a DET cblr-1732 518 23 majority majority NOUN cblr-1732 518 24 of of ADP cblr-1732 518 25 the the DET cblr-1732 518 26 minority minority NOUN cblr-1732 518 27 stockholders stockholder NOUN cblr-1732 518 28 shifts shift NOUN cblr-1732 518 29 the the DET cblr-1732 518 30 burden burden NOUN cblr-1732 518 31 of of ADP cblr-1732 518 32 proof proof NOUN cblr-1732 518 33 under under ADP cblr-1732 518 34 the the DET cblr-1732 518 35 entire entire ADJ cblr-1732 518 36 fairness fairness NOUN cblr-1732 518 37 standard standard NOUN cblr-1732 518 38 from from ADP cblr-1732 518 39 the the DET cblr-1732 518 40 defendant defendant NOUN cblr-1732 518 41 to to ADP cblr-1732 518 42 the the DET cblr-1732 518 43 plaintiff plaintiff NOUN cblr-1732 518 44 . . PUNCT cblr-1732 519 1 see see VERB cblr-1732 519 2 kahn kahn PROPN cblr-1732 519 3 v. v. PROPN cblr-1732 519 4 lynch lynch PROPN cblr-1732 519 5 commc’n commc’n PROPN cblr-1732 519 6 sys sys PROPN cblr-1732 519 7 . . PROPN cblr-1732 519 8 , , PUNCT cblr-1732 519 9 inc inc PROPN cblr-1732 519 10 . . PROPN cblr-1732 519 11 , , PUNCT cblr-1732 519 12 638 638 NUM cblr-1732 519 13 a.2d a.2d SYM cblr-1732 519 14 1110 1110 NUM cblr-1732 519 15 ( ( PUNCT cblr-1732 519 16 del del PROPN cblr-1732 519 17 . . PROPN cblr-1732 519 18 1994 1994 NUM cblr-1732 519 19 ) ) PUNCT cblr-1732 519 20 . . PUNCT cblr-1732 520 1 132 132 NUM cblr-1732 520 2 kahn kahn PROPN cblr-1732 520 3 v. v. PROPN cblr-1732 520 4 m m PROPN cblr-1732 520 5 & & CCONJ cblr-1732 520 6 f f PROPN cblr-1732 520 7 worldwide worldwide PROPN cblr-1732 520 8 corp corp PROPN cblr-1732 520 9 . . PROPN cblr-1732 520 10 , , PUNCT cblr-1732 520 11 88 88 NUM cblr-1732 520 12 a.3d a.3d SYM cblr-1732 520 13 635 635 NUM cblr-1732 520 14 ( ( PUNCT cblr-1732 520 15 del del PROPN cblr-1732 520 16 . . PROPN cblr-1732 520 17 2014 2014 NUM cblr-1732 520 18 ) ) PUNCT cblr-1732 520 19 ( ( PUNCT cblr-1732 520 20 holding hold VERB cblr-1732 520 21 that that SCONJ cblr-1732 520 22 a a DET cblr-1732 520 23 controlling control VERB cblr-1732 520 24 stockholder stockholder NOUN cblr-1732 520 25 ’s ’s PART cblr-1732 520 26 related relate VERB cblr-1732 520 27 party party NOUN cblr-1732 520 28 transaction transaction NOUN cblr-1732 520 29 will will AUX cblr-1732 520 30 be be AUX cblr-1732 520 31 subject subject ADJ cblr-1732 520 32 to to ADP cblr-1732 520 33 the the DET cblr-1732 520 34 business business NOUN cblr-1732 520 35 judgment judgment NOUN cblr-1732 520 36 rule rule NOUN cblr-1732 520 37 if if SCONJ cblr-1732 520 38 a a DET cblr-1732 520 39 proposed propose VERB cblr-1732 520 40 transaction transaction NOUN cblr-1732 520 41 receives receive VERB cblr-1732 520 42 both both CCONJ cblr-1732 520 43 the the DET cblr-1732 520 44 affirmative affirmative ADJ cblr-1732 520 45 recommendation recommendation NOUN cblr-1732 520 46 of of ADP cblr-1732 520 47 a a DET cblr-1732 520 48 ( ( PUNCT cblr-1732 520 49 fully fully ADV cblr-1732 520 50 authorized authorize VERB cblr-1732 520 51 and and CCONJ cblr-1732 520 52 effectively effectively ADV cblr-1732 520 53 functioning function VERB cblr-1732 520 54 ) ) PUNCT cblr-1732 520 55 special special ADJ cblr-1732 520 56 committee committee NOUN cblr-1732 520 57 and and CCONJ cblr-1732 520 58 approval approval NOUN cblr-1732 520 59 by by ADP cblr-1732 520 60 a a DET cblr-1732 520 61 majority majority NOUN cblr-1732 520 62 of of ADP cblr-1732 520 63 the the DET cblr-1732 520 64 minority minority NOUN cblr-1732 520 65 stockholders stockholder NOUN cblr-1732 520 66 ) ) PUNCT cblr-1732 520 67 . . PUNCT cblr-1732 521 1 133 133 NUM cblr-1732 521 2 i i PRON cblr-1732 521 3 d. d. PROPN cblr-1732 521 4 at at ADP cblr-1732 521 5 643 643 NUM cblr-1732 521 6 ( ( PUNCT cblr-1732 521 7 citing cite VERB cblr-1732 521 8 plaintiffs plaintiff NOUN cblr-1732 521 9 ’ ' PUNCT cblr-1732 521 10 argument argument NOUN cblr-1732 521 11 regarding regard VERB cblr-1732 521 12 minority minority NOUN cblr-1732 521 13 investors investor NOUN cblr-1732 521 14 ’ ' PUNCT cblr-1732 521 15 tendency tendency NOUN cblr-1732 521 16 to to PART cblr-1732 521 17 sell sell VERB cblr-1732 521 18 their their PRON cblr-1732 521 19 shares share NOUN cblr-1732 521 20 for for ADP cblr-1732 521 21 a a DET cblr-1732 521 22 premium premium NOUN cblr-1732 521 23 ) ) PUNCT cblr-1732 521 24 . . PUNCT cblr-1732 522 1 134 134 NUM cblr-1732 522 2 for for ADP cblr-1732 522 3 a a DET cblr-1732 522 4 theoretical theoretical ADJ cblr-1732 522 5 analysis analysis NOUN cblr-1732 522 6 of of ADP cblr-1732 522 7 this this DET cblr-1732 522 8 point point NOUN cblr-1732 522 9 , , PUNCT cblr-1732 522 10 see see VERB cblr-1732 522 11 lucian lucian PROPN cblr-1732 522 12 arye arye PROPN cblr-1732 522 13 bebchuk bebchuk PROPN cblr-1732 522 14 & & CCONJ cblr-1732 522 15 marcel marcel PROPN cblr-1732 522 16 kahan kahan PROPN cblr-1732 522 17 , , PUNCT cblr-1732 522 18 adverse adverse ADJ cblr-1732 522 19 selection selection NOUN cblr-1732 522 20 and and CCONJ cblr-1732 522 21 gains gain NOUN cblr-1732 522 22 to to ADP cblr-1732 522 23 controllers controller NOUN cblr-1732 522 24 in in ADP cblr-1732 522 25 corporate corporate ADJ cblr-1732 522 26 freezeouts freezeout NOUN cblr-1732 522 27 , , PUNCT cblr-1732 522 28 in in ADP cblr-1732 522 29 concentrated concentrated ADJ cblr-1732 522 30 corporate corporate ADJ cblr-1732 522 31 ownership ownership NOUN cblr-1732 522 32 247 247 NUM cblr-1732 522 33 ( ( PUNCT cblr-1732 522 34 randall randall PROPN cblr-1732 522 35 k. k. PROPN cblr-1732 522 36 morck morck PROPN cblr-1732 522 37 ed ed PROPN cblr-1732 522 38 . . PROPN cblr-1732 522 39 , , PUNCT cblr-1732 522 40 2000 2000 NUM cblr-1732 522 41 ) ) PUNCT cblr-1732 522 42 . . PUNCT cblr-1732 523 1 for for ADP cblr-1732 523 2 evidence evidence NOUN cblr-1732 523 3 showing show VERB cblr-1732 523 4 that that SCONJ cblr-1732 523 5 when when SCONJ cblr-1732 523 6 controllers controller NOUN cblr-1732 523 7 do do AUX cblr-1732 523 8 not not PART cblr-1732 523 9 have have VERB cblr-1732 523 10 to to PART cblr-1732 523 11 seek seek VERB cblr-1732 523 12 the the DET cblr-1732 523 13 approval approval NOUN cblr-1732 523 14 of of ADP cblr-1732 523 15 majority majority NOUN cblr-1732 523 16 of of ADP cblr-1732 523 17 minority minority NOUN cblr-1732 523 18 shareholders shareholder NOUN cblr-1732 523 19 or or CCONJ cblr-1732 523 20 of of ADP cblr-1732 523 21 a a DET cblr-1732 523 22 special special ADJ cblr-1732 523 23 committee committee NOUN cblr-1732 523 24 of of ADP cblr-1732 523 25 independent independent ADJ cblr-1732 523 26 directors director NOUN cblr-1732 523 27 the the DET cblr-1732 523 28 merger merger NOUN cblr-1732 523 29 consideration consideration NOUN cblr-1732 523 30 to to ADP cblr-1732 523 31 minority minority NOUN cblr-1732 523 32 kastiel kastiel NOUN cblr-1732 523 33 – – PUNCT cblr-1732 523 34 final final ADJ cblr-1732 523 35 no no NOUN cblr-1732 523 36 . . PROPN cblr-1732 523 37 1:60 1:60 NUM cblr-1732 523 38 ] ] PUNCT cblr-1732 523 39 against against ADP cblr-1732 523 40 all all DET cblr-1732 523 41 odds odd NOUN cblr-1732 523 42 101 101 NUM cblr-1732 523 43 even even ADV cblr-1732 523 44 if if SCONJ cblr-1732 523 45 the the DET cblr-1732 523 46 controller controller NOUN cblr-1732 523 47 does do AUX cblr-1732 523 48 not not PART cblr-1732 523 49 seek seek VERB cblr-1732 523 50 an an DET cblr-1732 523 51 approval approval NOUN cblr-1732 523 52 by by ADP cblr-1732 523 53 the the DET cblr-1732 523 54 majority majority NOUN cblr-1732 523 55 of of ADP cblr-1732 523 56 disinterested disinterested ADJ cblr-1732 523 57 shareholders shareholder NOUN cblr-1732 523 58 , , PUNCT cblr-1732 523 59 an an DET cblr-1732 523 60 activist activist ADJ cblr-1732 523 61 holder holder NOUN cblr-1732 523 62 can can AUX cblr-1732 523 63 still still ADV cblr-1732 523 64 put put VERB cblr-1732 523 65 pressure pressure NOUN cblr-1732 523 66 on on ADP cblr-1732 523 67 the the DET cblr-1732 523 68 controller controller NOUN cblr-1732 523 69 by by ADP cblr-1732 523 70 seeking seek VERB cblr-1732 523 71 an an DET cblr-1732 523 72 appraisal appraisal NOUN cblr-1732 523 73 remedy.135 remedy.135 VERB cblr-1732 523 74 this this DET cblr-1732 523 75 mere mere ADJ cblr-1732 523 76 threat threat NOUN cblr-1732 523 77 of of ADP cblr-1732 523 78 litigation litigation NOUN cblr-1732 523 79 provides provide VERB cblr-1732 523 80 the the DET cblr-1732 523 81 activist activist ADJ cblr-1732 523 82 player player NOUN cblr-1732 523 83 with with ADP cblr-1732 523 84 additional additional ADJ cblr-1732 523 85 bargaining bargaining NOUN cblr-1732 523 86 power power NOUN cblr-1732 523 87 . . PUNCT cblr-1732 524 1 the the DET cblr-1732 524 2 data datum NOUN cblr-1732 524 3 include include VERB cblr-1732 524 4 twenty twenty NUM cblr-1732 524 5 - - PUNCT cblr-1732 524 6 four four NUM cblr-1732 524 7 m&a m&a PROPN cblr-1732 524 8 - - PUNCT cblr-1732 524 9 related relate VERB cblr-1732 524 10 events event NOUN cblr-1732 524 11 , , PUNCT cblr-1732 524 12 and and CCONJ cblr-1732 524 13 this this DET cblr-1732 524 14 mechanism mechanism NOUN cblr-1732 524 15 accounts account VERB cblr-1732 524 16 for for ADP cblr-1732 524 17 fourteen fourteen NUM cblr-1732 524 18 percent percent NOUN cblr-1732 524 19 of of ADP cblr-1732 524 20 the the DET cblr-1732 524 21 sample sample NOUN cblr-1732 524 22 of of ADP cblr-1732 524 23 public public ADJ cblr-1732 524 24 - - PUNCT cblr-1732 524 25 disclosed disclose VERB cblr-1732 524 26 engagements engagement NOUN cblr-1732 524 27 . . PUNCT cblr-1732 525 1 in in ADP cblr-1732 525 2 most most ADJ cblr-1732 525 3 of of ADP cblr-1732 525 4 the the DET cblr-1732 525 5 engagements engagement NOUN cblr-1732 525 6 with with ADP cblr-1732 525 7 observable observable ADJ cblr-1732 525 8 outcomes outcome NOUN cblr-1732 525 9 , , PUNCT cblr-1732 525 10 the the DET cblr-1732 525 11 activists activist NOUN cblr-1732 525 12 either either CCONJ cblr-1732 525 13 forced force VERB cblr-1732 525 14 controllers controller NOUN cblr-1732 525 15 to to PART cblr-1732 525 16 sweeten sweeten VERB cblr-1732 525 17 the the DET cblr-1732 525 18 offering offering NOUN cblr-1732 525 19 price price NOUN cblr-1732 525 20 or or CCONJ cblr-1732 525 21 to to PART cblr-1732 525 22 modify modify VERB cblr-1732 525 23 the the DET cblr-1732 525 24 transaction transaction NOUN cblr-1732 525 25 terms term NOUN cblr-1732 525 26 in in ADP cblr-1732 525 27 a a DET cblr-1732 525 28 way way NOUN cblr-1732 525 29 that that PRON cblr-1732 525 30 benefitted benefit VERB cblr-1732 525 31 all all DET cblr-1732 525 32 minority minority NOUN cblr-1732 525 33 shareholders shareholder NOUN cblr-1732 525 34 ( ( PUNCT cblr-1732 525 35 58 58 NUM cblr-1732 525 36 % % NOUN cblr-1732 525 37 ) ) PUNCT cblr-1732 525 38 , , PUNCT cblr-1732 525 39 or or CCONJ cblr-1732 525 40 they they PRON cblr-1732 525 41 blocked block VERB cblr-1732 525 42 a a DET cblr-1732 525 43 transaction transaction NOUN cblr-1732 525 44 at at ADP cblr-1732 525 45 what what PRON cblr-1732 525 46 they they PRON cblr-1732 525 47 perceived perceive VERB cblr-1732 525 48 as as ADP cblr-1732 525 49 an an DET cblr-1732 525 50 undervalued undervalued ADJ cblr-1732 525 51 price price NOUN cblr-1732 525 52 ( ( PUNCT cblr-1732 525 53 34%).136 34%).136 NUM cblr-1732 525 54 the the DET cblr-1732 525 55 high high ADJ cblr-1732 525 56 success success NOUN cblr-1732 525 57 rate rate NOUN cblr-1732 525 58 of of ADP cblr-1732 525 59 m&a m&a PROPN cblr-1732 525 60 - - PUNCT cblr-1732 525 61 related relate VERB cblr-1732 525 62 engagements137 engagements137 PROPN cblr-1732 525 63 shows show VERB cblr-1732 525 64 that that SCONJ cblr-1732 525 65 the the DET cblr-1732 525 66 ability ability NOUN cblr-1732 525 67 of of ADP cblr-1732 525 68 minority minority NOUN cblr-1732 525 69 shareholders shareholder NOUN cblr-1732 525 70 to to PART cblr-1732 525 71 veto veto VERB cblr-1732 525 72 certain certain ADJ cblr-1732 525 73 transactions transaction NOUN cblr-1732 525 74 is be AUX cblr-1732 525 75 another another DET cblr-1732 525 76 important important ADJ cblr-1732 525 77 channel channel NOUN cblr-1732 525 78 of of ADP cblr-1732 525 79 activism activism NOUN cblr-1732 525 80 in in ADP cblr-1732 525 81 controlled control VERB cblr-1732 525 82 companies company NOUN cblr-1732 525 83 . . PUNCT cblr-1732 526 1 a a DET cblr-1732 526 2 notable notable ADJ cblr-1732 526 3 recent recent ADJ cblr-1732 526 4 example example NOUN cblr-1732 526 5 is be AUX cblr-1732 526 6 the the DET cblr-1732 526 7 acquisition acquisition NOUN cblr-1732 526 8 of of ADP cblr-1732 526 9 clearwire clearwire PROPN cblr-1732 526 10 corporation corporation NOUN cblr-1732 526 11 by by ADP cblr-1732 526 12 one one NUM cblr-1732 526 13 of of ADP cblr-1732 526 14 its its PRON cblr-1732 526 15 controlling control VERB cblr-1732 526 16 shareholders shareholder NOUN cblr-1732 526 17 , , PUNCT cblr-1732 526 18 sprint sprint NOUN cblr-1732 526 19 . . PUNCT cblr-1732 527 1 the the DET cblr-1732 527 2 activist activist ADJ cblr-1732 527 3 engagement engagement NOUN cblr-1732 527 4 in in ADP cblr-1732 527 5 this this DET cblr-1732 527 6 acquisition acquisition NOUN cblr-1732 527 7 led lead VERB cblr-1732 527 8 to to ADP cblr-1732 527 9 a a DET cblr-1732 527 10 shareholders shareholder NOUN cblr-1732 527 11 decreases decrease VERB cblr-1732 527 12 , , PUNCT cblr-1732 527 13 see see VERB cblr-1732 527 14 guhan guhan PROPN cblr-1732 527 15 subramanian subramanian PROPN cblr-1732 527 16 , , PUNCT cblr-1732 527 17 post post ADJ cblr-1732 527 18 - - ADJ cblr-1732 527 19 siliconix siliconix ADJ cblr-1732 527 20 freezeouts freezeout NOUN cblr-1732 527 21 : : PUNCT cblr-1732 527 22 theory theory NOUN cblr-1732 527 23 and and CCONJ cblr-1732 527 24 evidence evidence NOUN cblr-1732 527 25 , , PUNCT cblr-1732 527 26 36 36 NUM cblr-1732 527 27 j. j. PROPN cblr-1732 527 28 leg leg PROPN cblr-1732 527 29 . . PUNCT cblr-1732 528 1 stud stud PROPN cblr-1732 528 2 . . PUNCT cblr-1732 529 1 1 1 NUM cblr-1732 529 2 ( ( PUNCT cblr-1732 529 3 2007 2007 NUM cblr-1732 529 4 ) ) PUNCT cblr-1732 530 1 ( ( PUNCT cblr-1732 530 2 finding find VERB cblr-1732 530 3 that that SCONJ cblr-1732 530 4 minority minority NOUN cblr-1732 530 5 shareholders shareholder NOUN cblr-1732 530 6 receive receive VERB cblr-1732 530 7 lower low ADJ cblr-1732 530 8 cumulative cumulative ADJ cblr-1732 530 9 abnormal abnormal ADJ cblr-1732 530 10 returns return NOUN cblr-1732 530 11 in in ADP cblr-1732 530 12 tender tender NOUN cblr-1732 530 13 - - PUNCT cblr-1732 530 14 offer offer NOUN cblr-1732 530 15 freeze freeze NOUN cblr-1732 530 16 - - PUNCT cblr-1732 530 17 outs out NOUN cblr-1732 530 18 that that PRON cblr-1732 530 19 were be AUX cblr-1732 530 20 not not PART cblr-1732 530 21 subject subject ADJ cblr-1732 530 22 to to ADP cblr-1732 530 23 entire entire ADJ cblr-1732 530 24 fairness fairness NOUN cblr-1732 530 25 standard standard NOUN cblr-1732 530 26 than than ADP cblr-1732 530 27 in in ADP cblr-1732 530 28 statutory statutory ADJ cblr-1732 530 29 merger merger NOUN cblr-1732 530 30 freeze freeze NOUN cblr-1732 530 31 - - PUNCT cblr-1732 530 32 outs out NOUN cblr-1732 530 33 ) ) PUNCT cblr-1732 530 34 . . PUNCT cblr-1732 531 1 135 135 NUM cblr-1732 531 2 see see VERB cblr-1732 531 3 morrison morrison PROPN cblr-1732 531 4 & & CCONJ cblr-1732 531 5 foerster foerster PROPN cblr-1732 531 6 llp llp PROPN cblr-1732 531 7 , , PUNCT cblr-1732 531 8 supra supra PROPN cblr-1732 531 9 note note PROPN cblr-1732 531 10 130 130 NUM cblr-1732 531 11 . . NOUN cblr-1732 531 12 136 136 NUM cblr-1732 531 13 an an DET cblr-1732 531 14 interesting interesting ADJ cblr-1732 531 15 example example NOUN cblr-1732 531 16 is be AUX cblr-1732 531 17 the the DET cblr-1732 531 18 engagement engagement NOUN cblr-1732 531 19 with with ADP cblr-1732 531 20 the the DET cblr-1732 531 21 dolan dolan PROPN cblr-1732 531 22 family family PROPN cblr-1732 531 23 , , PUNCT cblr-1732 531 24 back back ADV cblr-1732 531 25 in in ADP cblr-1732 531 26 2007 2007 NUM cblr-1732 531 27 , , PUNCT cblr-1732 531 28 following follow VERB cblr-1732 531 29 the the DET cblr-1732 531 30 controlling control VERB cblr-1732 531 31 family family NOUN cblr-1732 531 32 ’s ’s PART cblr-1732 531 33 decision decision NOUN cblr-1732 531 34 to to PART cblr-1732 531 35 take take VERB cblr-1732 531 36 cablevision cablevision NOUN cblr-1732 531 37 private private ADJ cblr-1732 531 38 by by ADP cblr-1732 531 39 acquiring acquire VERB cblr-1732 531 40 the the DET cblr-1732 531 41 shares share NOUN cblr-1732 531 42 held hold VERB cblr-1732 531 43 by by ADP cblr-1732 531 44 the the DET cblr-1732 531 45 public public ADJ cblr-1732 531 46 shareholders shareholder NOUN cblr-1732 531 47 . . PUNCT cblr-1732 532 1 the the DET cblr-1732 532 2 activist activist NOUN cblr-1732 532 3 ’s ’s PART cblr-1732 532 4 pressures pressure NOUN cblr-1732 532 5 led lead VERB cblr-1732 532 6 the the DET cblr-1732 532 7 dolan dolan PROPN cblr-1732 532 8 group group NOUN cblr-1732 532 9 to to PART cblr-1732 532 10 sweeten sweeten VERB cblr-1732 532 11 the the DET cblr-1732 532 12 offering offering NOUN cblr-1732 532 13 price price NOUN cblr-1732 532 14 , , PUNCT cblr-1732 532 15 from from ADP cblr-1732 532 16 $ $ SYM cblr-1732 532 17 27 27 NUM cblr-1732 532 18 to to PART cblr-1732 532 19 $ $ SYM cblr-1732 532 20 36.25 36.25 NUM cblr-1732 532 21 per per ADP cblr-1732 532 22 share share NOUN cblr-1732 532 23 . . PUNCT cblr-1732 533 1 eventually eventually ADV cblr-1732 533 2 , , PUNCT cblr-1732 533 3 although although SCONJ cblr-1732 533 4 the the DET cblr-1732 533 5 dolan dolan PROPN cblr-1732 533 6 group group PROPN cblr-1732 533 7 controlled control VERB cblr-1732 533 8 the the DET cblr-1732 533 9 majority majority NOUN cblr-1732 533 10 of of ADP cblr-1732 533 11 the the DET cblr-1732 533 12 company company NOUN cblr-1732 533 13 voting voting NOUN cblr-1732 533 14 rights right NOUN cblr-1732 533 15 , , PUNCT cblr-1732 533 16 the the DET cblr-1732 533 17 activist activist NOUN cblr-1732 533 18 , , PUNCT cblr-1732 533 19 who who PRON cblr-1732 533 20 still still ADV cblr-1732 533 21 thought think VERB cblr-1732 533 22 that that SCONJ cblr-1732 533 23 the the DET cblr-1732 533 24 deal deal NOUN cblr-1732 533 25 price price NOUN cblr-1732 533 26 undervalued undervalue VERB cblr-1732 533 27 the the DET cblr-1732 533 28 minority minority NOUN cblr-1732 533 29 holders holder NOUN cblr-1732 533 30 ’ ' PUNCT cblr-1732 533 31 shares share NOUN cblr-1732 533 32 , , PUNCT cblr-1732 533 33 was be AUX cblr-1732 533 34 successful successful ADJ cblr-1732 533 35 in in ADP cblr-1732 533 36 its its PRON cblr-1732 533 37 efforts effort NOUN cblr-1732 533 38 to to PART cblr-1732 533 39 block block VERB cblr-1732 533 40 the the DET cblr-1732 533 41 transaction transaction NOUN cblr-1732 533 42 as as SCONJ cblr-1732 533 43 the the DET cblr-1732 533 44 merger merger NOUN cblr-1732 533 45 required require VERB cblr-1732 533 46 the the DET cblr-1732 533 47 approval approval NOUN cblr-1732 533 48 of of ADP cblr-1732 533 49 a a DET cblr-1732 533 50 majority majority NOUN cblr-1732 533 51 of of ADP cblr-1732 533 52 the the DET cblr-1732 533 53 minority minority NOUN cblr-1732 533 54 shareholders shareholder NOUN cblr-1732 533 55 . . PUNCT cblr-1732 534 1 see see VERB cblr-1732 534 2 press press NOUN cblr-1732 534 3 release release NOUN cblr-1732 534 4 , , PUNCT cblr-1732 534 5 cablevision cablevision PROPN cblr-1732 534 6 systems system NOUN cblr-1732 534 7 corporation corporation PROPN cblr-1732 534 8 , , PUNCT cblr-1732 534 9 cablevision cablevision PROPN cblr-1732 534 10 announces announce VERB cblr-1732 534 11 preliminary preliminary ADJ cblr-1732 534 12 vote vote NOUN cblr-1732 534 13 results result NOUN cblr-1732 534 14 from from ADP cblr-1732 534 15 special special ADJ cblr-1732 534 16 shareholders shareholder NOUN cblr-1732 534 17 meeting meeting NOUN cblr-1732 534 18 ( ( PUNCT cblr-1732 534 19 oct oct PROPN cblr-1732 534 20 . . PROPN cblr-1732 534 21 24 24 NUM cblr-1732 534 22 , , PUNCT cblr-1732 534 23 2007 2007 NUM cblr-1732 534 24 ) ) PUNCT cblr-1732 534 25 , , PUNCT cblr-1732 534 26 http://www.businesswire.com/news/home/20071024005915/ http://www.businesswire.com/news/home/20071024005915/ PROPN cblr-1732 534 27 en en PROPN cblr-1732 534 28 / / SYM cblr-1732 534 29 cablevision cablevision NOUN cblr-1732 534 30 - - PUNCT cblr-1732 534 31 announces announce NOUN cblr-1732 534 32 - - PUNCT cblr-1732 534 33 preliminary preliminary ADJ cblr-1732 534 34 - - PUNCT cblr-1732 534 35 vote vote NOUN cblr-1732 534 36 - - PUNCT cblr-1732 534 37 results result NOUN cblr-1732 534 38 - - PUNCT cblr-1732 534 39 special special ADJ cblr-1732 534 40 - - PUNCT cblr-1732 534 41 shareholders shareholder NOUN cblr-1732 535 1 [ [ X cblr-1732 535 2 https://perma.cc/9vww-hw63 https://perma.cc/9vww-hw63 X cblr-1732 535 3 ] ] X cblr-1732 535 4 . . PUNCT cblr-1732 536 1 137 137 NUM cblr-1732 536 2 the the DET cblr-1732 536 3 activists activist NOUN cblr-1732 536 4 ’ ' PUNCT cblr-1732 536 5 demands demand NOUN cblr-1732 536 6 were be AUX cblr-1732 536 7 fully fully ADV cblr-1732 536 8 rejected reject VERB cblr-1732 536 9 in in ADP cblr-1732 536 10 only only ADV cblr-1732 536 11 8 8 NUM cblr-1732 536 12 % % NOUN cblr-1732 536 13 of of ADP cblr-1732 536 14 these these DET cblr-1732 536 15 m&a m&a PROPN cblr-1732 536 16 - - PUNCT cblr-1732 536 17 related relate VERB cblr-1732 536 18 engagements engagement NOUN cblr-1732 536 19 . . PUNCT cblr-1732 537 1 kastiel kastiel PROPN cblr-1732 537 2 – – PUNCT cblr-1732 537 3 final final ADJ cblr-1732 537 4 102 102 NUM cblr-1732 537 5 columbia columbia PROPN cblr-1732 537 6 business business NOUN cblr-1732 537 7 law law PROPN cblr-1732 537 8 review review NOUN cblr-1732 538 1 [ [ X cblr-1732 538 2 vol vol NOUN cblr-1732 538 3 . . PUNCT cblr-1732 538 4 2016 2016 NUM cblr-1732 538 5 significant significant ADJ cblr-1732 538 6 increase increase NOUN cblr-1732 538 7 in in ADP cblr-1732 538 8 the the DET cblr-1732 538 9 final final ADJ cblr-1732 538 10 purchase purchase NOUN cblr-1732 538 11 price price NOUN cblr-1732 538 12 from from ADP cblr-1732 538 13 $ $ SYM cblr-1732 538 14 2.90 2.90 NUM cblr-1732 538 15 per per ADP cblr-1732 538 16 share share NOUN cblr-1732 538 17 to to ADP cblr-1732 538 18 $ $ SYM cblr-1732 538 19 5.00 5.00 NUM cblr-1732 538 20 per per ADP cblr-1732 538 21 share.138 share.138 VERB cblr-1732 538 22 minority minority NOUN cblr-1732 538 23 protections protection NOUN cblr-1732 538 24 in in ADP cblr-1732 538 25 the the DET cblr-1732 538 26 context context NOUN cblr-1732 538 27 of of ADP cblr-1732 538 28 public public ADJ cblr-1732 538 29 takeovers takeover NOUN cblr-1732 538 30 also also ADV cblr-1732 538 31 play play VERB cblr-1732 538 32 an an DET cblr-1732 538 33 important important ADJ cblr-1732 538 34 role role NOUN cblr-1732 538 35 in in ADP cblr-1732 538 36 germany germany PROPN cblr-1732 538 37 , , PUNCT cblr-1732 538 38 where where SCONJ cblr-1732 538 39 there there PRON cblr-1732 538 40 has have AUX cblr-1732 538 41 been be AUX cblr-1732 538 42 a a DET cblr-1732 538 43 noticeable noticeable ADJ cblr-1732 538 44 increase increase NOUN cblr-1732 538 45 in in ADP cblr-1732 538 46 the the DET cblr-1732 538 47 frequency frequency NOUN cblr-1732 538 48 of of ADP cblr-1732 538 49 activist activist NOUN cblr-1732 538 50 engagements.139 engagements.139 PROPN cblr-1732 538 51 in in ADP cblr-1732 538 52 particular particular ADJ cblr-1732 538 53 , , PUNCT cblr-1732 538 54 activist activist ADJ cblr-1732 538 55 hedge hedge NOUN cblr-1732 538 56 funds fund NOUN cblr-1732 538 57 have have AUX cblr-1732 538 58 begun begin VERB cblr-1732 538 59 to to PART cblr-1732 538 60 take take VERB cblr-1732 538 61 advantage advantage NOUN cblr-1732 538 62 of of ADP cblr-1732 538 63 certain certain ADJ cblr-1732 538 64 provisions provision NOUN cblr-1732 538 65 of of ADP cblr-1732 538 66 the the DET cblr-1732 538 67 german german ADJ cblr-1732 538 68 stock stock NOUN cblr-1732 538 69 corporation corporation PROPN cblr-1732 538 70 law law NOUN cblr-1732 538 71 , , PUNCT cblr-1732 538 72 which which PRON cblr-1732 538 73 provides provide VERB cblr-1732 538 74 minority minority NOUN cblr-1732 538 75 holders holder NOUN cblr-1732 538 76 with with ADP cblr-1732 538 77 the the DET cblr-1732 538 78 right right NOUN cblr-1732 538 79 to to PART cblr-1732 538 80 challenge challenge VERB cblr-1732 538 81 the the DET cblr-1732 538 82 appropriateness appropriateness NOUN cblr-1732 538 83 of of ADP cblr-1732 538 84 the the DET cblr-1732 538 85 consideration consideration NOUN cblr-1732 538 86 paid pay VERB cblr-1732 538 87 to to ADP cblr-1732 538 88 them they PRON cblr-1732 538 89 when when SCONJ cblr-1732 538 90 being be AUX cblr-1732 538 91 squeezed squeeze VERB cblr-1732 538 92 out out ADP cblr-1732 538 93 pursuant pursuant ADV cblr-1732 538 94 to to ADP cblr-1732 538 95 a a DET cblr-1732 538 96 domination domination NOUN cblr-1732 538 97 agreement agreement NOUN cblr-1732 538 98 with with ADP cblr-1732 538 99 a a DET cblr-1732 538 100 buyer buyer NOUN cblr-1732 538 101 who who PRON cblr-1732 538 102 holds hold VERB cblr-1732 538 103 at at ADV cblr-1732 538 104 least least ADV cblr-1732 538 105 75 75 NUM cblr-1732 538 106 % % NOUN cblr-1732 538 107 of of ADP cblr-1732 538 108 the the DET cblr-1732 538 109 share share NOUN cblr-1732 538 110 capital capital NOUN cblr-1732 538 111 of of ADP cblr-1732 538 112 a a DET cblr-1732 538 113 target target NOUN cblr-1732 538 114 . . PUNCT cblr-1732 539 1 in in ADP cblr-1732 539 2 recent recent ADJ cblr-1732 539 3 years year NOUN cblr-1732 539 4 , , PUNCT cblr-1732 539 5 this this DET cblr-1732 539 6 right right NOUN cblr-1732 539 7 serves serve VERB cblr-1732 539 8 as as ADP cblr-1732 539 9 an an DET cblr-1732 539 10 important important ADJ cblr-1732 539 11 channel channel NOUN cblr-1732 539 12 of of ADP cblr-1732 539 13 activism activism NOUN cblr-1732 539 14 for for ADP cblr-1732 539 15 hedge hedge NOUN cblr-1732 539 16 funds fund NOUN cblr-1732 539 17 , , PUNCT cblr-1732 539 18 including include VERB cblr-1732 539 19 united united PROPN cblr-1732 539 20 states states PROPN cblr-1732 539 21 - - PUNCT cblr-1732 539 22 based base VERB cblr-1732 539 23 funds fund NOUN cblr-1732 539 24 such such ADJ cblr-1732 539 25 as as ADP cblr-1732 539 26 elliott elliott PROPN cblr-1732 539 27 management.140 management.140 PROPN cblr-1732 539 28 c. c. PROPN cblr-1732 539 29 activism activism NOUN cblr-1732 539 30 in in ADP cblr-1732 539 31 the the DET cblr-1732 539 32 shadow shadow NOUN cblr-1732 539 33 of of ADP cblr-1732 539 34 litigation litigation PROPN cblr-1732 539 35 an an DET cblr-1732 539 36 activist activist NOUN cblr-1732 539 37 can can AUX cblr-1732 539 38 also also ADV cblr-1732 539 39 exert exert VERB cblr-1732 539 40 pressure pressure NOUN cblr-1732 539 41 on on ADP cblr-1732 539 42 a a DET cblr-1732 539 43 controller controller NOUN cblr-1732 539 44 by by ADP cblr-1732 539 45 filing file VERB cblr-1732 539 46 a a DET cblr-1732 539 47 lawsuit lawsuit NOUN cblr-1732 539 48 against against ADP cblr-1732 539 49 a a DET cblr-1732 539 50 controlled control VERB cblr-1732 539 51 company company NOUN cblr-1732 539 52 . . PUNCT cblr-1732 540 1 alternatively alternatively ADV cblr-1732 540 2 , , PUNCT cblr-1732 540 3 once once ADV cblr-1732 540 4 an an DET cblr-1732 540 5 activist activist ADJ cblr-1732 540 6 campaign campaign NOUN cblr-1732 540 7 begins begin VERB cblr-1732 540 8 , , PUNCT cblr-1732 540 9 the the DET cblr-1732 540 10 use use NOUN cblr-1732 540 11 of of ADP cblr-1732 540 12 lawsuits lawsuit NOUN cblr-1732 540 13 can can AUX cblr-1732 540 14 prevent prevent VERB cblr-1732 540 15 a a DET cblr-1732 540 16 controller controller NOUN cblr-1732 540 17 from from ADP cblr-1732 540 18 taking take VERB cblr-1732 540 19 advantage advantage NOUN cblr-1732 540 20 of of ADP cblr-1732 540 21 its its PRON cblr-1732 540 22 power power NOUN cblr-1732 540 23 to to PART cblr-1732 540 24 take take VERB cblr-1732 540 25 unilateral unilateral ADJ cblr-1732 540 26 steps step NOUN cblr-1732 540 27 against against ADP cblr-1732 540 28 the the DET cblr-1732 540 29 activists.141 activists.141 NOUN cblr-1732 540 30 i i PRON cblr-1732 540 31 documented document VERB cblr-1732 540 32 138 138 NUM cblr-1732 540 33 see see NOUN cblr-1732 540 34 michael michael PROPN cblr-1732 540 35 j. j. PROPN cblr-1732 540 36 de de PROPN cblr-1732 540 37 la la PROPN cblr-1732 540 38 merced merced PROPN cblr-1732 540 39 , , PUNCT cblr-1732 540 40 sprint sprint NOUN cblr-1732 540 41 beats beat NOUN cblr-1732 540 42 dish dish PROPN cblr-1732 540 43 ’s ’s PART cblr-1732 540 44 latest late ADJ cblr-1732 540 45 bid bid NOUN cblr-1732 540 46 for for ADP cblr-1732 540 47 clearwire clearwire NOUN cblr-1732 540 48 , , PUNCT cblr-1732 540 49 n.y n.y PROPN cblr-1732 540 50 . . PROPN cblr-1732 540 51 times times PROPN cblr-1732 540 52 : : PUNCT cblr-1732 540 53 dealbook dealbook PROPN cblr-1732 540 54 , , PUNCT cblr-1732 540 55 june june PROPN cblr-1732 540 56 21 21 NUM cblr-1732 540 57 , , PUNCT cblr-1732 540 58 2013 2013 NUM cblr-1732 540 59 , , PUNCT cblr-1732 540 60 at at ADP cblr-1732 540 61 b6 b6 NOUN cblr-1732 540 62 . . PUNCT cblr-1732 541 1 139 139 NUM cblr-1732 541 2 see see VERB cblr-1732 541 3 supra supra PROPN cblr-1732 541 4 notes note VERB cblr-1732 541 5 67–70 67–70 NUM cblr-1732 541 6 . . PUNCT cblr-1732 542 1 140 140 NUM cblr-1732 542 2 see see VERB cblr-1732 542 3 , , PUNCT cblr-1732 542 4 e.g. e.g. ADV cblr-1732 542 5 , , PUNCT cblr-1732 542 6 bessler bessler PROPN cblr-1732 542 7 et et PROPN cblr-1732 542 8 al al PROPN cblr-1732 542 9 . . PROPN cblr-1732 542 10 , , PUNCT cblr-1732 542 11 supra supra PROPN cblr-1732 542 12 note note PROPN cblr-1732 542 13 67 67 NUM cblr-1732 542 14 ; ; PUNCT cblr-1732 542 15 morrison morrison PROPN cblr-1732 542 16 & & CCONJ cblr-1732 542 17 foerster foerster PROPN cblr-1732 542 18 llp llp PROPN cblr-1732 542 19 , , PUNCT cblr-1732 542 20 shareholder shareholder NOUN cblr-1732 542 21 activism activism NOUN cblr-1732 542 22 in in ADP cblr-1732 542 23 germany germany PROPN cblr-1732 542 24 , , PUNCT cblr-1732 542 25 harv harv PROPN cblr-1732 542 26 . . PUNCT cblr-1732 543 1 l. l. PROPN cblr-1732 543 2 sch sch PROPN cblr-1732 543 3 . . PUNCT cblr-1732 544 1 f. f. PROPN cblr-1732 544 2 on on ADP cblr-1732 544 3 corp corp PROPN cblr-1732 544 4 . . PROPN cblr-1732 544 5 governance governance PROPN cblr-1732 544 6 & & CCONJ cblr-1732 544 7 fin fin PROPN cblr-1732 544 8 . . PUNCT cblr-1732 545 1 reg reg PROPN cblr-1732 545 2 . . PUNCT cblr-1732 546 1 ( ( PUNCT cblr-1732 546 2 june june PROPN cblr-1732 546 3 7 7 NUM cblr-1732 546 4 , , PUNCT cblr-1732 546 5 2014 2014 NUM cblr-1732 546 6 ) ) PUNCT cblr-1732 546 7 , , PUNCT cblr-1732 546 8 http://blogs.law.harvard.edu/corpgov/2014/06/ http://blogs.law.harvard.edu/corpgov/2014/06/ NOUN cblr-1732 546 9 07 07 NUM cblr-1732 546 10 / / SYM cblr-1732 546 11 shareholder shareholder NOUN cblr-1732 546 12 - - PUNCT cblr-1732 546 13 activism activism NOUN cblr-1732 546 14 - - PUNCT cblr-1732 546 15 in in ADP cblr-1732 546 16 - - PUNCT cblr-1732 546 17 germany/ germany/ NOUN cblr-1732 547 1 [ [ X cblr-1732 547 2 http://perma.cc/gl83-ctvr http://perma.cc/gl83-ctvr NOUN cblr-1732 547 3 ] ] X cblr-1732 547 4 . . PUNCT cblr-1732 548 1 141 141 NUM cblr-1732 548 2 in in ADP cblr-1732 548 3 a a DET cblr-1732 548 4 notable notable ADJ cblr-1732 548 5 example example NOUN cblr-1732 548 6 , , PUNCT cblr-1732 548 7 an an DET cblr-1732 548 8 activist activist NOUN cblr-1732 548 9 filed file VERB cblr-1732 548 10 a a DET cblr-1732 548 11 lawsuit lawsuit NOUN cblr-1732 548 12 for for ADP cblr-1732 548 13 a a DET cblr-1732 548 14 breach breach NOUN cblr-1732 548 15 of of ADP cblr-1732 548 16 fiduciary fiduciary ADJ cblr-1732 548 17 duties duty NOUN cblr-1732 548 18 against against ADP cblr-1732 548 19 the the DET cblr-1732 548 20 directors director NOUN cblr-1732 548 21 of of ADP cblr-1732 548 22 syms syms PROPN cblr-1732 548 23 corp corp PROPN cblr-1732 548 24 . . PROPN cblr-1732 548 25 , , PUNCT cblr-1732 548 26 a a DET cblr-1732 548 27 chain chain NOUN cblr-1732 548 28 of of ADP cblr-1732 548 29 “ " PUNCT cblr-1732 548 30 off off ADP cblr-1732 548 31 - - PUNCT cblr-1732 548 32 price price NOUN cblr-1732 548 33 ” " PUNCT cblr-1732 548 34 apparel apparel NOUN cblr-1732 548 35 stores store NOUN cblr-1732 548 36 with with ADP cblr-1732 548 37 a a DET cblr-1732 548 38 controller controller NOUN cblr-1732 548 39 who who PRON cblr-1732 548 40 holds hold VERB cblr-1732 548 41 56 56 NUM cblr-1732 548 42 % % NOUN cblr-1732 548 43 of of ADP cblr-1732 548 44 the the DET cblr-1732 548 45 voting voting NOUN cblr-1732 548 46 rights right NOUN cblr-1732 548 47 , , PUNCT cblr-1732 548 48 seeking seek VERB cblr-1732 548 49 to to PART cblr-1732 548 50 enjoin enjoin VERB cblr-1732 548 51 the the DET cblr-1732 548 52 board board NOUN cblr-1732 548 53 from from ADP cblr-1732 548 54 taking take VERB cblr-1732 548 55 unilateral unilateral ADJ cblr-1732 548 56 steps step NOUN cblr-1732 548 57 and and CCONJ cblr-1732 548 58 voluntarily voluntarily ADV cblr-1732 548 59 delisting delist VERB cblr-1732 548 60 the the DET cblr-1732 548 61 company company NOUN cblr-1732 548 62 public public ADJ cblr-1732 548 63 shares share NOUN cblr-1732 548 64 from from ADP cblr-1732 548 65 trading trade VERB cblr-1732 548 66 on on ADP cblr-1732 548 67 the the DET cblr-1732 548 68 nyse nyse PROPN cblr-1732 548 69 . . PUNCT cblr-1732 549 1 this this DET cblr-1732 549 2 strategy strategy NOUN cblr-1732 549 3 worked work VERB cblr-1732 549 4 , , PUNCT cblr-1732 549 5 and and CCONJ cblr-1732 549 6 a a DET cblr-1732 549 7 month month NOUN cblr-1732 549 8 later later ADV cblr-1732 549 9 , , PUNCT cblr-1732 549 10 the the DET cblr-1732 549 11 company company NOUN cblr-1732 549 12 announced announce VERB cblr-1732 549 13 it it PRON cblr-1732 549 14 was be AUX cblr-1732 549 15 reregistering reregistere VERB cblr-1732 549 16 its its PRON cblr-1732 549 17 common common ADJ cblr-1732 549 18 stock stock NOUN cblr-1732 549 19 with with ADP cblr-1732 549 20 the the DET cblr-1732 549 21 sec sec PROPN cblr-1732 549 22 in in ADP cblr-1732 549 23 light light NOUN cblr-1732 549 24 of of ADP cblr-1732 549 25 significant significant ADJ cblr-1732 549 26 activism activism NOUN cblr-1732 549 27 . . PUNCT cblr-1732 550 1 see see VERB cblr-1732 550 2 press press NOUN cblr-1732 550 3 release release NOUN cblr-1732 550 4 , , PUNCT cblr-1732 550 5 barington barington PROPN cblr-1732 550 6 capital capital PROPN cblr-1732 550 7 group group PROPN cblr-1732 550 8 , , PUNCT cblr-1732 550 9 l.p l.p PROPN cblr-1732 550 10 . . PROPN cblr-1732 550 11 and and CCONJ cblr-1732 550 12 esopus esopus PROPN cblr-1732 550 13 creek creek PROPN cblr-1732 550 14 advisors advisors PROPN cblr-1732 550 15 llc llc PROPN cblr-1732 550 16 , , PUNCT cblr-1732 550 17 stockholder stockholder NOUN cblr-1732 550 18 group group NOUN cblr-1732 550 19 urges urge VERB cblr-1732 550 20 syms syms PROPN cblr-1732 550 21 corp corp PROPN cblr-1732 550 22 not not PART cblr-1732 550 23 to to PART cblr-1732 550 24 deregister deregister VERB cblr-1732 550 25 or or CCONJ cblr-1732 550 26 delist delist NOUN cblr-1732 550 27 company company NOUN cblr-1732 550 28 ’s ’s PART cblr-1732 550 29 common common ADJ cblr-1732 550 30 stock stock NOUN cblr-1732 550 31 ( ( PUNCT cblr-1732 550 32 jan jan PROPN cblr-1732 550 33 . . PROPN cblr-1732 550 34 2 2 NUM cblr-1732 550 35 , , PUNCT cblr-1732 550 36 2008 2008 NUM cblr-1732 550 37 ) ) PUNCT cblr-1732 550 38 , , PUNCT cblr-1732 551 1 http://www http://www PROPN cblr-1732 551 2 . . PROPN cblr-1732 551 3 prnewswire.com/news-releases/stockholder-group-urges-syms-corp-not-tokastiel prnewswire.com/news-releases/stockholder-group-urges-syms-corp-not-tokastiel PROPN cblr-1732 551 4 – – PUNCT cblr-1732 551 5 final final ADJ cblr-1732 551 6 no no NOUN cblr-1732 551 7 . . PROPN cblr-1732 551 8 1:60 1:60 NUM cblr-1732 551 9 ] ] PUNCT cblr-1732 551 10 against against ADP cblr-1732 551 11 all all DET cblr-1732 551 12 odds odd NOUN cblr-1732 551 13 103 103 NUM cblr-1732 551 14 eight eight NUM cblr-1732 551 15 engagements engagement NOUN cblr-1732 551 16 where where SCONJ cblr-1732 551 17 activists activist NOUN cblr-1732 551 18 filed file VERB cblr-1732 551 19 , , PUNCT cblr-1732 551 20 or or CCONJ cblr-1732 551 21 threatened threaten VERB cblr-1732 551 22 to to PART cblr-1732 551 23 file file VERB cblr-1732 551 24 , , PUNCT cblr-1732 551 25 lawsuits lawsuit NOUN cblr-1732 551 26 not not PART cblr-1732 551 27 in in ADP cblr-1732 551 28 the the DET cblr-1732 551 29 m&a m&a PROPN cblr-1732 551 30 context context NOUN cblr-1732 551 31 discussed discuss VERB cblr-1732 551 32 above above ADV cblr-1732 551 33 , , PUNCT cblr-1732 551 34 and and CCONJ cblr-1732 551 35 they they PRON cblr-1732 551 36 were be AUX cblr-1732 551 37 successful successful ADJ cblr-1732 551 38 in in ADP cblr-1732 551 39 37 37 NUM cblr-1732 551 40 % % NOUN cblr-1732 551 41 of of ADP cblr-1732 551 42 these these DET cblr-1732 551 43 cases case NOUN cblr-1732 551 44 . . PUNCT cblr-1732 552 1 one one NUM cblr-1732 552 2 of of ADP cblr-1732 552 3 these these DET cblr-1732 552 4 cases case NOUN cblr-1732 552 5 was be AUX cblr-1732 552 6 the the DET cblr-1732 552 7 engagement engagement NOUN cblr-1732 552 8 of of ADP cblr-1732 552 9 stilwell stilwell PROPN cblr-1732 552 10 group group PROPN cblr-1732 552 11 with with ADP cblr-1732 552 12 prudential prudential PROPN cblr-1732 552 13 bancorp bancorp PROPN cblr-1732 552 14 , , PUNCT cblr-1732 552 15 inc inc PROPN cblr-1732 552 16 . . PROPN cblr-1732 552 17 , , PUNCT cblr-1732 552 18 a a DET cblr-1732 552 19 company company NOUN cblr-1732 552 20 whose whose DET cblr-1732 552 21 controller controller NOUN cblr-1732 552 22 holds hold VERB cblr-1732 552 23 55 55 NUM cblr-1732 552 24 % % NOUN cblr-1732 552 25 of of ADP cblr-1732 552 26 the the DET cblr-1732 552 27 company company NOUN cblr-1732 552 28 ’s ’s PART cblr-1732 552 29 voting voting NOUN cblr-1732 552 30 power power NOUN cblr-1732 552 31 . . PUNCT cblr-1732 553 1 back back ADV cblr-1732 553 2 in in ADP cblr-1732 553 3 2008 2008 NUM cblr-1732 553 4 , , PUNCT cblr-1732 553 5 the the DET cblr-1732 553 6 activist activist NOUN cblr-1732 553 7 filed file VERB cblr-1732 553 8 a a DET cblr-1732 553 9 lawsuit lawsuit NOUN cblr-1732 553 10 against against ADP cblr-1732 553 11 the the DET cblr-1732 553 12 company company NOUN cblr-1732 553 13 , , PUNCT cblr-1732 553 14 seeking seek VERB cblr-1732 553 15 to to PART cblr-1732 553 16 remove remove VERB cblr-1732 553 17 a a DET cblr-1732 553 18 director director NOUN cblr-1732 553 19 that that PRON cblr-1732 553 20 the the DET cblr-1732 553 21 activist activist NOUN cblr-1732 553 22 thought think VERB cblr-1732 553 23 was be AUX cblr-1732 553 24 too too ADV cblr-1732 553 25 old old ADJ cblr-1732 553 26 and and CCONJ cblr-1732 553 27 ill ill ADJ cblr-1732 553 28 to to PART cblr-1732 553 29 perform perform VERB cblr-1732 553 30 his his PRON cblr-1732 553 31 duties duty NOUN cblr-1732 553 32 properly properly ADV cblr-1732 553 33 , , PUNCT cblr-1732 553 34 to to PART cblr-1732 553 35 hold hold VERB cblr-1732 553 36 the the DET cblr-1732 553 37 company company NOUN cblr-1732 553 38 directors director NOUN cblr-1732 553 39 personally personally ADV cblr-1732 553 40 responsible responsible ADJ cblr-1732 553 41 for for ADP cblr-1732 553 42 costs cost NOUN cblr-1732 553 43 associated associate VERB cblr-1732 553 44 with with ADP cblr-1732 553 45 defending defend VERB cblr-1732 553 46 the the DET cblr-1732 553 47 lawsuit lawsuit NOUN cblr-1732 553 48 , , PUNCT cblr-1732 553 49 and and CCONJ cblr-1732 553 50 to to PART cblr-1732 553 51 stop stop VERB cblr-1732 553 52 the the DET cblr-1732 553 53 directors director NOUN cblr-1732 553 54 from from ADP cblr-1732 553 55 attempting attempt VERB cblr-1732 553 56 to to PART cblr-1732 553 57 selfadopt selfadopt VERB cblr-1732 553 58 stock stock NOUN cblr-1732 553 59 benefit benefit NOUN cblr-1732 553 60 plans plan NOUN cblr-1732 553 61 against against ADP cblr-1732 553 62 the the DET cblr-1732 553 63 wishes wish NOUN cblr-1732 553 64 of of ADP cblr-1732 553 65 the the DET cblr-1732 553 66 shareholders.142 shareholders.142 NOUN cblr-1732 553 67 this this DET cblr-1732 553 68 pressure pressure NOUN cblr-1732 553 69 resulted result VERB cblr-1732 553 70 in in ADP cblr-1732 553 71 the the DET cblr-1732 553 72 director director NOUN cblr-1732 553 73 ’s ’s PART cblr-1732 553 74 resignation resignation NOUN cblr-1732 553 75 and and CCONJ cblr-1732 553 76 a a DET cblr-1732 553 77 settlement settlement NOUN cblr-1732 553 78 agreement agreement NOUN cblr-1732 553 79 pursuant pursuant ADJ cblr-1732 553 80 to to ADP cblr-1732 553 81 which which PRON cblr-1732 553 82 the the DET cblr-1732 553 83 company company NOUN cblr-1732 553 84 agreed agree VERB cblr-1732 553 85 to to PART cblr-1732 553 86 commence commence VERB cblr-1732 553 87 a a DET cblr-1732 553 88 share share NOUN cblr-1732 553 89 repurchase repurchase NOUN cblr-1732 553 90 program program NOUN cblr-1732 553 91 , , PUNCT cblr-1732 553 92 or or CCONJ cblr-1732 553 93 otherwise otherwise ADV cblr-1732 553 94 to to PART cblr-1732 553 95 appoint appoint VERB cblr-1732 553 96 one one NUM cblr-1732 553 97 activist activist ADJ cblr-1732 553 98 nominee nominee NOUN cblr-1732 553 99 to to ADP cblr-1732 553 100 the the DET cblr-1732 553 101 board.143 board.143 NOUN cblr-1732 553 102   NOUN cblr-1732 553 103 this this DET cblr-1732 553 104 part part NOUN cblr-1732 553 105 shows show VERB cblr-1732 553 106 that that SCONJ cblr-1732 553 107 activists activist NOUN cblr-1732 553 108 ’ ’ PART cblr-1732 553 109 bargaining bargaining NOUN cblr-1732 553 110 power power NOUN cblr-1732 553 111 vis vis X cblr-1732 553 112 - - X cblr-1732 553 113 à à X cblr-1732 553 114 - - PUNCT cblr-1732 553 115 vis vis X cblr-1732 553 116 the the DET cblr-1732 553 117 controllers controller NOUN cblr-1732 553 118 is be AUX cblr-1732 553 119 not not PART cblr-1732 553 120 as as ADV cblr-1732 553 121 limited limit VERB cblr-1732 553 122 as as SCONJ cblr-1732 553 123 initially initially ADV cblr-1732 553 124 anticipated anticipate VERB cblr-1732 553 125 . . PUNCT cblr-1732 554 1 in in ADP cblr-1732 554 2 particular particular ADJ cblr-1732 554 3 , , PUNCT cblr-1732 554 4 activists activist NOUN cblr-1732 554 5 have have AUX cblr-1732 554 6 enhanced enhance VERB cblr-1732 554 7 power power NOUN cblr-1732 554 8 when when SCONJ cblr-1732 554 9 they they PRON cblr-1732 554 10 are be AUX cblr-1732 554 11 able able ADJ cblr-1732 554 12 to to PART cblr-1732 554 13 nominate nominate VERB cblr-1732 554 14 and and CCONJ cblr-1732 554 15 elect elect VERB cblr-1732 554 16 minority minority NOUN cblr-1732 554 17 directors director NOUN cblr-1732 554 18 or or CCONJ cblr-1732 554 19 to to PART cblr-1732 554 20 veto veto VERB cblr-1732 554 21 certain certain ADJ cblr-1732 554 22 m&a m&a PROPN cblr-1732 554 23 transactions transaction NOUN cblr-1732 554 24 initiated initiate VERB cblr-1732 554 25 by by ADP cblr-1732 554 26 the the DET cblr-1732 554 27 controllers controller NOUN cblr-1732 554 28 . . PUNCT cblr-1732 555 1 but but CCONJ cblr-1732 555 2 what what PRON cblr-1732 555 3 happens happen VERB cblr-1732 555 4 when when SCONJ cblr-1732 555 5 public public ADJ cblr-1732 555 6 shareholders shareholder NOUN cblr-1732 555 7 have have VERB cblr-1732 555 8 no no DET cblr-1732 555 9 formal formal ADJ cblr-1732 555 10 , , PUNCT cblr-1732 555 11 legal legal ADJ cblr-1732 555 12 mechanisms mechanism NOUN cblr-1732 555 13 to to PART cblr-1732 555 14 facilitate facilitate VERB cblr-1732 555 15 engagements engagement NOUN cblr-1732 555 16 ? ? PUNCT cblr-1732 556 1 to to ADP cblr-1732 556 2 what what DET cblr-1732 556 3 extent extent NOUN cblr-1732 556 4 could could AUX cblr-1732 556 5 the the DET cblr-1732 556 6 reputational reputational ADJ cblr-1732 556 7 concerns concern NOUN cblr-1732 556 8 of of ADP cblr-1732 556 9 controlling control VERB cblr-1732 556 10 shareholders shareholder NOUN cblr-1732 556 11 replace replace VERB cblr-1732 556 12 the the DET cblr-1732 556 13 formal formal ADJ cblr-1732 556 14 channels channel NOUN cblr-1732 556 15 that that PRON cblr-1732 556 16 facilitate facilitate VERB cblr-1732 556 17 activism activism NOUN cblr-1732 556 18 ? ? PUNCT cblr-1732 557 1 the the DET cblr-1732 557 2 next next ADJ cblr-1732 557 3 part part NOUN cblr-1732 557 4 will will AUX cblr-1732 557 5 explore explore VERB cblr-1732 557 6 those those DET cblr-1732 557 7 questions question NOUN cblr-1732 557 8 . . PUNCT cblr-1732 558 1 deregister-or-delist-companys-common-stock-56766247.html deregister-or-delist-companys-common-stock-56766247.html PUNCT cblr-1732 559 1 [ [ X cblr-1732 559 2 http://perma http://perma NOUN cblr-1732 559 3 . . PUNCT cblr-1732 560 1 cc/2dyy cc/2dyy PROPN cblr-1732 560 2 - - PUNCT cblr-1732 560 3 jflg jflg ADV cblr-1732 560 4 ] ] PUNCT cblr-1732 560 5 . . PUNCT cblr-1732 561 1 142 142 NUM cblr-1732 561 2 prudential prudential PROPN cblr-1732 561 3 bancorp bancorp PROPN cblr-1732 561 4 , , PUNCT cblr-1732 561 5 inc inc PROPN cblr-1732 561 6 . . PROPN cblr-1732 561 7 of of ADP cblr-1732 561 8 pennsylvania pennsylvania PROPN cblr-1732 561 9 , , PUNCT cblr-1732 561 10 schedule schedule NOUN cblr-1732 561 11 13d 13d NOUN cblr-1732 561 12 ( ( PUNCT cblr-1732 561 13 form form VERB cblr-1732 561 14 sc sc PROPN cblr-1732 561 15 13d 13d NOUN cblr-1732 561 16 ) ) PUNCT cblr-1732 561 17 8–14 8–14 PROPN cblr-1732 561 18 ( ( PUNCT cblr-1732 561 19 may may PROPN cblr-1732 561 20 19 19 NUM cblr-1732 561 21 , , PUNCT cblr-1732 561 22 2008 2008 NUM cblr-1732 561 23 ) ) PUNCT cblr-1732 561 24 . . PUNCT cblr-1732 562 1 143 143 NUM cblr-1732 562 2 see see VERB cblr-1732 562 3 jeff jeff PROPN cblr-1732 562 4 blumenthal blumenthal PROPN cblr-1732 562 5 , , PUNCT cblr-1732 562 6 prudential prudential PROPN cblr-1732 562 7 bancorp bancorp PROPN cblr-1732 562 8 director director PROPN cblr-1732 562 9 quits quit VERB cblr-1732 562 10 amid amid ADP cblr-1732 562 11 insider insider NOUN cblr-1732 562 12 complaint complaint NOUN cblr-1732 562 13 , , PUNCT cblr-1732 562 14 phila phila PROPN cblr-1732 562 15 . . PUNCT cblr-1732 563 1 bus bus PROPN cblr-1732 563 2 . . PUNCT cblr-1732 564 1 j. j. PROPN cblr-1732 564 2 ( ( PUNCT cblr-1732 564 3 june june PROPN cblr-1732 564 4 18 18 NUM cblr-1732 564 5 , , PUNCT cblr-1732 564 6 2008 2008 NUM cblr-1732 564 7 ) ) PUNCT cblr-1732 564 8 , , PUNCT cblr-1732 564 9 http://www.biz http://www.biz NOUN cblr-1732 564 10 journals.com/philadelphia/stories/2008/06/23/newscolumn2.html journals.com/philadelphia/stories/2008/06/23/newscolumn2.html PROPN cblr-1732 565 1 [ [ X cblr-1732 565 2 https:// https:// PROPN cblr-1732 565 3 perma.cc/5l3m-3n64 perma.cc/5l3m-3n64 PROPN cblr-1732 565 4 ] ] PUNCT cblr-1732 565 5 . . PUNCT cblr-1732 566 1 kastiel kastiel PROPN cblr-1732 566 2 – – PUNCT cblr-1732 566 3 final final ADJ cblr-1732 566 4 104 104 PROPN cblr-1732 566 5 columbia columbia PROPN cblr-1732 566 6 business business NOUN cblr-1732 566 7 law law PROPN cblr-1732 566 8 review review NOUN cblr-1732 567 1 [ [ X cblr-1732 567 2 vol vol NOUN cblr-1732 567 3 . . NOUN cblr-1732 567 4 2016 2016 NUM cblr-1732 567 5 v. v. ADP cblr-1732 567 6 the the DET cblr-1732 567 7 informal informal ADJ cblr-1732 567 8 channels channel NOUN cblr-1732 567 9 of of ADP cblr-1732 567 10 activism activism NOUN cblr-1732 567 11 while while SCONJ cblr-1732 567 12 legal legal ADJ cblr-1732 567 13 scholars scholar NOUN cblr-1732 567 14 have have AUX cblr-1732 567 15 often often ADV cblr-1732 567 16 emphasized emphasize VERB cblr-1732 567 17 the the DET cblr-1732 567 18 important important ADJ cblr-1732 567 19 role role NOUN cblr-1732 567 20 that that PRON cblr-1732 567 21 informal informal ADJ cblr-1732 567 22 channels channel NOUN cblr-1732 567 23 — — PUNCT cblr-1732 567 24 particularly particularly ADV cblr-1732 567 25 reputational reputational ADJ cblr-1732 567 26 concerns concern NOUN cblr-1732 567 27 of of ADP cblr-1732 567 28 controlling control VERB cblr-1732 567 29 shareholders shareholder NOUN cblr-1732 567 30 — — PUNCT cblr-1732 567 31 play play VERB cblr-1732 567 32 in in ADP cblr-1732 567 33 curbing curb VERB cblr-1732 567 34 controllers controller NOUN cblr-1732 567 35 ’ ' PUNCT cblr-1732 567 36 opportunism,144 opportunism,144 PROPN cblr-1732 568 1 there there PRON cblr-1732 568 2 is be VERB cblr-1732 568 3 little little ADJ cblr-1732 568 4 empirical empirical ADJ cblr-1732 568 5 evidence evidence NOUN cblr-1732 568 6 that that PRON cblr-1732 568 7 examines examine VERB cblr-1732 568 8 this this DET cblr-1732 568 9 proposition proposition NOUN cblr-1732 568 10 . . PUNCT cblr-1732 569 1 engagements engagement NOUN cblr-1732 569 2 with with ADP cblr-1732 569 3 controlled control VERB cblr-1732 569 4 companies company NOUN cblr-1732 569 5 , , PUNCT cblr-1732 569 6 and and CCONJ cblr-1732 569 7 especially especially ADV cblr-1732 569 8 those those PRON cblr-1732 569 9 where where SCONJ cblr-1732 569 10 the the DET cblr-1732 569 11 control control NOUN cblr-1732 569 12 is be AUX cblr-1732 569 13 uncontested unconteste VERB cblr-1732 569 14 , , PUNCT cblr-1732 569 15 serve serve VERB cblr-1732 569 16 as as ADP cblr-1732 569 17 an an DET cblr-1732 569 18 interesting interesting ADJ cblr-1732 569 19 setting setting NOUN cblr-1732 569 20 to to PART cblr-1732 569 21 explore explore VERB cblr-1732 569 22 the the DET cblr-1732 569 23 potential potential ADJ cblr-1732 569 24 impact impact NOUN cblr-1732 569 25 of of ADP cblr-1732 569 26 reputational reputational ADJ cblr-1732 569 27 concerns concern NOUN cblr-1732 569 28 for for ADP cblr-1732 569 29 two two NUM cblr-1732 569 30 reasons reason NOUN cblr-1732 569 31 . . PUNCT cblr-1732 570 1 first first ADV cblr-1732 570 2 , , PUNCT cblr-1732 570 3 since since SCONJ cblr-1732 570 4 activists activist NOUN cblr-1732 570 5 have have VERB cblr-1732 570 6 a a DET cblr-1732 570 7 limited limited ADJ cblr-1732 570 8 ability ability NOUN cblr-1732 570 9 to to PART cblr-1732 570 10 formally formally ADV cblr-1732 570 11 influence influence VERB cblr-1732 570 12 the the DET cblr-1732 570 13 decision decision NOUN cblr-1732 570 14 - - PUNCT cblr-1732 570 15 making making NOUN cblr-1732 570 16 of of ADP cblr-1732 570 17 a a DET cblr-1732 570 18 fully fully ADV cblr-1732 570 19 controlled control VERB cblr-1732 570 20 firm firm NOUN cblr-1732 570 21 , , PUNCT cblr-1732 570 22 one one PRON cblr-1732 570 23 could could AUX cblr-1732 570 24 assume assume VERB cblr-1732 570 25 that that SCONJ cblr-1732 570 26 when when SCONJ cblr-1732 570 27 activists activist NOUN cblr-1732 570 28 do do AUX cblr-1732 570 29 decide decide VERB cblr-1732 570 30 to to PART cblr-1732 570 31 target target VERB cblr-1732 570 32 controlled control VERB cblr-1732 570 33 companies company NOUN cblr-1732 570 34 , , PUNCT cblr-1732 570 35 they they PRON cblr-1732 570 36 are be AUX cblr-1732 570 37 likely likely ADJ cblr-1732 570 38 to to PART cblr-1732 570 39 rely rely VERB cblr-1732 570 40 more more ADV cblr-1732 570 41 heavily heavily ADV cblr-1732 570 42 on on ADP cblr-1732 570 43 informal informal ADJ cblr-1732 570 44 mechanisms mechanism NOUN cblr-1732 570 45 . . PUNCT cblr-1732 571 1 second second ADJ cblr-1732 571 2 , , PUNCT cblr-1732 571 3 controlling control VERB cblr-1732 571 4 shareholders shareholder NOUN cblr-1732 571 5 , , PUNCT cblr-1732 571 6 who who PRON cblr-1732 571 7 usually usually ADV cblr-1732 571 8 hold hold VERB cblr-1732 571 9 their their PRON cblr-1732 571 10 position position NOUN cblr-1732 571 11 for for ADP cblr-1732 571 12 a a DET cblr-1732 571 13 long long ADJ cblr-1732 571 14 period period NOUN cblr-1732 571 15 of of ADP cblr-1732 571 16 time time NOUN cblr-1732 571 17 , , PUNCT cblr-1732 571 18 are be AUX cblr-1732 571 19 considered consider VERB cblr-1732 571 20 better well ADJ cblr-1732 571 21 targets target NOUN cblr-1732 571 22 for for ADP cblr-1732 571 23 reputational reputational ADJ cblr-1732 571 24 sanctions sanction NOUN cblr-1732 571 25 than than SCONJ cblr-1732 571 26 hired hire VERB cblr-1732 571 27 managers manager NOUN cblr-1732 571 28 of of ADP cblr-1732 571 29 widely widely ADV cblr-1732 571 30 held hold VERB cblr-1732 571 31 firms firm NOUN cblr-1732 571 32 , , PUNCT cblr-1732 571 33 as as SCONJ cblr-1732 571 34 the the DET cblr-1732 571 35 former former NOUN cblr-1732 571 36 ’s ’s PART cblr-1732 571 37 ability ability NOUN cblr-1732 571 38 to to PART cblr-1732 571 39 influence influence VERB cblr-1732 571 40 the the DET cblr-1732 571 41 firm firm NOUN cblr-1732 571 42 ’s ’s PART cblr-1732 571 43 decision decision NOUN cblr-1732 571 44 - - PUNCT cblr-1732 571 45 making making NOUN cblr-1732 571 46 is be AUX cblr-1732 571 47 sufficiently sufficiently ADV cblr-1732 571 48 identifiable identifiable ADJ cblr-1732 571 49 to to ADP cblr-1732 571 50 investors investor NOUN cblr-1732 571 51 and and CCONJ cblr-1732 571 52 the the DET cblr-1732 571 53 public.145 public.145 NOUN cblr-1732 571 54 to to PART cblr-1732 571 55 explore explore VERB cblr-1732 571 56 the the DET cblr-1732 571 57 potential potential ADJ cblr-1732 571 58 rule rule NOUN cblr-1732 571 59 of of ADP cblr-1732 571 60 reputational reputational ADJ cblr-1732 571 61 forces force NOUN cblr-1732 571 62 , , PUNCT cblr-1732 571 63 this this DET cblr-1732 571 64 part part NOUN cblr-1732 571 65 conducts conduct VERB cblr-1732 571 66 two two NUM cblr-1732 571 67 main main ADJ cblr-1732 571 68 examinations examination NOUN cblr-1732 571 69 . . PUNCT cblr-1732 572 1 first first ADV cblr-1732 572 2 , , PUNCT cblr-1732 572 3 it it PRON cblr-1732 572 4 reviews review VERB cblr-1732 572 5 engagements engagement NOUN cblr-1732 572 6 when when SCONJ cblr-1732 572 7 control control NOUN cblr-1732 572 8 is be AUX cblr-1732 572 9 fully fully ADV cblr-1732 572 10 uncontested uncontested ADJ cblr-1732 572 11 and and CCONJ cblr-1732 572 12 activists activist NOUN cblr-1732 572 13 have have VERB cblr-1732 572 14 no no DET cblr-1732 572 15 other other ADJ cblr-1732 572 16 apparent apparent ADJ cblr-1732 572 17 formal formal ADJ cblr-1732 572 18 bargaining bargaining NOUN cblr-1732 572 19 mechanisms mechanism NOUN cblr-1732 572 20 ( ( PUNCT cblr-1732 572 21 “ " PUNCT cblr-1732 572 22 against against ADP cblr-1732 572 23 all all DET cblr-1732 572 24 odds odd NOUN cblr-1732 572 25 ” " PUNCT cblr-1732 572 26 engagements engagement NOUN cblr-1732 572 27 ) ) PUNCT cblr-1732 572 28 . . PUNCT cblr-1732 573 1 second second ADJ cblr-1732 573 2 , , PUNCT cblr-1732 573 3 it it PRON cblr-1732 573 4 examines examine VERB cblr-1732 573 5 engagements engagement NOUN cblr-1732 573 6 that that PRON cblr-1732 573 7 receive receive VERB cblr-1732 573 8 particularly particularly ADV cblr-1732 573 9 strong strong ADJ cblr-1732 573 10 media medium NOUN cblr-1732 573 11 coverage coverage NOUN cblr-1732 573 12 , , PUNCT cblr-1732 573 13 and and CCONJ cblr-1732 573 14 thus thus ADV cblr-1732 573 15 are be AUX cblr-1732 573 16 likely likely ADJ cblr-1732 573 17 to to PART cblr-1732 573 18 have have VERB cblr-1732 573 19 a a DET cblr-1732 573 20 greater great ADJ cblr-1732 573 21 impact impact NOUN cblr-1732 573 22 on on ADP cblr-1732 573 23 the the DET cblr-1732 573 24 controller controller NOUN cblr-1732 573 25 . . PUNCT cblr-1732 574 1 a. a. NOUN cblr-1732 574 2 unbundling unbundle VERB cblr-1732 574 3 controllers controller NOUN cblr-1732 574 4 ’ ' PUNCT cblr-1732 574 5 reputational reputational ADJ cblr-1732 574 6 concerns concern NOUN cblr-1732 574 7 in in ADP cblr-1732 574 8 general general ADJ cblr-1732 574 9 , , PUNCT cblr-1732 574 10 the the DET cblr-1732 574 11 incentives incentive NOUN cblr-1732 574 12 of of ADP cblr-1732 574 13 controllers controller NOUN cblr-1732 574 14 to to PART cblr-1732 574 15 preserve preserve VERB cblr-1732 574 16 their their PRON cblr-1732 574 17 reputation reputation NOUN cblr-1732 574 18 stem stem VERB cblr-1732 574 19 from from ADP cblr-1732 574 20 different different ADJ cblr-1732 574 21 sources source NOUN cblr-1732 574 22 . . PUNCT cblr-1732 575 1 one one NUM cblr-1732 575 2 source source NOUN cblr-1732 575 3 is be AUX cblr-1732 575 4 the the DET cblr-1732 575 5 144 144 NUM cblr-1732 575 6 see see NOUN cblr-1732 575 7 infra infra NOUN cblr-1732 575 8 notes note NOUN cblr-1732 575 9 145–49 145–49 NUM cblr-1732 575 10 . . PROPN cblr-1732 575 11 145 145 NUM cblr-1732 575 12 ronald ronald PROPN cblr-1732 575 13 j. j. PROPN cblr-1732 575 14 gilson gilson PROPN cblr-1732 575 15 , , PUNCT cblr-1732 575 16 controlling control VERB cblr-1732 575 17 family family NOUN cblr-1732 575 18 shareholders shareholder NOUN cblr-1732 575 19 in in ADP cblr-1732 575 20 developing develop VERB cblr-1732 575 21 countries country NOUN cblr-1732 575 22 : : PUNCT cblr-1732 575 23 anchoring anchor VERB cblr-1732 575 24 relational relational ADJ cblr-1732 575 25 exchanges exchange NOUN cblr-1732 575 26 , , PUNCT cblr-1732 575 27 60 60 NUM cblr-1732 575 28 stan stan PROPN cblr-1732 575 29 . . PUNCT cblr-1732 576 1 l. l. PROPN cblr-1732 576 2 rev rev PROPN cblr-1732 576 3 . . PROPN cblr-1732 576 4 633 633 NUM cblr-1732 576 5 , , PUNCT cblr-1732 576 6 636 636 NUM cblr-1732 576 7 ( ( PUNCT cblr-1732 576 8 2007 2007 NUM cblr-1732 576 9 ) ) PUNCT cblr-1732 576 10 ; ; PUNCT cblr-1732 576 11 see see VERB cblr-1732 576 12 also also ADV cblr-1732 576 13 einer einer NOUN cblr-1732 576 14 elhauge elhauge NOUN cblr-1732 576 15 , , PUNCT cblr-1732 576 16 sacrificing sacrifice VERB cblr-1732 576 17 corporate corporate ADJ cblr-1732 576 18 profits profit NOUN cblr-1732 576 19 in in ADP cblr-1732 576 20 the the DET cblr-1732 576 21 public public ADJ cblr-1732 576 22 interest interest NOUN cblr-1732 576 23 , , PUNCT cblr-1732 576 24 80 80 NUM cblr-1732 576 25 n.y.u n.y.u NOUN cblr-1732 576 26 . . PUNCT cblr-1732 577 1 l. l. PROPN cblr-1732 577 2 rev rev PROPN cblr-1732 577 3 . . PROPN cblr-1732 577 4 733 733 NUM cblr-1732 577 5 , , PUNCT cblr-1732 577 6 783–84 783–84 NOUN cblr-1732 577 7 , , PUNCT cblr-1732 577 8 815 815 NUM cblr-1732 577 9 , , PUNCT cblr-1732 577 10 858 858 NUM cblr-1732 577 11 ( ( PUNCT cblr-1732 577 12 2005 2005 NUM cblr-1732 577 13 ) ) PUNCT cblr-1732 577 14 ( ( PUNCT cblr-1732 577 15 arguing argue VERB cblr-1732 577 16 that that SCONJ cblr-1732 577 17 controlling control VERB cblr-1732 577 18 shareholders shareholder NOUN cblr-1732 577 19 like like ADP cblr-1732 577 20 henry henry PROPN cblr-1732 577 21 ford ford PROPN cblr-1732 577 22 who who PRON cblr-1732 577 23 are be AUX cblr-1732 577 24 heavily heavily ADV cblr-1732 577 25 involved involve VERB cblr-1732 577 26 in in ADP cblr-1732 577 27 the the DET cblr-1732 577 28 management management NOUN cblr-1732 577 29 of of ADP cblr-1732 577 30 their their PRON cblr-1732 577 31 firms firm NOUN cblr-1732 577 32 are be AUX cblr-1732 577 33 “ " PUNCT cblr-1732 577 34 the the DET cblr-1732 577 35 best good ADJ cblr-1732 577 36 locus locus NOUN cblr-1732 577 37 of of ADP cblr-1732 577 38 social social ADJ cblr-1732 577 39 and and CCONJ cblr-1732 577 40 moral moral ADJ cblr-1732 577 41 sanctions sanction NOUN cblr-1732 577 42 ” " PUNCT cblr-1732 577 43 ) ) PUNCT cblr-1732 577 44 . . PUNCT cblr-1732 578 1 kastiel kastiel PROPN cblr-1732 578 2 – – PUNCT cblr-1732 578 3 final final ADJ cblr-1732 578 4 no no NOUN cblr-1732 578 5 . . PROPN cblr-1732 578 6 1:60 1:60 NUM cblr-1732 578 7 ] ] PUNCT cblr-1732 578 8 against against ADP cblr-1732 578 9 all all DET cblr-1732 578 10 odds odd NOUN cblr-1732 578 11 105 105 NUM cblr-1732 578 12 potential potential ADJ cblr-1732 578 13 damage damage NOUN cblr-1732 578 14 to to ADP cblr-1732 578 15 the the DET cblr-1732 578 16 public public ADJ cblr-1732 578 17 image image NOUN cblr-1732 578 18 or or CCONJ cblr-1732 578 19 social social ADJ cblr-1732 578 20 standing standing NOUN cblr-1732 578 21 of of ADP cblr-1732 578 22 controllers controller NOUN cblr-1732 578 23 as as ADP cblr-1732 578 24 successful successful ADJ cblr-1732 578 25 managers manager NOUN cblr-1732 578 26 among among ADP cblr-1732 578 27 their their PRON cblr-1732 578 28 peers.146 peers.146 ADJ cblr-1732 578 29 after after ADV cblr-1732 578 30 all all ADV cblr-1732 578 31 , , PUNCT cblr-1732 578 32 senior senior ADJ cblr-1732 578 33 managers manager NOUN cblr-1732 578 34 and and CCONJ cblr-1732 578 35 directors director NOUN cblr-1732 578 36 of of ADP cblr-1732 578 37 large large ADJ cblr-1732 578 38 , , PUNCT cblr-1732 578 39 public public ADJ cblr-1732 578 40 u.s u.s PROPN cblr-1732 578 41 . . PROPN cblr-1732 578 42 corporations corporation NOUN cblr-1732 578 43 make make VERB cblr-1732 578 44 up up ADP cblr-1732 578 45 a a DET cblr-1732 578 46 surprisingly surprisingly ADV cblr-1732 578 47 small small ADJ cblr-1732 578 48 and and CCONJ cblr-1732 578 49 close close ADV cblr-1732 578 50 - - PUNCT cblr-1732 578 51 knit knit VERB cblr-1732 578 52 community community NOUN cblr-1732 578 53 . . PUNCT cblr-1732 579 1 since since SCONJ cblr-1732 579 2 those those DET cblr-1732 579 3 people people NOUN cblr-1732 579 4 know know VERB cblr-1732 579 5 each each DET cblr-1732 579 6 other other ADJ cblr-1732 579 7 well well ADV cblr-1732 579 8 , , PUNCT cblr-1732 579 9 as as SCONJ cblr-1732 579 10 edward edward PROPN cblr-1732 579 11 rock rock NOUN cblr-1732 579 12 suggests suggest VERB cblr-1732 579 13 , , PUNCT cblr-1732 579 14 they they PRON cblr-1732 579 15 “ " PUNCT cblr-1732 579 16 apparently apparently ADV cblr-1732 579 17 care care VERB cblr-1732 579 18 about about ADP cblr-1732 579 19 their their PRON cblr-1732 579 20 reputation reputation NOUN cblr-1732 579 21 in in ADP cblr-1732 579 22 the the DET cblr-1732 579 23 community community NOUN cblr-1732 579 24 . . PUNCT cblr-1732 580 1 ”147 ”147 PROPN cblr-1732 580 2 a a DET cblr-1732 580 3 second second ADV cblr-1732 580 4 related relate VERB cblr-1732 580 5 concern concern NOUN cblr-1732 580 6 focuses focus VERB cblr-1732 580 7 on on ADP cblr-1732 580 8 the the DET cblr-1732 580 9 potential potential ADJ cblr-1732 580 10 damage damage NOUN cblr-1732 580 11 to to ADP cblr-1732 580 12 controllers controller NOUN cblr-1732 580 13 ’ ' PUNCT cblr-1732 580 14 reputation reputation NOUN cblr-1732 580 15 when when SCONJ cblr-1732 580 16 treating treat VERB cblr-1732 580 17 minority minority NOUN cblr-1732 580 18 shareholders shareholder NOUN cblr-1732 580 19 unfairly unfairly ADV cblr-1732 580 20 . . PUNCT cblr-1732 581 1 in in ADP cblr-1732 581 2 that that DET cblr-1732 581 3 regard regard NOUN cblr-1732 581 4 , , PUNCT cblr-1732 581 5 a a DET cblr-1732 581 6 controller controller NOUN cblr-1732 581 7 ’s ’s PART cblr-1732 581 8 need need NOUN cblr-1732 581 9 to to PART cblr-1732 581 10 maintain maintain VERB cblr-1732 581 11 “ " PUNCT cblr-1732 581 12 a a DET cblr-1732 581 13 positive positive ADJ cblr-1732 581 14 image image NOUN cblr-1732 581 15 as as ADP cblr-1732 581 16 an an DET cblr-1732 581 17 honest honest ADJ cblr-1732 581 18 and and CCONJ cblr-1732 581 19 moral moral ADJ cblr-1732 581 20 dealer”148 dealer”148 NOUN cblr-1732 581 21 may may AUX cblr-1732 581 22 play play VERB cblr-1732 581 23 an an DET cblr-1732 581 24 important important ADJ cblr-1732 581 25 role role NOUN cblr-1732 581 26 in in ADP cblr-1732 581 27 reducing reduce VERB cblr-1732 581 28 the the DET cblr-1732 581 29 risk risk NOUN cblr-1732 581 30 of of ADP cblr-1732 581 31 minority minority NOUN cblr-1732 581 32 expropriation expropriation NOUN cblr-1732 581 33 , , PUNCT cblr-1732 581 34 causing cause VERB cblr-1732 581 35 controllers controller NOUN cblr-1732 581 36 “ " PUNCT cblr-1732 581 37 to to PART cblr-1732 581 38 refrain refrain VERB cblr-1732 581 39 from from ADP cblr-1732 581 40 abusing abuse VERB cblr-1732 581 41 the the DET cblr-1732 581 42 rights right NOUN cblr-1732 581 43 of of ADP cblr-1732 581 44 the the DET cblr-1732 581 45 minority minority NOUN cblr-1732 581 46 — — PUNCT cblr-1732 581 47 even even ADV cblr-1732 581 48 when when SCONJ cblr-1732 581 49 no no DET cblr-1732 581 50 economic economic ADJ cblr-1732 581 51 sanction sanction NOUN cblr-1732 581 52 is be AUX cblr-1732 581 53 threatened threaten VERB cblr-1732 581 54 . . PUNCT cblr-1732 582 1 ”149 ”149 VERB cblr-1732 582 2 the the DET cblr-1732 582 3 third third ADJ cblr-1732 582 4 aspect aspect NOUN cblr-1732 582 5 of of ADP cblr-1732 582 6 reputation reputation NOUN cblr-1732 582 7 markets market NOUN cblr-1732 582 8 is be AUX cblr-1732 582 9 related relate VERB cblr-1732 582 10 to to ADP cblr-1732 582 11 the the DET cblr-1732 582 12 public public ADJ cblr-1732 582 13 image image NOUN cblr-1732 582 14 of of ADP cblr-1732 582 15 a a DET cblr-1732 582 16 controlled control VERB cblr-1732 582 17 company company NOUN cblr-1732 582 18 among among ADP cblr-1732 582 19 its its PRON cblr-1732 582 20 consumers consumer NOUN cblr-1732 582 21 and and CCONJ cblr-1732 582 22 the the DET cblr-1732 582 23 general general ADJ cblr-1732 582 24 public public NOUN cblr-1732 582 25 . . PUNCT cblr-1732 583 1 for for ADP cblr-1732 583 2 a a DET cblr-1732 583 3 company company NOUN cblr-1732 583 4 with with ADP cblr-1732 583 5 a a DET cblr-1732 583 6 large large ADJ cblr-1732 583 7 consumer consumer NOUN cblr-1732 583 8 base base NOUN cblr-1732 583 9 , , PUNCT cblr-1732 583 10 a a DET cblr-1732 583 11 campaign campaign NOUN cblr-1732 583 12 that that PRON cblr-1732 583 13 publicly publicly ADV cblr-1732 583 14 criticizes criticize VERB cblr-1732 583 15 the the DET cblr-1732 583 16 company company NOUN cblr-1732 583 17 ’s ’s PART cblr-1732 583 18 policy policy NOUN cblr-1732 583 19 toward toward ADP cblr-1732 583 20 social social ADJ cblr-1732 583 21 and and CCONJ cblr-1732 583 22 environmental environmental ADJ cblr-1732 583 23 issues issue NOUN cblr-1732 583 24 could could AUX cblr-1732 583 25 negatively negatively ADV cblr-1732 583 26 impact impact VERB cblr-1732 583 27 its its PRON cblr-1732 583 28 reputation reputation NOUN cblr-1732 583 29 and and CCONJ cblr-1732 583 30 reduce reduce VERB cblr-1732 583 31 the the DET cblr-1732 583 32 demand demand NOUN cblr-1732 583 33 for for ADP cblr-1732 583 34 its its PRON cblr-1732 583 35 product product NOUN cblr-1732 583 36 . . PUNCT cblr-1732 584 1 146 146 NUM cblr-1732 584 2 see see VERB cblr-1732 584 3 , , PUNCT cblr-1732 584 4 e.g. e.g. ADV cblr-1732 584 5 , , PUNCT cblr-1732 584 6 alexander alexander PROPN cblr-1732 584 7 dyck dyck PROPN cblr-1732 584 8 & & CCONJ cblr-1732 584 9 luigi luigi PROPN cblr-1732 584 10 zingales zingales PROPN cblr-1732 584 11 , , PUNCT cblr-1732 584 12 the the DET cblr-1732 584 13 corporate corporate ADJ cblr-1732 584 14 governance governance NOUN cblr-1732 584 15 role role NOUN cblr-1732 584 16 of of ADP cblr-1732 584 17 the the DET cblr-1732 584 18 media medium NOUN cblr-1732 584 19 , , PUNCT cblr-1732 584 20 in in ADP cblr-1732 584 21 the the DET cblr-1732 584 22 right right NOUN cblr-1732 584 23 to to PART cblr-1732 584 24 tell tell VERB cblr-1732 584 25 : : PUNCT cblr-1732 584 26 the the DET cblr-1732 584 27 role role NOUN cblr-1732 584 28 of of ADP cblr-1732 584 29 the the DET cblr-1732 584 30 media medium NOUN cblr-1732 584 31 in in ADP cblr-1732 584 32 development development NOUN cblr-1732 584 33 107 107 NUM cblr-1732 584 34 , , PUNCT cblr-1732 584 35 109 109 NUM cblr-1732 584 36 , , PUNCT cblr-1732 584 37 122 122 NUM cblr-1732 584 38 ( ( PUNCT cblr-1732 584 39 world world PROPN cblr-1732 584 40 bank bank PROPN cblr-1732 584 41 ed ed NOUN cblr-1732 584 42 . . PROPN cblr-1732 584 43 , , PUNCT cblr-1732 584 44 2002 2002 NUM cblr-1732 584 45 ) ) PUNCT cblr-1732 584 46 ( ( PUNCT cblr-1732 584 47 discussing discuss VERB cblr-1732 584 48 the the DET cblr-1732 584 49 disciplinary disciplinary ADJ cblr-1732 584 50 power power NOUN cblr-1732 584 51 of of ADP cblr-1732 584 52 media medium NOUN cblr-1732 584 53 coverage coverage NOUN cblr-1732 584 54 on on ADP cblr-1732 584 55 executives executive NOUN cblr-1732 584 56 ’ ’ PART cblr-1732 584 57 reputation reputation NOUN cblr-1732 584 58 ) ) PUNCT cblr-1732 584 59 ; ; PUNCT cblr-1732 584 60 see see VERB cblr-1732 584 61 also also ADV cblr-1732 584 62 joseph joseph PROPN cblr-1732 584 63 a. a. PROPN cblr-1732 584 64 grundfest grundfest PROPN cblr-1732 584 65 , , PUNCT cblr-1732 584 66 just just ADV cblr-1732 584 67 vote vote VERB cblr-1732 584 68 no no INTJ cblr-1732 584 69 : : PUNCT cblr-1732 584 70 a a DET cblr-1732 584 71 minimalist minimalist ADJ cblr-1732 584 72 strategy strategy NOUN cblr-1732 584 73 for for ADP cblr-1732 584 74 dealing deal VERB cblr-1732 584 75 with with ADP cblr-1732 584 76 barbarians barbarian NOUN cblr-1732 584 77 inside inside ADP cblr-1732 584 78 the the DET cblr-1732 584 79 gates gate NOUN cblr-1732 584 80 , , PUNCT cblr-1732 584 81 45 45 NUM cblr-1732 584 82 stan stan PROPN cblr-1732 584 83 . . PUNCT cblr-1732 585 1 l. l. PROPN cblr-1732 585 2 rev rev PROPN cblr-1732 585 3 . . PROPN cblr-1732 585 4 857 857 NUM cblr-1732 585 5 , , PUNCT cblr-1732 585 6 865–66 865–66 NUM cblr-1732 585 7 ( ( PUNCT cblr-1732 585 8 1993 1993 NUM cblr-1732 585 9 ) ) PUNCT cblr-1732 585 10 ( ( PUNCT cblr-1732 585 11 arguing argue VERB cblr-1732 585 12 that that SCONJ cblr-1732 585 13 symbolic symbolic ADJ cblr-1732 585 14 gesture gesture NOUN cblr-1732 585 15 of of ADP cblr-1732 585 16 withholding withholding NOUN cblr-1732 585 17 votes vote NOUN cblr-1732 585 18 could could AUX cblr-1732 585 19 be be AUX cblr-1732 585 20 enough enough ADJ cblr-1732 585 21 of of ADP cblr-1732 585 22 an an DET cblr-1732 585 23 embarrassment embarrassment NOUN cblr-1732 585 24 to to PART cblr-1732 585 25 motivate motivate VERB cblr-1732 585 26 the the DET cblr-1732 585 27 board board NOUN cblr-1732 585 28 to to PART cblr-1732 585 29 take take VERB cblr-1732 585 30 certain certain ADJ cblr-1732 585 31 disciplinary disciplinary ADJ cblr-1732 585 32 action action NOUN cblr-1732 585 33 ) ) PUNCT cblr-1732 585 34 . . PUNCT cblr-1732 586 1 147 147 NUM cblr-1732 586 2 see see VERB cblr-1732 586 3 edward edward PROPN cblr-1732 586 4 b. b. PROPN cblr-1732 586 5 rock rock PROPN cblr-1732 586 6 , , PUNCT cblr-1732 586 7 saints saint NOUN cblr-1732 586 8 and and CCONJ cblr-1732 586 9 sinners sinner NOUN cblr-1732 586 10 : : PUNCT cblr-1732 586 11 how how SCONJ cblr-1732 586 12 does do AUX cblr-1732 586 13 delaware delaware PROPN cblr-1732 586 14 corporate corporate ADJ cblr-1732 586 15 law law NOUN cblr-1732 586 16 work work NOUN cblr-1732 586 17 ? ? PUNCT cblr-1732 586 18 , , PUNCT cblr-1732 586 19 44 44 NUM cblr-1732 586 20 ucla ucla PROPN cblr-1732 586 21 l. l. PROPN cblr-1732 586 22 rev rev PROPN cblr-1732 586 23 . . PROPN cblr-1732 586 24 1009 1009 NUM cblr-1732 586 25 , , PUNCT cblr-1732 586 26 1013–14 1013–14 NUM cblr-1732 586 27 ( ( PUNCT cblr-1732 586 28 1997 1997 NUM cblr-1732 586 29 ) ) PUNCT cblr-1732 586 30 . . PUNCT cblr-1732 587 1 148 148 NUM cblr-1732 587 2 zohar zohar PROPN cblr-1732 587 3 goshen goshen PROPN cblr-1732 587 4 , , PUNCT cblr-1732 587 5 the the DET cblr-1732 587 6 efficiency efficiency NOUN cblr-1732 587 7 of of ADP cblr-1732 587 8 controlling control VERB cblr-1732 587 9 corporate corporate ADJ cblr-1732 587 10 selfdealing selfdealing NOUN cblr-1732 587 11 : : PUNCT cblr-1732 587 12 theory theory NOUN cblr-1732 587 13 meets meet VERB cblr-1732 587 14 reality reality NOUN cblr-1732 587 15 , , PUNCT cblr-1732 587 16 91 91 NUM cblr-1732 587 17 cal cal NOUN cblr-1732 587 18 . . PUNCT cblr-1732 588 1 l. l. PROPN cblr-1732 588 2 rev rev PROPN cblr-1732 588 3 . . PROPN cblr-1732 588 4 393 393 NUM cblr-1732 588 5 , , PUNCT cblr-1732 588 6 425 425 NUM cblr-1732 588 7 ( ( PUNCT cblr-1732 588 8 2003 2003 NUM cblr-1732 588 9 ) ) PUNCT cblr-1732 588 10 . . PUNCT cblr-1732 589 1 149 149 NUM cblr-1732 590 1 i i PRON cblr-1732 590 2 d. d. PROPN cblr-1732 590 3 see see VERB cblr-1732 590 4 also also ADV cblr-1732 590 5 john john PROPN cblr-1732 590 6 c. c. PROPN cblr-1732 590 7 coffee coffee PROPN cblr-1732 590 8 , , PUNCT cblr-1732 590 9 jr jr PROPN cblr-1732 590 10 . . PROPN cblr-1732 590 11 , , PUNCT cblr-1732 590 12 do do VERB cblr-1732 590 13 norms norm NOUN cblr-1732 590 14 matter matter ADV cblr-1732 590 15 ? ? PUNCT cblr-1732 591 1 a a DET cblr-1732 591 2 cross cross ADJ cblr-1732 591 3 - - ADJ cblr-1732 591 4 country country ADJ cblr-1732 591 5 evaluation evaluation NOUN cblr-1732 591 6 , , PUNCT cblr-1732 591 7 149 149 NUM cblr-1732 591 8 u. u. NOUN cblr-1732 591 9 pa pa PROPN cblr-1732 591 10 . . PUNCT cblr-1732 591 11 l. l. PROPN cblr-1732 591 12 rev rev PROPN cblr-1732 591 13 . . PROPN cblr-1732 591 14 2151 2151 NUM cblr-1732 591 15 , , PUNCT cblr-1732 591 16 2175 2175 NUM cblr-1732 591 17 ( ( PUNCT cblr-1732 591 18 2001 2001 NUM cblr-1732 591 19 ) ) PUNCT cblr-1732 591 20 ( ( PUNCT cblr-1732 591 21 claiming claim VERB cblr-1732 591 22 that that SCONJ cblr-1732 591 23 social social ADJ cblr-1732 591 24 norms norm NOUN cblr-1732 591 25 do do AUX cblr-1732 591 26 matter matter VERB cblr-1732 591 27 and and CCONJ cblr-1732 591 28 constrain constrain VERB cblr-1732 591 29 controllers controller NOUN cblr-1732 591 30 to to ADP cblr-1732 591 31 varying vary VERB cblr-1732 591 32 degrees degree NOUN cblr-1732 591 33 ) ) PUNCT cblr-1732 591 34 ; ; PUNCT cblr-1732 591 35 ronald ronald PROPN cblr-1732 591 36 j. j. PROPN cblr-1732 591 37 gilson gilson PROPN cblr-1732 591 38 , , PUNCT cblr-1732 591 39 supra supra PROPN cblr-1732 591 40 note note PROPN cblr-1732 591 41 145 145 NUM cblr-1732 591 42 , , PUNCT cblr-1732 591 43 at at ADP cblr-1732 591 44 648 648 NUM cblr-1732 591 45 ( ( PUNCT cblr-1732 591 46 2007 2007 NUM cblr-1732 591 47 ) ) PUNCT cblr-1732 591 48 ( ( PUNCT cblr-1732 591 49 noting note VERB cblr-1732 591 50 that that SCONJ cblr-1732 591 51 some some DET cblr-1732 591 52 extraction extraction NOUN cblr-1732 591 53 of of ADP cblr-1732 591 54 private private ADJ cblr-1732 591 55 benefits benefit NOUN cblr-1732 591 56 of of ADP cblr-1732 591 57 control control NOUN cblr-1732 591 58 must must AUX cblr-1732 591 59 be be AUX cblr-1732 591 60 given give VERB cblr-1732 591 61 up up ADP cblr-1732 591 62 by by ADP cblr-1732 591 63 the the DET cblr-1732 591 64 controller controller NOUN cblr-1732 591 65 to to PART cblr-1732 591 66 signal signal VERB cblr-1732 591 67 minority minority NOUN cblr-1732 591 68 shareholders shareholder NOUN cblr-1732 591 69 that that SCONJ cblr-1732 591 70 they they PRON cblr-1732 591 71 will will AUX cblr-1732 591 72 be be AUX cblr-1732 591 73 treated treat VERB cblr-1732 591 74 fairly fairly ADV cblr-1732 591 75 ) ) PUNCT cblr-1732 591 76 ; ; PUNCT cblr-1732 591 77 dyck dyck PROPN cblr-1732 591 78 & & CCONJ cblr-1732 591 79 zingales zingales PROPN cblr-1732 591 80 , , PUNCT cblr-1732 591 81 supra supra PROPN cblr-1732 591 82 note note NOUN cblr-1732 591 83 24 24 NUM cblr-1732 591 84 , , PUNCT cblr-1732 591 85 at at ADP cblr-1732 591 86 576–79 576–79 ADV cblr-1732 591 87 ( ( PUNCT cblr-1732 591 88 presenting present VERB cblr-1732 591 89 the the DET cblr-1732 591 90 extra extra ADJ cblr-1732 591 91 - - ADJ cblr-1732 591 92 legal legal ADJ cblr-1732 591 93 institutions institution NOUN cblr-1732 591 94 that that PRON cblr-1732 591 95 help help VERB cblr-1732 591 96 to to PART cblr-1732 591 97 curb curb VERB cblr-1732 591 98 private private ADJ cblr-1732 591 99 benefits benefit NOUN cblr-1732 591 100 of of ADP cblr-1732 591 101 control control NOUN cblr-1732 591 102 by by ADP cblr-1732 591 103 controlling control VERB cblr-1732 591 104 shareholders shareholder NOUN cblr-1732 591 105 ) ) PUNCT cblr-1732 591 106 . . PUNCT cblr-1732 592 1 kastiel kastiel PROPN cblr-1732 592 2 – – PUNCT cblr-1732 592 3 final final ADJ cblr-1732 592 4 106 106 NUM cblr-1732 592 5 columbia columbia PROPN cblr-1732 592 6 business business NOUN cblr-1732 592 7 law law PROPN cblr-1732 592 8 review review NOUN cblr-1732 593 1 [ [ X cblr-1732 593 2 vol vol NOUN cblr-1732 593 3 . . NOUN cblr-1732 593 4 2016 2016 NUM cblr-1732 593 5 hedge hedge NOUN cblr-1732 593 6 fund fund NOUN cblr-1732 593 7 campaigns campaign NOUN cblr-1732 593 8 , , PUNCT cblr-1732 593 9 by by ADP cblr-1732 593 10 and and CCONJ cblr-1732 593 11 large large ADJ cblr-1732 593 12 , , PUNCT cblr-1732 593 13 focus focus VERB cblr-1732 593 14 on on ADP cblr-1732 593 15 the the DET cblr-1732 593 16 first first ADJ cblr-1732 593 17 two two NUM cblr-1732 593 18 aspects aspect NOUN cblr-1732 593 19 of of ADP cblr-1732 593 20 reputation reputation NOUN cblr-1732 593 21 markets market NOUN cblr-1732 593 22 . . PUNCT cblr-1732 594 1 as as ADP cblr-1732 594 2 such such ADJ cblr-1732 594 3 , , PUNCT cblr-1732 594 4 the the DET cblr-1732 594 5 activists activist NOUN cblr-1732 594 6 ’ ' PUNCT cblr-1732 594 7 public public ADJ cblr-1732 594 8 statements statement NOUN cblr-1732 594 9 often often ADV cblr-1732 594 10 criticize criticize VERB cblr-1732 594 11 controllers controller NOUN cblr-1732 594 12 ’ ' PUNCT cblr-1732 594 13 decision decision NOUN cblr-1732 594 14 - - PUNCT cblr-1732 594 15 making making NOUN cblr-1732 594 16 or or CCONJ cblr-1732 594 17 highlight highlight VERB cblr-1732 594 18 their their PRON cblr-1732 594 19 abusive abusive ADJ cblr-1732 594 20 behavior behavior NOUN cblr-1732 594 21 toward toward ADP cblr-1732 594 22 minority minority NOUN cblr-1732 594 23 shareholders shareholder NOUN cblr-1732 594 24 . . PUNCT cblr-1732 595 1 of of ADP cblr-1732 595 2 the the DET cblr-1732 595 3 209 209 NUM cblr-1732 595 4 activist activist ADJ cblr-1732 595 5 events event NOUN cblr-1732 595 6 in in ADP cblr-1732 595 7 my my PRON cblr-1732 595 8 full full ADJ cblr-1732 595 9 sample sample NOUN cblr-1732 595 10 , , PUNCT cblr-1732 595 11 only only ADV cblr-1732 595 12 one one NUM cblr-1732 595 13 campaign campaign NOUN cblr-1732 595 14 involved involve VERB cblr-1732 595 15 a a DET cblr-1732 595 16 social social ADJ cblr-1732 595 17 matter matter NOUN cblr-1732 595 18 that that PRON cblr-1732 595 19 was be AUX cblr-1732 595 20 more more ADV cblr-1732 595 21 likely likely ADJ cblr-1732 595 22 to to PART cblr-1732 595 23 influence influence VERB cblr-1732 595 24 the the DET cblr-1732 595 25 perception perception NOUN cblr-1732 595 26 of of ADP cblr-1732 595 27 the the DET cblr-1732 595 28 target target NOUN cblr-1732 595 29 ’s ’s PART cblr-1732 595 30 consumers consumer NOUN cblr-1732 595 31 . . PUNCT cblr-1732 596 1 that that PRON cblr-1732 596 2 was be AUX cblr-1732 596 3 the the DET cblr-1732 596 4 campaign campaign NOUN cblr-1732 596 5 initiated initiate VERB cblr-1732 596 6 by by ADP cblr-1732 596 7 the the DET cblr-1732 596 8 humane humane ADJ cblr-1732 596 9 society society NOUN cblr-1732 596 10 of of ADP cblr-1732 596 11 the the DET cblr-1732 596 12 united united PROPN cblr-1732 596 13 states states PROPN cblr-1732 596 14 , , PUNCT cblr-1732 596 15 advised advise VERB cblr-1732 596 16 by by ADP cblr-1732 596 17 carl carl PROPN cblr-1732 596 18 icahn icahn PROPN cblr-1732 596 19 , , PUNCT cblr-1732 596 20 against against ADP cblr-1732 596 21 tyson tyson PROPN cblr-1732 596 22 foods food NOUN cblr-1732 596 23 , , PUNCT cblr-1732 596 24 one one NUM cblr-1732 596 25 of of ADP cblr-1732 596 26 the the DET cblr-1732 596 27 world world NOUN cblr-1732 596 28 ’s ’s PART cblr-1732 596 29 largest large ADJ cblr-1732 596 30 processors processor NOUN cblr-1732 596 31 and and CCONJ cblr-1732 596 32 marketers marketer NOUN cblr-1732 596 33 of of ADP cblr-1732 596 34 meat meat NOUN cblr-1732 596 35 , , PUNCT cblr-1732 596 36 which which PRON cblr-1732 596 37 criticized criticize VERB cblr-1732 596 38 the the DET cblr-1732 596 39 company company NOUN cblr-1732 596 40 ’s ’s PART cblr-1732 596 41 treatment treatment NOUN cblr-1732 596 42 of of ADP cblr-1732 596 43 animals.150 animals.150 PROPN cblr-1732 596 44 the the DET cblr-1732 596 45 effectiveness effectiveness NOUN cblr-1732 596 46 of of ADP cblr-1732 596 47 reputational reputational ADJ cblr-1732 596 48 markets market NOUN cblr-1732 596 49 also also ADV cblr-1732 596 50 varies vary VERB cblr-1732 596 51 based base VERB cblr-1732 596 52 on on ADP cblr-1732 596 53 the the DET cblr-1732 596 54 type type NOUN cblr-1732 596 55 of of ADP cblr-1732 596 56 sanction sanction NOUN cblr-1732 596 57 . . PUNCT cblr-1732 597 1 for for ADP cblr-1732 597 2 example example NOUN cblr-1732 597 3 , , PUNCT cblr-1732 597 4 labor labor NOUN cblr-1732 597 5 market market NOUN cblr-1732 597 6 sanctions151 sanctions151 PROPN cblr-1732 597 7 do do AUX cblr-1732 597 8 not not PART cblr-1732 597 9 play play VERB cblr-1732 597 10 a a DET cblr-1732 597 11 meaningful meaningful ADJ cblr-1732 597 12 disciplinary disciplinary ADJ cblr-1732 597 13 role role NOUN cblr-1732 597 14 in in ADP cblr-1732 597 15 the the DET cblr-1732 597 16 context context NOUN cblr-1732 597 17 of of ADP cblr-1732 597 18 controlled control VERB cblr-1732 597 19 companies company NOUN cblr-1732 597 20 , , PUNCT cblr-1732 597 21 as as SCONJ cblr-1732 597 22 entrenched entrenched ADJ cblr-1732 597 23 controllers controller NOUN cblr-1732 597 24 ( ( PUNCT cblr-1732 597 25 or or CCONJ cblr-1732 597 26 directors director NOUN cblr-1732 597 27 nominated nominate VERB cblr-1732 597 28 by by ADP cblr-1732 597 29 them they PRON cblr-1732 597 30 ) ) PUNCT cblr-1732 597 31 are be AUX cblr-1732 597 32 unlikely unlikely ADJ cblr-1732 597 33 to to PART cblr-1732 597 34 face face VERB cblr-1732 597 35 a a DET cblr-1732 597 36 real real ADJ cblr-1732 597 37 risk risk NOUN cblr-1732 597 38 of of ADP cblr-1732 597 39 removal removal NOUN cblr-1732 597 40 even even ADV cblr-1732 597 41 if if SCONJ cblr-1732 597 42 they they PRON cblr-1732 597 43 perform perform VERB cblr-1732 597 44 poorly.152 poorly.152 NOUN cblr-1732 597 45 however however ADV cblr-1732 597 46 , , PUNCT cblr-1732 597 47 reputational reputational ADJ cblr-1732 597 48 sanctions sanction NOUN cblr-1732 597 49 could could AUX cblr-1732 597 50 have have VERB cblr-1732 597 51 a a DET cblr-1732 597 52 greater great ADJ cblr-1732 597 53 deterrent deterrent NOUN cblr-1732 597 54 effect effect NOUN cblr-1732 597 55 on on ADP cblr-1732 597 56 a a DET cblr-1732 597 57 controlling control VERB cblr-1732 597 58 shareholder shareholder NOUN cblr-1732 597 59 than than ADP cblr-1732 597 60 on on ADP cblr-1732 597 61 a a DET cblr-1732 597 62 professional professional ADJ cblr-1732 597 63 , , PUNCT cblr-1732 597 64 hired hire VERB cblr-1732 597 65 manager manager NOUN cblr-1732 597 66 when when SCONJ cblr-1732 597 67 it it PRON cblr-1732 597 68 comes come VERB cblr-1732 597 69 to to ADP cblr-1732 597 70 the the DET cblr-1732 597 71 financial financial ADJ cblr-1732 597 72 damages damage NOUN cblr-1732 597 73 caused cause VERB cblr-1732 597 74 by by ADP cblr-1732 597 75 the the DET cblr-1732 597 76 decrease decrease NOUN cblr-1732 597 77 in in ADP cblr-1732 597 78 the the DET cblr-1732 597 79 company company NOUN cblr-1732 597 80 share share NOUN cblr-1732 597 81 price price NOUN cblr-1732 597 82 . . PUNCT cblr-1732 598 1 a a DET cblr-1732 598 2 negative negative ADJ cblr-1732 598 3 campaign campaign NOUN cblr-1732 598 4 that that PRON cblr-1732 598 5 successfully successfully ADV cblr-1732 598 6 targets target VERB cblr-1732 598 7 controllers controller NOUN cblr-1732 598 8 ’ ' PUNCT cblr-1732 598 9 skills skill NOUN cblr-1732 598 10 or or CCONJ cblr-1732 598 11 their their PRON cblr-1732 598 12 attitude attitude NOUN cblr-1732 598 13 toward toward ADP cblr-1732 598 14 minority minority NOUN cblr-1732 598 15 shareholders shareholder NOUN cblr-1732 598 16 could could AUX cblr-1732 598 17 result result VERB cblr-1732 598 18 in in ADP cblr-1732 598 19 a a DET cblr-1732 598 20 decreased decrease VERB cblr-1732 598 21 firm firm ADJ cblr-1732 598 22 share share NOUN cblr-1732 598 23 price price NOUN cblr-1732 598 24 . . PUNCT cblr-1732 599 1 since since SCONJ cblr-1732 599 2 a a DET cblr-1732 599 3 controlling control VERB cblr-1732 599 4 shareholder shareholder NOUN cblr-1732 599 5 usually usually ADV cblr-1732 599 6 holds hold VERB cblr-1732 599 7 a a DET cblr-1732 599 8 larger large ADJ cblr-1732 599 9 equity equity NOUN cblr-1732 599 10 stake stake NOUN cblr-1732 599 11 in in ADP cblr-1732 599 12 a a DET cblr-1732 599 13 target target NOUN cblr-1732 599 14 than than ADP cblr-1732 599 15 a a DET cblr-1732 599 16 professional professional ADJ cblr-1732 599 17 manager manager NOUN cblr-1732 599 18 , , PUNCT cblr-1732 599 19 they they PRON cblr-1732 599 20 incur incur VERB cblr-1732 599 21 greater great ADJ cblr-1732 599 22 financial financial ADJ cblr-1732 599 23 damages damage NOUN cblr-1732 599 24 as as ADP cblr-1732 599 25 a a DET cblr-1732 599 26 result result NOUN cblr-1732 599 27 of of ADP cblr-1732 599 28 a a DET cblr-1732 599 29 drop drop NOUN cblr-1732 599 30 in in ADP cblr-1732 599 31 the the DET cblr-1732 599 32 firm firm ADJ cblr-1732 599 33 share share NOUN cblr-1732 599 34 price.153 price.153 VERB cblr-1732 599 35 150 150 NUM cblr-1732 599 36 tyson tyson PROPN cblr-1732 599 37 foods foods PROPN cblr-1732 599 38 , , PUNCT cblr-1732 599 39 inc inc PROPN cblr-1732 599 40 . . PROPN cblr-1732 599 41 , , PUNCT cblr-1732 599 42 proxy proxy ADJ cblr-1732 599 43 statement statement NOUN cblr-1732 599 44 ( ( PUNCT cblr-1732 599 45 form form NOUN cblr-1732 599 46 14a 14a NOUN cblr-1732 599 47 ) ) PUNCT cblr-1732 599 48 ( ( PUNCT cblr-1732 599 49 oct oct PROPN cblr-1732 599 50 . . PROPN cblr-1732 599 51 2 2 NUM cblr-1732 599 52 , , PUNCT cblr-1732 599 53 2012 2012 NUM cblr-1732 599 54 ) ) PUNCT cblr-1732 599 55 . . PUNCT cblr-1732 600 1 151 151 NUM cblr-1732 600 2 see see VERB cblr-1732 600 3 , , PUNCT cblr-1732 600 4 e.g. e.g. ADV cblr-1732 600 5 , , PUNCT cblr-1732 600 6 jeffrey jeffrey PROPN cblr-1732 600 7 n. n. PROPN cblr-1732 600 8 gordon gordon PROPN cblr-1732 600 9 , , PUNCT cblr-1732 600 10 the the DET cblr-1732 600 11 rise rise NOUN cblr-1732 600 12 of of ADP cblr-1732 600 13 independent independent ADJ cblr-1732 600 14 directors director NOUN cblr-1732 600 15 in in ADP cblr-1732 600 16 the the DET cblr-1732 600 17 united united PROPN cblr-1732 600 18 states states PROPN cblr-1732 600 19 , , PUNCT cblr-1732 600 20 1950–2005 1950–2005 NUM cblr-1732 600 21 : : PUNCT cblr-1732 600 22 of of ADP cblr-1732 600 23 shareholder shareholder NOUN cblr-1732 600 24 value value NOUN cblr-1732 600 25 and and CCONJ cblr-1732 600 26 stock stock NOUN cblr-1732 600 27 market market NOUN cblr-1732 600 28 prices price NOUN cblr-1732 600 29 , , PUNCT cblr-1732 600 30 59 59 NUM cblr-1732 600 31 stan stan PROPN cblr-1732 600 32 . . PUNCT cblr-1732 601 1 l. l. PROPN cblr-1732 601 2 rev rev PROPN cblr-1732 601 3 . . PROPN cblr-1732 601 4 1465 1465 NUM cblr-1732 601 5 , , PUNCT cblr-1732 601 6 1488 1488 NUM cblr-1732 601 7 ( ( PUNCT cblr-1732 601 8 2007 2007 NUM cblr-1732 601 9 ) ) PUNCT cblr-1732 601 10 . . PUNCT cblr-1732 602 1 152 152 NUM cblr-1732 602 2 see see NOUN cblr-1732 602 3 , , PUNCT cblr-1732 602 4 e.g. e.g. ADV cblr-1732 602 5 , , PUNCT cblr-1732 602 6 zohar zohar PROPN cblr-1732 602 7 goshen goshen PROPN cblr-1732 602 8 , , PUNCT cblr-1732 602 9 controlling control VERB cblr-1732 602 10 corporate corporate ADJ cblr-1732 602 11 agency agency NOUN cblr-1732 602 12 costs cost NOUN cblr-1732 602 13 : : PUNCT cblr-1732 602 14 a a DET cblr-1732 602 15 united united PROPN cblr-1732 602 16 states states PROPN cblr-1732 602 17 - - PUNCT cblr-1732 602 18 israeli israeli ADJ cblr-1732 602 19 comparative comparative ADJ cblr-1732 602 20 view view NOUN cblr-1732 602 21 , , PUNCT cblr-1732 602 22 6 6 NUM cblr-1732 602 23 cardozo cardozo PROPN cblr-1732 602 24 j. j. PROPN cblr-1732 602 25 int’l int’l PROPN cblr-1732 602 26 & & CCONJ cblr-1732 602 27 comp comp PROPN cblr-1732 602 28 . . PUNCT cblr-1732 603 1 l. l. PROPN cblr-1732 603 2 99 99 NUM cblr-1732 603 3 , , PUNCT cblr-1732 603 4 112 112 NUM cblr-1732 603 5 ( ( PUNCT cblr-1732 603 6 1998 1998 NUM cblr-1732 603 7 ) ) PUNCT cblr-1732 603 8 . . PUNCT cblr-1732 604 1 153 153 NUM cblr-1732 604 2 note note NOUN cblr-1732 604 3 however however ADV cblr-1732 604 4 that that SCONJ cblr-1732 604 5 a a DET cblr-1732 604 6 significant significant ADJ cblr-1732 604 7 number number NOUN cblr-1732 604 8 of of ADP cblr-1732 604 9 controllers controller NOUN cblr-1732 604 10 use use VERB cblr-1732 604 11 controlenhancing controlenhancing NOUN cblr-1732 604 12 devices device NOUN cblr-1732 604 13 that that PRON cblr-1732 604 14 allow allow VERB cblr-1732 604 15 them they PRON cblr-1732 604 16 to to PART cblr-1732 604 17 maintain maintain VERB cblr-1732 604 18 their their PRON cblr-1732 604 19 control control NOUN cblr-1732 604 20 while while SCONJ cblr-1732 604 21 holding hold VERB cblr-1732 604 22 only only ADV cblr-1732 604 23 a a DET cblr-1732 604 24 small small ADJ cblr-1732 604 25 fraction fraction NOUN cblr-1732 604 26 of of ADP cblr-1732 604 27 the the DET cblr-1732 604 28 equity equity NOUN cblr-1732 604 29 interest interest NOUN cblr-1732 604 30 ( ( PUNCT cblr-1732 604 31 see see VERB cblr-1732 604 32 infra infra NOUN cblr-1732 604 33 note note VERB cblr-1732 604 34 185 185 NUM cblr-1732 604 35 ) ) PUNCT cblr-1732 604 36 , , PUNCT cblr-1732 604 37 and and CCONJ cblr-1732 604 38 thus thus ADV cblr-1732 604 39 the the DET cblr-1732 604 40 financial financial ADJ cblr-1732 604 41 damage damage NOUN cblr-1732 604 42 that that PRON cblr-1732 604 43 they they PRON cblr-1732 604 44 incur incur VERB cblr-1732 604 45 would would AUX cblr-1732 604 46 be be AUX cblr-1732 604 47 lower low ADJ cblr-1732 604 48 in in ADP cblr-1732 604 49 that that DET cblr-1732 604 50 scenario scenario NOUN cblr-1732 604 51 than than ADP cblr-1732 604 52 in in ADP cblr-1732 604 53 the the DET cblr-1732 604 54 case case NOUN cblr-1732 604 55 of of ADP cblr-1732 604 56 a a DET cblr-1732 604 57 controller controller NOUN cblr-1732 604 58 who who PRON cblr-1732 604 59 does do AUX cblr-1732 604 60 not not PART cblr-1732 604 61 use use VERB cblr-1732 604 62 such such ADJ cblr-1732 604 63 devices device NOUN cblr-1732 604 64 . . PUNCT cblr-1732 605 1 kastiel kastiel PROPN cblr-1732 605 2 – – PUNCT cblr-1732 605 3 final final ADJ cblr-1732 605 4 no no NOUN cblr-1732 605 5 . . PROPN cblr-1732 605 6 1:60 1:60 NUM cblr-1732 605 7 ] ] PUNCT cblr-1732 605 8 against against ADP cblr-1732 605 9 all all DET cblr-1732 605 10 odds odd NOUN cblr-1732 605 11 107 107 NUM cblr-1732 605 12 in in ADP cblr-1732 605 13 sum sum NOUN cblr-1732 605 14 , , PUNCT cblr-1732 605 15 reputation reputation NOUN cblr-1732 605 16 markets market NOUN cblr-1732 605 17 could could AUX cblr-1732 605 18 affect affect VERB cblr-1732 605 19 controlling control VERB cblr-1732 605 20 shareholders shareholder NOUN cblr-1732 605 21 in in ADP cblr-1732 605 22 two two NUM cblr-1732 605 23 different different ADJ cblr-1732 605 24 ways way NOUN cblr-1732 605 25 : : PUNCT cblr-1732 605 26 either either CCONJ cblr-1732 605 27 directly directly ADV cblr-1732 605 28 , , PUNCT cblr-1732 605 29 by by ADP cblr-1732 605 30 undermining undermine VERB cblr-1732 605 31 the the DET cblr-1732 605 32 professional professional ADJ cblr-1732 605 33 image image NOUN cblr-1732 605 34 of of ADP cblr-1732 605 35 the the DET cblr-1732 605 36 controller controller NOUN cblr-1732 605 37 in in ADP cblr-1732 605 38 the the DET cblr-1732 605 39 business business NOUN cblr-1732 605 40 community community NOUN cblr-1732 605 41 , , PUNCT cblr-1732 605 42 or or CCONJ cblr-1732 605 43 indirectly indirectly ADV cblr-1732 605 44 , , PUNCT cblr-1732 605 45 by by ADP cblr-1732 605 46 depressing depress VERB cblr-1732 605 47 the the DET cblr-1732 605 48 target target NOUN cblr-1732 605 49 share share NOUN cblr-1732 605 50 price price NOUN cblr-1732 605 51 . . PUNCT cblr-1732 606 1 the the DET cblr-1732 606 2 need need NOUN cblr-1732 606 3 to to PART cblr-1732 606 4 avoid avoid VERB cblr-1732 606 5 ( ( PUNCT cblr-1732 606 6 or or CCONJ cblr-1732 606 7 mitigate mitigate VERB cblr-1732 606 8 ) ) PUNCT cblr-1732 606 9 those those DET cblr-1732 606 10 reputational reputational ADJ cblr-1732 606 11 harms harm NOUN cblr-1732 606 12 and and CCONJ cblr-1732 606 13 the the DET cblr-1732 606 14 accompanying accompanying ADJ cblr-1732 606 15 financial financial ADJ cblr-1732 606 16 damages damage NOUN cblr-1732 606 17 may may AUX cblr-1732 606 18 , , PUNCT cblr-1732 606 19 if if SCONJ cblr-1732 606 20 reputation reputation NOUN cblr-1732 606 21 markets market NOUN cblr-1732 606 22 operate operate VERB cblr-1732 606 23 effectively effectively ADV cblr-1732 606 24 , , PUNCT cblr-1732 606 25 push push VERB cblr-1732 606 26 controllers controller NOUN cblr-1732 606 27 to to PART cblr-1732 606 28 be be AUX cblr-1732 606 29 more more ADV cblr-1732 606 30 attentive attentive ADJ cblr-1732 606 31 to to ADP cblr-1732 606 32 activists activist NOUN cblr-1732 606 33 ’ ' PUNCT cblr-1732 606 34 demands demand NOUN cblr-1732 606 35 , , PUNCT cblr-1732 606 36 and and CCONJ cblr-1732 606 37 put put VERB cblr-1732 606 38 additional additional ADJ cblr-1732 606 39 pressure pressure NOUN cblr-1732 606 40 on on ADP cblr-1732 606 41 controllers controller NOUN cblr-1732 606 42 to to PART cblr-1732 606 43 settle settle VERB cblr-1732 606 44 with with ADP cblr-1732 606 45 activists activist NOUN cblr-1732 606 46 , , PUNCT cblr-1732 606 47 even even ADV cblr-1732 606 48 in in ADP cblr-1732 606 49 cases case NOUN cblr-1732 606 50 where where SCONJ cblr-1732 606 51 the the DET cblr-1732 606 52 activists activist NOUN cblr-1732 606 53 have have VERB cblr-1732 606 54 no no DET cblr-1732 606 55 apparent apparent ADJ cblr-1732 606 56 formal formal ADJ cblr-1732 606 57 bargaining bargaining NOUN cblr-1732 606 58 power power NOUN cblr-1732 606 59 . . PUNCT cblr-1732 607 1 b. b. PROPN cblr-1732 608 1 the the DET cblr-1732 608 2 role role NOUN cblr-1732 608 3 of of ADP cblr-1732 608 4 reputation reputation NOUN cblr-1732 608 5 in in ADP cblr-1732 608 6 encouraging encourage VERB cblr-1732 608 7 activism activism NOUN cblr-1732 608 8 1 1 NUM cblr-1732 608 9 . . PUNCT cblr-1732 609 1 activism activism NOUN cblr-1732 609 2 against against ADP cblr-1732 609 3 all all DET cblr-1732 609 4 odds odd NOUN cblr-1732 609 5 to to PART cblr-1732 609 6 assess assess VERB cblr-1732 609 7 the the DET cblr-1732 609 8 potential potential ADJ cblr-1732 609 9 impact impact NOUN cblr-1732 609 10 of of ADP cblr-1732 609 11 reputation reputation NOUN cblr-1732 609 12 markets market NOUN cblr-1732 609 13 , , PUNCT cblr-1732 609 14 this this DET cblr-1732 609 15 subpart subpart NOUN cblr-1732 609 16 focuses focus VERB cblr-1732 609 17 on on ADP cblr-1732 609 18 the the DET cblr-1732 609 19 most most ADV cblr-1732 609 20 extreme extreme ADJ cblr-1732 609 21 type type NOUN cblr-1732 609 22 of of ADP cblr-1732 609 23 activism activism NOUN cblr-1732 609 24 against against ADP cblr-1732 609 25 controlled control VERB cblr-1732 609 26 companies company NOUN cblr-1732 609 27 — — PUNCT cblr-1732 609 28 engagements engagement NOUN cblr-1732 609 29 where where SCONJ cblr-1732 609 30 the the DET cblr-1732 609 31 control control NOUN cblr-1732 609 32 is be AUX cblr-1732 609 33 fully fully ADV cblr-1732 609 34 uncontested uncontested ADJ cblr-1732 609 35 — — PUNCT cblr-1732 609 36 and and CCONJ cblr-1732 609 37 activists activist NOUN cblr-1732 609 38 have have VERB cblr-1732 609 39 no no DET cblr-1732 609 40 other other ADJ cblr-1732 609 41 formal formal ADJ cblr-1732 609 42 bargaining bargaining NOUN cblr-1732 609 43 mechanisms mechanism NOUN cblr-1732 609 44 . . PUNCT cblr-1732 610 1 i i PRON cblr-1732 610 2 define define VERB cblr-1732 610 3 “ " PUNCT cblr-1732 610 4 against against ADP cblr-1732 610 5 all all DET cblr-1732 610 6 odds odd NOUN cblr-1732 610 7 ” " PUNCT cblr-1732 610 8 engagements engagement NOUN cblr-1732 610 9 as as ADP cblr-1732 610 10 ones one NOUN cblr-1732 610 11 that that PRON cblr-1732 610 12 meet meet VERB cblr-1732 610 13 the the DET cblr-1732 610 14 following follow VERB cblr-1732 610 15 criteria criterion NOUN cblr-1732 610 16 : : PUNCT cblr-1732 610 17 ( ( PUNCT cblr-1732 610 18 i i NOUN cblr-1732 610 19 ) ) PUNCT cblr-1732 610 20 the the DET cblr-1732 610 21 controlling control VERB cblr-1732 610 22 shareholder shareholder NOUN cblr-1732 610 23 exercises exercise VERB cblr-1732 610 24 actual actual ADJ cblr-1732 610 25 control control NOUN cblr-1732 610 26 over over ADP cblr-1732 610 27 the the DET cblr-1732 610 28 firm firm NOUN cblr-1732 610 29 by by ADP cblr-1732 610 30 holding hold VERB cblr-1732 610 31 close close ADV cblr-1732 610 32 to to PART cblr-1732 610 33 50 50 NUM cblr-1732 610 34 % % NOUN cblr-1732 610 35 ( ( PUNCT cblr-1732 610 36 or or CCONJ cblr-1732 610 37 more more ADJ cblr-1732 610 38 ) ) PUNCT cblr-1732 610 39 of of ADP cblr-1732 610 40 the the DET cblr-1732 610 41 firm firm NOUN cblr-1732 610 42 ’s ’s PART cblr-1732 610 43 voting voting NOUN cblr-1732 610 44 rights right NOUN cblr-1732 610 45 , , PUNCT cblr-1732 610 46 and and CCONJ cblr-1732 610 47 ( ( PUNCT cblr-1732 610 48 ii ii NOUN cblr-1732 610 49 ) ) PUNCT cblr-1732 610 50 the the DET cblr-1732 610 51 activists activist NOUN cblr-1732 610 52 have have VERB cblr-1732 610 53 no no DET cblr-1732 610 54 ability ability NOUN cblr-1732 610 55 to to PART cblr-1732 610 56 elect elect VERB cblr-1732 610 57 minority minority NOUN cblr-1732 610 58 directors director NOUN cblr-1732 610 59 or or CCONJ cblr-1732 610 60 veto veto NOUN cblr-1732 610 61 related relate VERB cblr-1732 610 62 - - PUNCT cblr-1732 610 63 party party NOUN cblr-1732 610 64 transactions transaction NOUN cblr-1732 610 65 , , PUNCT cblr-1732 610 66 nor nor CCONJ cblr-1732 610 67 do do AUX cblr-1732 610 68 they they PRON cblr-1732 610 69 have have VERB cblr-1732 610 70 an an DET cblr-1732 610 71 apparent apparent ADJ cblr-1732 610 72 legal legal ADJ cblr-1732 610 73 claim claim NOUN cblr-1732 610 74 against against ADP cblr-1732 610 75 the the DET cblr-1732 610 76 company company NOUN cblr-1732 610 77 . . PUNCT cblr-1732 611 1 this this DET cblr-1732 611 2 setting setting NOUN cblr-1732 611 3 of of ADP cblr-1732 611 4 “ " PUNCT cblr-1732 611 5 against against ADP cblr-1732 611 6 all all DET cblr-1732 611 7 odds odd NOUN cblr-1732 611 8 ” " PUNCT cblr-1732 611 9 activism activism NOUN cblr-1732 611 10 sheds shed VERB cblr-1732 611 11 an an DET cblr-1732 611 12 interesting interesting ADJ cblr-1732 611 13 light light NOUN cblr-1732 611 14 on on ADP cblr-1732 611 15 the the DET cblr-1732 611 16 role role NOUN cblr-1732 611 17 reputational reputational ADJ cblr-1732 611 18 and and CCONJ cblr-1732 611 19 extra extra ADJ cblr-1732 611 20 - - ADJ cblr-1732 611 21 legal legal ADJ cblr-1732 611 22 forces force NOUN cblr-1732 611 23 play play VERB cblr-1732 611 24 by by ADP cblr-1732 611 25 disentangling disentangle VERB cblr-1732 611 26 the the DET cblr-1732 611 27 impact impact NOUN cblr-1732 611 28 of of ADP cblr-1732 611 29 reputation reputation NOUN cblr-1732 611 30 from from ADP cblr-1732 611 31 other other ADJ cblr-1732 611 32 formal formal ADJ cblr-1732 611 33 forces force NOUN cblr-1732 611 34 . . PUNCT cblr-1732 612 1 if if SCONJ cblr-1732 612 2 one one PRON cblr-1732 612 3 assumes assume VERB cblr-1732 612 4 that that SCONJ cblr-1732 612 5 reputational reputational ADJ cblr-1732 612 6 concerns concern NOUN cblr-1732 612 7 , , PUNCT cblr-1732 612 8 when when SCONJ cblr-1732 612 9 operating operate VERB cblr-1732 612 10 alone alone ADV cblr-1732 612 11 , , PUNCT cblr-1732 612 12 are be AUX cblr-1732 612 13 not not PART cblr-1732 612 14 effective effective ADJ cblr-1732 612 15 enough enough ADV cblr-1732 612 16 in in ADP cblr-1732 612 17 disciplining discipline VERB cblr-1732 612 18 controllers controller NOUN cblr-1732 612 19 , , PUNCT cblr-1732 612 20 then then ADV cblr-1732 612 21 one one PRON cblr-1732 612 22 would would AUX cblr-1732 612 23 not not PART cblr-1732 612 24 expect expect VERB cblr-1732 612 25 to to PART cblr-1732 612 26 see see VERB cblr-1732 612 27 any any DET cblr-1732 612 28 engagements engagement NOUN cblr-1732 612 29 with with ADP cblr-1732 612 30 companies company NOUN cblr-1732 612 31 that that PRON cblr-1732 612 32 meet meet VERB cblr-1732 612 33 the the DET cblr-1732 612 34 above above ADV cblr-1732 612 35 - - PUNCT cblr-1732 612 36 mentioned mention VERB cblr-1732 612 37 criteria criterion NOUN cblr-1732 612 38 , , PUNCT cblr-1732 612 39 nor nor CCONJ cblr-1732 612 40 would would AUX cblr-1732 612 41 one one PRON cblr-1732 612 42 expect expect VERB cblr-1732 612 43 that that SCONJ cblr-1732 612 44 the the DET cblr-1732 612 45 controlling control VERB cblr-1732 612 46 shareholder shareholder NOUN cblr-1732 612 47 would would AUX cblr-1732 612 48 be be AUX cblr-1732 612 49 attentive attentive ADJ cblr-1732 612 50 to to ADP cblr-1732 612 51 the the DET cblr-1732 612 52 demands demand NOUN cblr-1732 612 53 of of ADP cblr-1732 612 54 activists activist NOUN cblr-1732 612 55 when when SCONJ cblr-1732 612 56 the the DET cblr-1732 612 57 engagement engagement NOUN cblr-1732 612 58 is be AUX cblr-1732 612 59 done do VERB cblr-1732 612 60 against against ADP cblr-1732 612 61 all all DET cblr-1732 612 62 odds odd NOUN cblr-1732 612 63 . . PUNCT cblr-1732 613 1 i i PRON cblr-1732 613 2 documented document VERB cblr-1732 613 3 thirty thirty NUM cblr-1732 613 4 - - PUNCT cblr-1732 613 5 eight eight NUM cblr-1732 613 6 “ " PUNCT cblr-1732 613 7 against against ADP cblr-1732 613 8 all all DET cblr-1732 613 9 odds odd NOUN cblr-1732 613 10 ” " PUNCT cblr-1732 613 11 activist activist ADJ cblr-1732 613 12 engagements engagement NOUN cblr-1732 613 13 with with ADP cblr-1732 613 14 controlled control VERB cblr-1732 613 15 companies company NOUN cblr-1732 613 16 , , PUNCT cblr-1732 613 17 accounting account VERB cblr-1732 613 18 for for ADP cblr-1732 613 19 22 22 NUM cblr-1732 613 20 % % NOUN cblr-1732 613 21 kastiel kastiel NOUN cblr-1732 613 22 – – PUNCT cblr-1732 613 23 final final ADJ cblr-1732 613 24 108 108 NUM cblr-1732 613 25 columbia columbia PROPN cblr-1732 613 26 business business NOUN cblr-1732 613 27 law law PROPN cblr-1732 613 28 review review NOUN cblr-1732 613 29 [ [ X cblr-1732 613 30 vol vol NOUN cblr-1732 613 31 . . NOUN cblr-1732 613 32 2016 2016 NUM cblr-1732 613 33 of of ADP cblr-1732 613 34 the the DET cblr-1732 613 35 sample sample NOUN cblr-1732 613 36 of of ADP cblr-1732 613 37 publicly publicly ADV cblr-1732 613 38 - - PUNCT cblr-1732 613 39 disclosed disclose VERB cblr-1732 613 40 engagements.154 engagements.154 VERB cblr-1732 613 41 it it PRON cblr-1732 613 42 is be AUX cblr-1732 613 43 difficult difficult ADJ cblr-1732 613 44 to to PART cblr-1732 613 45 know know VERB cblr-1732 613 46 what what PRON cblr-1732 613 47 exactly exactly ADV cblr-1732 613 48 motivated motivate VERB cblr-1732 613 49 the the DET cblr-1732 613 50 activists activist NOUN cblr-1732 613 51 to to PART cblr-1732 613 52 start start VERB cblr-1732 613 53 an an DET cblr-1732 613 54 engagement engagement NOUN cblr-1732 613 55 when when SCONJ cblr-1732 613 56 they they PRON cblr-1732 613 57 had have VERB cblr-1732 613 58 no no DET cblr-1732 613 59 apparent apparent ADJ cblr-1732 613 60 formal formal ADJ cblr-1732 613 61 bargaining bargaining NOUN cblr-1732 613 62 mechanisms.155 mechanisms.155 NOUN cblr-1732 613 63 however however ADV cblr-1732 613 64 , , PUNCT cblr-1732 613 65 since since SCONJ cblr-1732 613 66 the the DET cblr-1732 613 67 vast vast ADJ cblr-1732 613 68 majority majority NOUN cblr-1732 613 69 of of ADP cblr-1732 613 70 these these DET cblr-1732 613 71 cases case NOUN cblr-1732 613 72 involved involve VERB cblr-1732 613 73 public public ADJ cblr-1732 613 74 criticism criticism NOUN cblr-1732 613 75 of of ADP cblr-1732 613 76 the the DET cblr-1732 613 77 governance governance NOUN cblr-1732 613 78 or or CCONJ cblr-1732 613 79 business business NOUN cblr-1732 613 80 strategy strategy NOUN cblr-1732 613 81 of of ADP cblr-1732 613 82 the the DET cblr-1732 613 83 controlled control VERB cblr-1732 613 84 companies,156 companies,156 NOUN cblr-1732 614 1 it it PRON cblr-1732 614 2 may may AUX cblr-1732 614 3 well well ADV cblr-1732 614 4 be be AUX cblr-1732 614 5 the the DET cblr-1732 614 6 case case NOUN cblr-1732 614 7 that that SCONJ cblr-1732 614 8 reputational reputational ADJ cblr-1732 614 9 concerns concern NOUN cblr-1732 614 10 or or CCONJ cblr-1732 614 11 other other ADJ cblr-1732 614 12 extra extra ADJ cblr-1732 614 13 - - ADJ cblr-1732 614 14 legal legal ADJ cblr-1732 614 15 pressures pressure NOUN cblr-1732 614 16 motivated motivate VERB cblr-1732 614 17 these these PRON cblr-1732 614 18 “ " PUNCT cblr-1732 614 19 against against ADP cblr-1732 614 20 all all DET cblr-1732 614 21 odds odd NOUN cblr-1732 614 22 ” " PUNCT cblr-1732 614 23 engagements.157 engagements.157 NOUN cblr-1732 614 24 moreover moreover ADV cblr-1732 614 25 , , PUNCT cblr-1732 614 26 in in ADP cblr-1732 614 27 a a DET cblr-1732 614 28 handful handful NOUN cblr-1732 614 29 of of ADP cblr-1732 614 30 these these PRON cblr-1732 614 31 “ " PUNCT cblr-1732 614 32 against against ADP cblr-1732 614 33 all all DET cblr-1732 614 34 odds odd NOUN cblr-1732 614 35 ” " PUNCT cblr-1732 614 36 engagements engagement NOUN cblr-1732 614 37 , , PUNCT cblr-1732 614 38 controllers controller NOUN cblr-1732 614 39 agreed agree VERB cblr-1732 614 40 to to ADP cblr-1732 614 41 some some PRON cblr-1732 614 42 of of ADP cblr-1732 614 43 the the DET cblr-1732 614 44 activists activist NOUN cblr-1732 614 45 ’ ' PUNCT cblr-1732 614 46 demands demand NOUN cblr-1732 614 47 to to PART cblr-1732 614 48 nominate nominate VERB cblr-1732 614 49 independent independent ADJ cblr-1732 614 50 directors,158 directors,158 PROPN cblr-1732 614 51 distribute distribute VERB cblr-1732 614 52 154 154 NUM cblr-1732 614 53 the the DET cblr-1732 614 54 percentage percentage NOUN cblr-1732 614 55 is be AUX cblr-1732 614 56 calculated calculate VERB cblr-1732 614 57 out out ADP cblr-1732 614 58 of of ADP cblr-1732 614 59 174 174 NUM cblr-1732 614 60 engagements engagement NOUN cblr-1732 614 61 included include VERB cblr-1732 614 62 in in ADP cblr-1732 614 63 the the DET cblr-1732 614 64 sample sample NOUN cblr-1732 614 65 of of ADP cblr-1732 614 66 publicly publicly ADV cblr-1732 614 67 - - PUNCT cblr-1732 614 68 disclosed disclose VERB cblr-1732 614 69 engagements engagement NOUN cblr-1732 614 70 . . PUNCT cblr-1732 615 1 155 155 NUM cblr-1732 615 2 at at ADP cblr-1732 615 3 any any DET cblr-1732 615 4 rate rate NOUN cblr-1732 615 5 , , PUNCT cblr-1732 615 6 even even ADV cblr-1732 615 7 when when SCONJ cblr-1732 615 8 the the DET cblr-1732 615 9 engagements engagement NOUN cblr-1732 615 10 have have VERB cblr-1732 615 11 limited limit VERB cblr-1732 615 12 scope scope NOUN cblr-1732 615 13 and and CCONJ cblr-1732 615 14 they they PRON cblr-1732 615 15 include include VERB cblr-1732 615 16 only only ADV cblr-1732 615 17 a a DET cblr-1732 615 18 public public ADJ cblr-1732 615 19 letter letter NOUN cblr-1732 615 20 to to ADP cblr-1732 615 21 the the DET cblr-1732 615 22 board board NOUN cblr-1732 615 23 ( ( PUNCT cblr-1732 615 24 and and CCONJ cblr-1732 615 25 a a DET cblr-1732 615 26 few few ADJ cblr-1732 615 27 engagements engagement NOUN cblr-1732 615 28 in in ADP cblr-1732 615 29 my my PRON cblr-1732 615 30 full full ADJ cblr-1732 615 31 sample sample NOUN cblr-1732 615 32 were be AUX cblr-1732 615 33 of of ADP cblr-1732 615 34 that that DET cblr-1732 615 35 fashion fashion NOUN cblr-1732 615 36 ) ) PUNCT cblr-1732 615 37 , , PUNCT cblr-1732 615 38 the the DET cblr-1732 615 39 activists activist NOUN cblr-1732 615 40 still still ADV cblr-1732 615 41 have have VERB cblr-1732 615 42 to to PART cblr-1732 615 43 incur incur VERB cblr-1732 615 44 significant significant ADJ cblr-1732 615 45 costs cost NOUN cblr-1732 615 46 associated associate VERB cblr-1732 615 47 with with ADP cblr-1732 615 48 identifying identify VERB cblr-1732 615 49 potential potential ADJ cblr-1732 615 50 targets target NOUN cblr-1732 615 51 and and CCONJ cblr-1732 615 52 accumulating accumulate VERB cblr-1732 615 53 a a DET cblr-1732 615 54 large large ADJ cblr-1732 615 55 equity equity NOUN cblr-1732 615 56 position position NOUN cblr-1732 615 57 . . PUNCT cblr-1732 616 1 156 156 NUM cblr-1732 616 2 approximately approximately ADV cblr-1732 616 3 78 78 NUM cblr-1732 616 4 % % NOUN cblr-1732 616 5 of of ADP cblr-1732 616 6 these these PRON cblr-1732 616 7 “ " PUNCT cblr-1732 616 8 against against ADP cblr-1732 616 9 all all DET cblr-1732 616 10 odds odd NOUN cblr-1732 616 11 ” " PUNCT cblr-1732 616 12 engagements engagement NOUN cblr-1732 616 13 ( ( PUNCT cblr-1732 616 14 excluding exclude VERB cblr-1732 616 15 related relate VERB cblr-1732 616 16 ones one NOUN cblr-1732 616 17 to to PART cblr-1732 616 18 avoid avoid VERB cblr-1732 616 19 biases bias NOUN cblr-1732 616 20 ) ) PUNCT cblr-1732 616 21 included include VERB cblr-1732 616 22 a a DET cblr-1732 616 23 public public ADJ cblr-1732 616 24 criticism criticism NOUN cblr-1732 616 25 of of ADP cblr-1732 616 26 the the DET cblr-1732 616 27 controllers controller NOUN cblr-1732 616 28 . . PUNCT cblr-1732 617 1 in in ADP cblr-1732 617 2 those those DET cblr-1732 617 3 cases case NOUN cblr-1732 617 4 , , PUNCT cblr-1732 617 5 activists activist NOUN cblr-1732 617 6 urged urge VERB cblr-1732 617 7 the the DET cblr-1732 617 8 targets target NOUN cblr-1732 617 9 to to PART cblr-1732 617 10 initiate initiate VERB cblr-1732 617 11 strategic strategic ADJ cblr-1732 617 12 alternatives alternative NOUN cblr-1732 617 13 ( ( PUNCT cblr-1732 617 14 nine nine NUM cblr-1732 617 15 events event NOUN cblr-1732 617 16 ) ) PUNCT cblr-1732 617 17 , , PUNCT cblr-1732 617 18 to to PART cblr-1732 617 19 appoint appoint VERB cblr-1732 617 20 directors director NOUN cblr-1732 617 21 recommended recommend VERB cblr-1732 617 22 by by ADP cblr-1732 617 23 the the DET cblr-1732 617 24 activists activist NOUN cblr-1732 617 25 ( ( PUNCT cblr-1732 617 26 seven seven NUM cblr-1732 617 27 events event NOUN cblr-1732 617 28 ) ) PUNCT cblr-1732 617 29 , , PUNCT cblr-1732 617 30 to to PART cblr-1732 617 31 return return VERB cblr-1732 617 32 cash cash NOUN cblr-1732 617 33 to to ADP cblr-1732 617 34 shareholders shareholder NOUN cblr-1732 617 35 ( ( PUNCT cblr-1732 617 36 six six NUM cblr-1732 617 37 events event NOUN cblr-1732 617 38 ) ) PUNCT cblr-1732 617 39 , , PUNCT cblr-1732 617 40 and and CCONJ cblr-1732 617 41 to to PART cblr-1732 617 42 improve improve VERB cblr-1732 617 43 governance governance NOUN cblr-1732 617 44 practices practice NOUN cblr-1732 617 45 and and CCONJ cblr-1732 617 46 remove remove VERB cblr-1732 617 47 takeover takeover NOUN cblr-1732 617 48 defenses defense NOUN cblr-1732 617 49 ( ( PUNCT cblr-1732 617 50 six six NUM cblr-1732 617 51 events event NOUN cblr-1732 617 52 ) ) PUNCT cblr-1732 617 53 . . PUNCT cblr-1732 618 1 157 157 NUM cblr-1732 618 2 in in ADP cblr-1732 618 3 only only ADV cblr-1732 618 4 six six NUM cblr-1732 618 5 of of ADP cblr-1732 618 6 the the PRON cblr-1732 618 7 “ " PUNCT cblr-1732 618 8 against against ADP cblr-1732 618 9 all all DET cblr-1732 618 10 odds odd NOUN cblr-1732 618 11 ” " PUNCT cblr-1732 618 12 engagements engagement NOUN cblr-1732 618 13 , , PUNCT cblr-1732 618 14 the the DET cblr-1732 618 15 activists activist NOUN cblr-1732 618 16 either either CCONJ cblr-1732 618 17 did do AUX cblr-1732 618 18 not not PART cblr-1732 618 19 disclose disclose VERB cblr-1732 618 20 the the DET cblr-1732 618 21 purpose purpose NOUN cblr-1732 618 22 of of ADP cblr-1732 618 23 the the DET cblr-1732 618 24 engagement engagement NOUN cblr-1732 618 25 or or CCONJ cblr-1732 618 26 used use VERB cblr-1732 618 27 relatively relatively ADV cblr-1732 618 28 neutral neutral ADJ cblr-1732 618 29 language language NOUN cblr-1732 618 30 in in ADP cblr-1732 618 31 their their PRON cblr-1732 618 32 public public ADJ cblr-1732 618 33 statements statement NOUN cblr-1732 618 34 without without ADP cblr-1732 618 35 directly directly ADV cblr-1732 618 36 criticizing criticize VERB cblr-1732 618 37 the the DET cblr-1732 618 38 controller controller NOUN cblr-1732 618 39 . . PUNCT cblr-1732 619 1 standing stand VERB cblr-1732 619 2 out out ADP cblr-1732 619 3 in in ADP cblr-1732 619 4 that that DET cblr-1732 619 5 regard regard NOUN cblr-1732 619 6 is be AUX cblr-1732 619 7 the the DET cblr-1732 619 8 activist activist ADJ cblr-1732 619 9 hedge hedge NOUN cblr-1732 619 10 fund fund PROPN cblr-1732 619 11 valueact valueact NOUN cblr-1732 619 12 , , PUNCT cblr-1732 619 13 which which PRON cblr-1732 619 14 is be AUX cblr-1732 619 15 known know VERB cblr-1732 619 16 for for ADP cblr-1732 619 17 the the DET cblr-1732 619 18 use use NOUN cblr-1732 619 19 of of ADP cblr-1732 619 20 soft soft ADJ cblr-1732 619 21 activism activism NOUN cblr-1732 619 22 . . PUNCT cblr-1732 620 1 valueact valueact PROPN cblr-1732 620 2 managed manage VERB cblr-1732 620 3 to to PART cblr-1732 620 4 appoint appoint VERB cblr-1732 620 5 its its PRON cblr-1732 620 6 nominees nominee NOUN cblr-1732 620 7 to to ADP cblr-1732 620 8 the the DET cblr-1732 620 9 boards board NOUN cblr-1732 620 10 of of ADP cblr-1732 620 11 three three NUM cblr-1732 620 12 different different ADJ cblr-1732 620 13 targets target NOUN cblr-1732 620 14 whose whose DET cblr-1732 620 15 controllers controller NOUN cblr-1732 620 16 held hold VERB cblr-1732 620 17 more more ADJ cblr-1732 620 18 than than ADP cblr-1732 620 19 50 50 NUM cblr-1732 620 20 % % NOUN cblr-1732 620 21 of of ADP cblr-1732 620 22 the the DET cblr-1732 620 23 voting voting NOUN cblr-1732 620 24 rights right NOUN cblr-1732 620 25 . . PUNCT cblr-1732 621 1 see see VERB cblr-1732 621 2 martha martha PROPN cblr-1732 621 3 stewart stewart PROPN cblr-1732 621 4 living living PROPN cblr-1732 621 5 omnimedia omnimedia PROPN cblr-1732 621 6 , , PUNCT cblr-1732 621 7 inc inc PROPN cblr-1732 621 8 . . PROPN cblr-1732 621 9 , , PUNCT cblr-1732 621 10 schedule schedule NOUN cblr-1732 621 11 13d 13d NOUN cblr-1732 621 12 ( ( PUNCT cblr-1732 621 13 sc sc PROPN cblr-1732 621 14 13d 13d NUM cblr-1732 621 15 ) ) PUNCT cblr-1732 621 16 ( ( PUNCT cblr-1732 621 17 jan jan PROPN cblr-1732 621 18 . . PROPN cblr-1732 621 19 18 18 NUM cblr-1732 621 20 , , PUNCT cblr-1732 621 21 2002 2002 NUM cblr-1732 621 22 ) ) PUNCT cblr-1732 621 23 ; ; PUNCT cblr-1732 621 24 allison allison PROPN cblr-1732 621 25 transmission transmission NOUN cblr-1732 621 26 holdings holding NOUN cblr-1732 621 27 , , PUNCT cblr-1732 621 28 inc inc PROPN cblr-1732 621 29 . . PROPN cblr-1732 621 30 , , PUNCT cblr-1732 621 31 current current ADJ cblr-1732 621 32 report report NOUN cblr-1732 621 33 ( ( PUNCT cblr-1732 621 34 form form NOUN cblr-1732 621 35 8 8 NUM cblr-1732 621 36 - - PUNCT cblr-1732 621 37 k k NOUN cblr-1732 621 38 ) ) PUNCT cblr-1732 621 39 ( ( PUNCT cblr-1732 621 40 dec dec PROPN cblr-1732 621 41 . . PROPN cblr-1732 621 42 15 15 NUM cblr-1732 621 43 , , PUNCT cblr-1732 621 44 2014 2014 NUM cblr-1732 621 45 ) ) PUNCT cblr-1732 621 46 ; ; PUNCT cblr-1732 621 47 steinway steinway PROPN cblr-1732 621 48 musical musical ADJ cblr-1732 621 49 instruments instrument NOUN cblr-1732 621 50 , , PUNCT cblr-1732 621 51 inc inc PROPN cblr-1732 621 52 . . PROPN cblr-1732 621 53 , , PUNCT cblr-1732 621 54 current current ADJ cblr-1732 621 55 report report NOUN cblr-1732 621 56 ( ( PUNCT cblr-1732 621 57 form form NOUN cblr-1732 621 58 8 8 NUM cblr-1732 621 59 - - PUNCT cblr-1732 621 60 k k NOUN cblr-1732 621 61 ) ) PUNCT cblr-1732 621 62 ( ( PUNCT cblr-1732 621 63 jan jan PROPN cblr-1732 621 64 . . PROPN cblr-1732 621 65 31 31 NUM cblr-1732 621 66 , , PUNCT cblr-1732 621 67 2008 2008 NUM cblr-1732 621 68 ) ) PUNCT cblr-1732 621 69 . . PUNCT cblr-1732 622 1 however however ADV cblr-1732 622 2 , , PUNCT cblr-1732 622 3 since since SCONJ cblr-1732 622 4 its its PRON cblr-1732 622 5 communications communication NOUN cblr-1732 622 6 with with ADP cblr-1732 622 7 the the DET cblr-1732 622 8 targets target NOUN cblr-1732 622 9 are be AUX cblr-1732 622 10 not not PART cblr-1732 622 11 publicly publicly ADV cblr-1732 622 12 disclosed disclose VERB cblr-1732 622 13 it it PRON cblr-1732 622 14 is be AUX cblr-1732 622 15 impossible impossible ADJ cblr-1732 622 16 to to PART cblr-1732 622 17 know know VERB cblr-1732 622 18 whether whether SCONJ cblr-1732 622 19 the the DET cblr-1732 622 20 decision decision NOUN cblr-1732 622 21 to to PART cblr-1732 622 22 accept accept VERB cblr-1732 622 23 activists activist NOUN cblr-1732 622 24 ’ ' PUNCT cblr-1732 622 25 demands demand NOUN cblr-1732 622 26 was be AUX cblr-1732 622 27 motivated motivate VERB cblr-1732 622 28 by by ADP cblr-1732 622 29 reputational reputational ADJ cblr-1732 622 30 concerns concern NOUN cblr-1732 622 31 or or CCONJ cblr-1732 622 32 by by ADP cblr-1732 622 33 other other ADJ cblr-1732 622 34 reasons reason NOUN cblr-1732 622 35 , , PUNCT cblr-1732 622 36 such such ADJ cblr-1732 622 37 as as ADP cblr-1732 622 38 the the DET cblr-1732 622 39 controller controller NOUN cblr-1732 622 40 ’s ’s PART cblr-1732 622 41 true true ADJ cblr-1732 622 42 belief belief NOUN cblr-1732 622 43 that that SCONJ cblr-1732 622 44 the the DET cblr-1732 622 45 activists activist NOUN cblr-1732 622 46 ’ ' PUNCT cblr-1732 622 47 plan plan NOUN cblr-1732 622 48 could could AUX cblr-1732 622 49 increase increase VERB cblr-1732 622 50 the the DET cblr-1732 622 51 share share NOUN cblr-1732 622 52 value value NOUN cblr-1732 622 53 . . PUNCT cblr-1732 623 1 158 158 NUM cblr-1732 623 2 an an DET cblr-1732 623 3 interesting interesting ADJ cblr-1732 623 4 example example NOUN cblr-1732 623 5 in in ADP cblr-1732 623 6 that that DET cblr-1732 623 7 regard regard NOUN cblr-1732 623 8 is be AUX cblr-1732 623 9 the the DET cblr-1732 623 10 high high ADJ cblr-1732 623 11 - - PUNCT cblr-1732 623 12 profile profile NOUN cblr-1732 623 13 engagement engagement NOUN cblr-1732 623 14 with with ADP cblr-1732 623 15 meredith meredith NOUN cblr-1732 623 16 corporation corporation NOUN cblr-1732 623 17 , , PUNCT cblr-1732 623 18 a a DET cblr-1732 623 19 media medium NOUN cblr-1732 623 20 conglomerate conglomerate NOUN cblr-1732 623 21 . . PUNCT cblr-1732 624 1 back back ADV cblr-1732 624 2 in in ADP cblr-1732 624 3 2001 2001 NUM cblr-1732 624 4 , , PUNCT cblr-1732 624 5 the the DET cblr-1732 624 6 activist activist NOUN cblr-1732 624 7 , , PUNCT cblr-1732 624 8 franklin franklin PROPN cblr-1732 624 9 mutual mutual ADJ cblr-1732 624 10 advisers adviser NOUN cblr-1732 624 11 , , PUNCT cblr-1732 624 12 expressed express VERB cblr-1732 624 13 its its PRON cblr-1732 624 14 dissatisfaction dissatisfaction NOUN cblr-1732 624 15 with with ADP cblr-1732 624 16 the the DET cblr-1732 624 17 excessive excessive ADJ cblr-1732 624 18 management management NOUN cblr-1732 624 19 compensation compensation NOUN cblr-1732 624 20 , , PUNCT cblr-1732 624 21 the the DET cblr-1732 624 22 overall overall ADJ cblr-1732 624 23 performance performance NOUN cblr-1732 624 24 of of ADP cblr-1732 624 25 kastiel kastiel NOUN cblr-1732 624 26 – – PUNCT cblr-1732 624 27 final final ADJ cblr-1732 624 28 no no NOUN cblr-1732 624 29 . . PROPN cblr-1732 624 30 1:60 1:60 NUM cblr-1732 624 31 ] ] PUNCT cblr-1732 624 32 against against ADP cblr-1732 624 33 all all DET cblr-1732 624 34 odds odd NOUN cblr-1732 624 35 109 109 NUM cblr-1732 624 36 additional additional ADJ cblr-1732 624 37 dividends,159 dividends,159 NOUN cblr-1732 624 38 and and CCONJ cblr-1732 624 39 enhance enhance VERB cblr-1732 624 40 governance governance NOUN cblr-1732 624 41 standards,160 standards,160 NOUN cblr-1732 624 42 even even ADV cblr-1732 624 43 though though SCONJ cblr-1732 624 44 the the DET cblr-1732 624 45 activists activist NOUN cblr-1732 624 46 had have VERB cblr-1732 624 47 no no DET cblr-1732 624 48 apparent apparent ADJ cblr-1732 624 49 bargaining bargaining NOUN cblr-1732 624 50 mechanism mechanism NOUN cblr-1732 624 51 . . PUNCT cblr-1732 625 1 the the DET cblr-1732 625 2 desire desire NOUN cblr-1732 625 3 to to PART cblr-1732 625 4 put put VERB cblr-1732 625 5 an an DET cblr-1732 625 6 end end NOUN cblr-1732 625 7 to to ADP cblr-1732 625 8 public public ADJ cblr-1732 625 9 activists activist NOUN cblr-1732 625 10 ’ ’ PART cblr-1732 625 11 interventions intervention NOUN cblr-1732 625 12 focusing focus VERB cblr-1732 625 13 on on ADP cblr-1732 625 14 the the DET cblr-1732 625 15 targets target NOUN cblr-1732 625 16 ’ ' PUNCT cblr-1732 625 17 problematic problematic ADJ cblr-1732 625 18 management management NOUN cblr-1732 625 19 or or CCONJ cblr-1732 625 20 governance governance NOUN cblr-1732 625 21 practices practice NOUN cblr-1732 625 22 may may AUX cblr-1732 625 23 have have VERB cblr-1732 625 24 motivated motivated ADJ cblr-1732 625 25 controllers controller NOUN cblr-1732 625 26 to to PART cblr-1732 625 27 be be AUX cblr-1732 625 28 more more ADV cblr-1732 625 29 attentive attentive ADJ cblr-1732 625 30 to to ADP cblr-1732 625 31 shareholders shareholder NOUN cblr-1732 625 32 ’ ' PUNCT cblr-1732 625 33 demands demand NOUN cblr-1732 625 34 in in ADP cblr-1732 625 35 those those DET cblr-1732 625 36 cases case NOUN cblr-1732 625 37 . . PUNCT cblr-1732 626 1 despite despite SCONJ cblr-1732 626 2 those those DET cblr-1732 626 3 few few ADJ cblr-1732 626 4 successful successful ADJ cblr-1732 626 5 examples example NOUN cblr-1732 626 6 , , PUNCT cblr-1732 626 7 the the DET cblr-1732 626 8 overall overall ADJ cblr-1732 626 9 disciplinary disciplinary ADJ cblr-1732 626 10 effect effect NOUN cblr-1732 626 11 of of ADP cblr-1732 626 12 reputational reputational ADJ cblr-1732 626 13 forces force NOUN cblr-1732 626 14 as as SCONJ cblr-1732 626 15 they they PRON cblr-1732 626 16 relate relate VERB cblr-1732 626 17 to to ADP cblr-1732 626 18 the the DET cblr-1732 626 19 implementation implementation NOUN cblr-1732 626 20 of of ADP cblr-1732 626 21 activists activist NOUN cblr-1732 626 22 ’ ' PUNCT cblr-1732 626 23 demands demand NOUN cblr-1732 626 24 is be AUX cblr-1732 626 25 fairly fairly ADV cblr-1732 626 26 limited limited ADJ cblr-1732 626 27 . . PUNCT cblr-1732 627 1 as as SCONJ cblr-1732 627 2 reflected reflect VERB cblr-1732 627 3 in in ADP cblr-1732 627 4 table table NOUN cblr-1732 627 5 4 4 NUM cblr-1732 627 6 below below ADV cblr-1732 627 7 , , PUNCT cblr-1732 627 8 the the DET cblr-1732 627 9 implementation implementation NOUN cblr-1732 627 10 rate rate NOUN cblr-1732 627 11 of of ADP cblr-1732 627 12 activists activist NOUN cblr-1732 627 13 ’ ' PUNCT cblr-1732 627 14 demands demand NOUN cblr-1732 627 15 is be AUX cblr-1732 627 16 substantially substantially ADV cblr-1732 627 17 higher high ADJ cblr-1732 627 18 in in ADP cblr-1732 627 19 cases case NOUN cblr-1732 627 20 where where SCONJ cblr-1732 627 21 the the DET cblr-1732 627 22 activists activist NOUN cblr-1732 627 23 use use VERB cblr-1732 627 24 a a DET cblr-1732 627 25 formal formal ADJ cblr-1732 627 26 bargaining bargaining NOUN cblr-1732 627 27 mechanism mechanism NOUN cblr-1732 627 28 in in ADP cblr-1732 627 29 addition addition NOUN cblr-1732 627 30 to to ADP cblr-1732 627 31 the the DET cblr-1732 627 32 reputational reputational ADJ cblr-1732 627 33 threat threat NOUN cblr-1732 627 34 than than SCONJ cblr-1732 627 35 it it PRON cblr-1732 627 36 is be AUX cblr-1732 627 37 in in ADP cblr-1732 627 38 just just ADV cblr-1732 627 39 “ " PUNCT cblr-1732 627 40 against against ADP cblr-1732 627 41 all all DET cblr-1732 627 42 odds odd NOUN cblr-1732 627 43 ” " PUNCT cblr-1732 627 44 cases case NOUN cblr-1732 627 45 . . PUNCT cblr-1732 628 1 this this DET cblr-1732 628 2 disparity disparity NOUN cblr-1732 628 3 suggests suggest VERB cblr-1732 628 4 that that SCONJ cblr-1732 628 5 when when SCONJ cblr-1732 628 6 activists activist NOUN cblr-1732 628 7 have have VERB cblr-1732 628 8 no no DET cblr-1732 628 9 formal formal ADJ cblr-1732 628 10 bargaining bargaining NOUN cblr-1732 628 11 chip chip NOUN cblr-1732 628 12 , , PUNCT cblr-1732 628 13 such such ADJ cblr-1732 628 14 as as ADP cblr-1732 628 15 the the DET cblr-1732 628 16 ability ability NOUN cblr-1732 628 17 to to PART cblr-1732 628 18 elect elect VERB cblr-1732 628 19 board board PROPN cblr-1732 628 20 the the DET cblr-1732 628 21 board board NOUN cblr-1732 628 22 , , PUNCT cblr-1732 628 23 and and CCONJ cblr-1732 628 24 “ " PUNCT cblr-1732 628 25 chronic chronic ADJ cblr-1732 628 26 undervaluation undervaluation NOUN cblr-1732 628 27 ” " PUNCT cblr-1732 628 28 of of ADP cblr-1732 628 29 the the DET cblr-1732 628 30 target target NOUN cblr-1732 628 31 , , PUNCT cblr-1732 628 32 and and CCONJ cblr-1732 628 33 recommended recommend VERB cblr-1732 628 34 certain certain ADJ cblr-1732 628 35 strategic strategic ADJ cblr-1732 628 36 changes change NOUN cblr-1732 628 37 and and CCONJ cblr-1732 628 38 the the DET cblr-1732 628 39 nomination nomination NOUN cblr-1732 628 40 of of ADP cblr-1732 628 41 directors director NOUN cblr-1732 628 42 with with ADP cblr-1732 628 43 financial financial ADJ cblr-1732 628 44 expertise expertise NOUN cblr-1732 628 45 . . PUNCT cblr-1732 629 1 this this DET cblr-1732 629 2 pressure pressure NOUN cblr-1732 629 3 bore bore NOUN cblr-1732 629 4 fruit fruit NOUN cblr-1732 629 5 . . PUNCT cblr-1732 630 1 in in ADP cblr-1732 630 2 2001 2001 NUM cblr-1732 630 3 , , PUNCT cblr-1732 630 4 meredith meredith NOUN cblr-1732 630 5 named name VERB cblr-1732 630 6 one one NUM cblr-1732 630 7 dissident dissident ADJ cblr-1732 630 8 member member NOUN cblr-1732 630 9 to to ADP cblr-1732 630 10 its its PRON cblr-1732 630 11 board board NOUN cblr-1732 630 12 and and CCONJ cblr-1732 630 13 its its PRON cblr-1732 630 14 stock stock NOUN cblr-1732 630 15 price price NOUN cblr-1732 630 16 jumped jump VERB cblr-1732 630 17 about about ADV cblr-1732 630 18 50 50 NUM cblr-1732 630 19 % % NOUN cblr-1732 630 20 during during ADP cblr-1732 630 21 the the DET cblr-1732 630 22 three three NUM cblr-1732 630 23 - - PUNCT cblr-1732 630 24 year year NOUN cblr-1732 630 25 period period NOUN cblr-1732 630 26 following follow VERB cblr-1732 630 27 the the DET cblr-1732 630 28 intervention intervention NOUN cblr-1732 630 29 . . PUNCT cblr-1732 631 1 see see VERB cblr-1732 631 2 franklin franklin PROPN cblr-1732 631 3 mutual mutual ADJ cblr-1732 631 4 advisers advisers PROPN cblr-1732 631 5 , , PUNCT cblr-1732 631 6 llc llc PROPN cblr-1732 631 7 , , PUNCT cblr-1732 631 8 schedule schedule NOUN cblr-1732 631 9 13d 13d NOUN cblr-1732 631 10 ( ( PUNCT cblr-1732 631 11 sc sc PROPN cblr-1732 631 12 13d 13d NUM cblr-1732 631 13 ) ) PUNCT cblr-1732 631 14 ( ( PUNCT cblr-1732 631 15 jan jan PROPN cblr-1732 631 16 . . PROPN cblr-1732 631 17 31 31 NUM cblr-1732 631 18 , , PUNCT cblr-1732 631 19 2001 2001 NUM cblr-1732 631 20 ) ) PUNCT cblr-1732 631 21 ; ; PUNCT cblr-1732 631 22 meredith meredith NOUN cblr-1732 631 23 is be AUX cblr-1732 631 24 urged urge VERB cblr-1732 631 25 to to PART cblr-1732 631 26 split split VERB cblr-1732 631 27 operations operation NOUN cblr-1732 631 28 by by ADP cblr-1732 631 29 a a DET cblr-1732 631 30 big big ADJ cblr-1732 631 31 investor investor NOUN cblr-1732 631 32 , , PUNCT cblr-1732 631 33 wall wall PROPN cblr-1732 631 34 . . PUNCT cblr-1732 631 35 st st PROPN cblr-1732 631 36 . . PROPN cblr-1732 631 37 j. j. PROPN cblr-1732 631 38 , , PUNCT cblr-1732 631 39 feb feb PROPN cblr-1732 631 40 . . PROPN cblr-1732 631 41 1 1 NUM cblr-1732 631 42 , , PUNCT cblr-1732 631 43 2001 2001 NUM cblr-1732 631 44 , , PUNCT cblr-1732 631 45 at at ADP cblr-1732 631 46 b7 b7 PROPN cblr-1732 631 47 . . PUNCT cblr-1732 632 1 in in ADP cblr-1732 632 2 another another DET cblr-1732 632 3 case case NOUN cblr-1732 632 4 , , PUNCT cblr-1732 632 5 calamos calamos ADJ cblr-1732 632 6 asset asset NOUN cblr-1732 632 7 management management PROPN cblr-1732 632 8 , , PUNCT cblr-1732 632 9 inc inc PROPN cblr-1732 632 10 . . PROPN cblr-1732 632 11 , , PUNCT cblr-1732 632 12 a a DET cblr-1732 632 13 majority majority NOUN cblr-1732 632 14 - - PUNCT cblr-1732 632 15 controlled control VERB cblr-1732 632 16 company company NOUN cblr-1732 632 17 , , PUNCT cblr-1732 632 18 decided decide VERB cblr-1732 632 19 , , PUNCT cblr-1732 632 20 following follow VERB cblr-1732 632 21 an an DET cblr-1732 632 22 activist activist ADJ cblr-1732 632 23 campaign campaign NOUN cblr-1732 632 24 that that PRON cblr-1732 632 25 took take VERB cblr-1732 632 26 place place NOUN cblr-1732 632 27 in in ADP cblr-1732 632 28 2012 2012 NUM cblr-1732 632 29 , , PUNCT cblr-1732 632 30 to to PART cblr-1732 632 31 add add VERB cblr-1732 632 32 two two NUM cblr-1732 632 33 new new ADJ cblr-1732 632 34 independent independent ADJ cblr-1732 632 35 directors director NOUN cblr-1732 632 36 , , PUNCT cblr-1732 632 37 to to PART cblr-1732 632 38 increase increase VERB cblr-1732 632 39 its its PRON cblr-1732 632 40 quarterly quarterly ADJ cblr-1732 632 41 dividend dividend NOUN cblr-1732 632 42 , , PUNCT cblr-1732 632 43 and and CCONJ cblr-1732 632 44 to to PART cblr-1732 632 45 announce announce VERB cblr-1732 632 46 a a DET cblr-1732 632 47 three three NUM cblr-1732 632 48 million million NUM cblr-1732 632 49 share share NOUN cblr-1732 632 50 repurchase repurchase NOUN cblr-1732 632 51 program program NOUN cblr-1732 632 52 . . PUNCT cblr-1732 633 1 see see VERB cblr-1732 633 2 calamos calamos ADJ cblr-1732 633 3 asset asset NOUN cblr-1732 633 4 management management PROPN cblr-1732 633 5 , , PUNCT cblr-1732 633 6 inc inc PROPN cblr-1732 633 7 . . PROPN cblr-1732 633 8 , , PUNCT cblr-1732 633 9 current current ADJ cblr-1732 633 10 report report NOUN cblr-1732 633 11 ( ( PUNCT cblr-1732 633 12 form form NOUN cblr-1732 633 13 8 8 NUM cblr-1732 633 14 - - PUNCT cblr-1732 633 15 k k NOUN cblr-1732 633 16 ) ) PUNCT cblr-1732 633 17 2 2 NUM cblr-1732 633 18 ( ( PUNCT cblr-1732 633 19 aug aug PROPN cblr-1732 633 20 . . PROPN cblr-1732 633 21 28 28 NUM cblr-1732 633 22 , , PUNCT cblr-1732 633 23 2012 2012 NUM cblr-1732 633 24 ) ) PUNCT cblr-1732 633 25 ; ; PUNCT cblr-1732 633 26 calamos calamos ADJ cblr-1732 633 27 asset asset NOUN cblr-1732 633 28 management management PROPN cblr-1732 633 29 , , PUNCT cblr-1732 633 30 inc inc PROPN cblr-1732 633 31 . . PROPN cblr-1732 633 32 , , PUNCT cblr-1732 633 33 current current ADJ cblr-1732 633 34 report report NOUN cblr-1732 633 35 ( ( PUNCT cblr-1732 633 36 form form NOUN cblr-1732 633 37 8 8 NUM cblr-1732 633 38 - - PUNCT cblr-1732 633 39 k k NOUN cblr-1732 633 40 ) ) PUNCT cblr-1732 633 41 2 2 NUM cblr-1732 633 42 ( ( PUNCT cblr-1732 633 43 feb feb X cblr-1732 633 44 . . PROPN cblr-1732 633 45 4 4 NUM cblr-1732 633 46 , , PUNCT cblr-1732 633 47 2013 2013 NUM cblr-1732 633 48 ) ) PUNCT cblr-1732 633 49 . . PUNCT cblr-1732 634 1 159 159 NUM cblr-1732 634 2 see see VERB cblr-1732 634 3 calamos calamos ADJ cblr-1732 634 4 asset asset NOUN cblr-1732 634 5 management management NOUN cblr-1732 634 6 , , PUNCT cblr-1732 634 7 inc inc PROPN cblr-1732 634 8 . . PROPN cblr-1732 634 9 , , PUNCT cblr-1732 634 10 current current ADJ cblr-1732 634 11 report report NOUN cblr-1732 634 12 ( ( PUNCT cblr-1732 634 13 form form NOUN cblr-1732 634 14 8 8 NUM cblr-1732 634 15 - - PUNCT cblr-1732 634 16 k k NOUN cblr-1732 634 17 ) ) PUNCT cblr-1732 634 18 2 2 NUM cblr-1732 634 19 ( ( PUNCT cblr-1732 634 20 feb feb X cblr-1732 634 21 . . PROPN cblr-1732 634 22 4 4 NUM cblr-1732 634 23 , , PUNCT cblr-1732 634 24 2013 2013 NUM cblr-1732 634 25 ) ) PUNCT cblr-1732 634 26 . . PUNCT cblr-1732 635 1 160 160 NUM cblr-1732 635 2 in in ADP cblr-1732 635 3 2005 2005 NUM cblr-1732 635 4 , , PUNCT cblr-1732 635 5 an an DET cblr-1732 635 6 activist activist ADJ cblr-1732 635 7 holder holder NOUN cblr-1732 635 8 sent send VERB cblr-1732 635 9 public public ADJ cblr-1732 635 10 letters letter NOUN cblr-1732 635 11 to to ADP cblr-1732 635 12 nasdaq nasdaq PROPN cblr-1732 635 13 , , PUNCT cblr-1732 635 14 criticizing criticize VERB cblr-1732 635 15 the the DET cblr-1732 635 16 poor poor ADJ cblr-1732 635 17 corporate corporate ADJ cblr-1732 635 18 governance governance NOUN cblr-1732 635 19 of of ADP cblr-1732 635 20 alico alico PROPN cblr-1732 635 21 , , PUNCT cblr-1732 635 22 inc inc PROPN cblr-1732 635 23 . . PROPN cblr-1732 635 24 and and CCONJ cblr-1732 635 25 the the DET cblr-1732 635 26 conflict conflict NOUN cblr-1732 635 27 of of ADP cblr-1732 635 28 interest interest NOUN cblr-1732 635 29 between between ADP cblr-1732 635 30 the the DET cblr-1732 635 31 company company NOUN cblr-1732 635 32 chair chair NOUN cblr-1732 635 33 ’s ’s PART cblr-1732 635 34 responsibilities responsibility NOUN cblr-1732 635 35 at at ADP cblr-1732 635 36 alico alico NOUN cblr-1732 635 37 and and CCONJ cblr-1732 635 38 another another DET cblr-1732 635 39 private private ADJ cblr-1732 635 40 company company NOUN cblr-1732 635 41 that that PRON cblr-1732 635 42 owned own VERB cblr-1732 635 43 48 48 NUM cblr-1732 635 44 % % NOUN cblr-1732 635 45 of of ADP cblr-1732 635 46 alico alico PROPN cblr-1732 635 47 . . PUNCT cblr-1732 636 1 see see VERB cblr-1732 636 2 alico alico PROPN cblr-1732 636 3 , , PUNCT cblr-1732 636 4 inc inc PROPN cblr-1732 636 5 . . PROPN cblr-1732 636 6 , , PUNCT cblr-1732 636 7 schedule schedule NOUN cblr-1732 636 8 13d 13d NOUN cblr-1732 636 9 ( ( PUNCT cblr-1732 636 10 sc sc PROPN cblr-1732 636 11 13d 13d NUM cblr-1732 636 12 ) ) PUNCT cblr-1732 636 13 ( ( PUNCT cblr-1732 636 14 mar mar PROPN cblr-1732 636 15 . . PROPN cblr-1732 636 16 1 1 NUM cblr-1732 636 17 , , PUNCT cblr-1732 636 18 2005 2005 NUM cblr-1732 636 19 ) ) PUNCT cblr-1732 636 20 . . PUNCT cblr-1732 637 1 following follow VERB cblr-1732 637 2 those those DET cblr-1732 637 3 pressures pressure NOUN cblr-1732 637 4 , , PUNCT cblr-1732 637 5 the the DET cblr-1732 637 6 target target NOUN cblr-1732 637 7 disclosed disclose VERB cblr-1732 637 8 a a DET cblr-1732 637 9 new new ADJ cblr-1732 637 10 outline outline NOUN cblr-1732 637 11 of of ADP cblr-1732 637 12 governance governance NOUN cblr-1732 637 13 standards standard NOUN cblr-1732 637 14 , , PUNCT cblr-1732 637 15 which which PRON cblr-1732 637 16 included include VERB cblr-1732 637 17 the the DET cblr-1732 637 18 resignations resignation NOUN cblr-1732 637 19 of of ADP cblr-1732 637 20 directors director NOUN cblr-1732 637 21 with with ADP cblr-1732 637 22 ties tie NOUN cblr-1732 637 23 to to ADP cblr-1732 637 24 the the DET cblr-1732 637 25 parent parent NOUN cblr-1732 637 26 board board NOUN cblr-1732 637 27 , , PUNCT cblr-1732 637 28 the the DET cblr-1732 637 29 separation separation NOUN cblr-1732 637 30 of of ADP cblr-1732 637 31 the the DET cblr-1732 637 32 positions position NOUN cblr-1732 637 33 of of ADP cblr-1732 637 34 chairman chairman NOUN cblr-1732 637 35 and and CCONJ cblr-1732 637 36 ceo ceo NOUN cblr-1732 637 37 of of ADP cblr-1732 637 38 alico alico PROPN cblr-1732 637 39 , , PUNCT cblr-1732 637 40 and and CCONJ cblr-1732 637 41 the the DET cblr-1732 637 42 commitment commitment NOUN cblr-1732 637 43 that that SCONJ cblr-1732 637 44 the the DET cblr-1732 637 45 parent parent NOUN cblr-1732 637 46 company company NOUN cblr-1732 637 47 will will AUX cblr-1732 637 48 not not PART cblr-1732 637 49 raise raise VERB cblr-1732 637 50 its its PRON cblr-1732 637 51 ownership ownership NOUN cblr-1732 637 52 interest interest NOUN cblr-1732 637 53 in in ADP cblr-1732 637 54 alico alico NOUN cblr-1732 637 55 to to ADP cblr-1732 637 56 more more ADJ cblr-1732 637 57 than than ADP cblr-1732 637 58 55 55 NUM cblr-1732 637 59 % % NOUN cblr-1732 637 60 . . PUNCT cblr-1732 638 1 see see VERB cblr-1732 638 2 alico alico PROPN cblr-1732 638 3 , , PUNCT cblr-1732 638 4 inc inc PROPN cblr-1732 638 5 . . PROPN cblr-1732 638 6 , , PUNCT cblr-1732 638 7 current current ADJ cblr-1732 638 8 report report NOUN cblr-1732 638 9 ( ( PUNCT cblr-1732 638 10 form form NOUN cblr-1732 638 11 8 8 NUM cblr-1732 638 12 - - PUNCT cblr-1732 638 13 k k NOUN cblr-1732 638 14 ) ) PUNCT cblr-1732 638 15 ( ( PUNCT cblr-1732 638 16 mar mar PROPN cblr-1732 638 17 . . PROPN cblr-1732 638 18 22 22 NUM cblr-1732 638 19 , , PUNCT cblr-1732 638 20 2005 2005 NUM cblr-1732 638 21 ) ) PUNCT cblr-1732 638 22 . . PUNCT cblr-1732 639 1 kastiel kastiel PROPN cblr-1732 639 2 – – PUNCT cblr-1732 639 3 final final ADJ cblr-1732 639 4 110 110 NUM cblr-1732 639 5 columbia columbia PROPN cblr-1732 639 6 business business NOUN cblr-1732 639 7 law law PROPN cblr-1732 639 8 review review NOUN cblr-1732 640 1 [ [ X cblr-1732 640 2 vol vol NOUN cblr-1732 640 3 . . NOUN cblr-1732 640 4 2016 2016 NUM cblr-1732 640 5 members member NOUN cblr-1732 640 6 or or CCONJ cblr-1732 640 7 to to PART cblr-1732 640 8 veto veto VERB cblr-1732 640 9 certain certain ADJ cblr-1732 640 10 transactions transaction NOUN cblr-1732 640 11 , , PUNCT cblr-1732 640 12 controllers controller NOUN cblr-1732 640 13 are be AUX cblr-1732 640 14 more more ADV cblr-1732 640 15 likely likely ADJ cblr-1732 640 16 to to PART cblr-1732 640 17 ignore ignore VERB cblr-1732 640 18 their their PRON cblr-1732 640 19 demands.161 demands.161 ADJ cblr-1732 640 20 table table NOUN cblr-1732 640 21 4 4 NUM cblr-1732 640 22 : : PUNCT cblr-1732 640 23 success success NOUN cblr-1732 640 24 rate162 rate162 AUX cblr-1732 640 25 minority minority NOUN cblr-1732 640 26 directors director NOUN cblr-1732 640 27 effective effective ADJ cblr-1732 640 28 controller controller NOUN cblr-1732 640 29 m&a m&a PROPN cblr-1732 640 30 activism activism NOUN cblr-1732 640 31 lawsuits lawsuit NOUN cblr-1732 640 32 no no DET cblr-1732 640 33 formal formal ADJ cblr-1732 640 34 bargaining bargaining NOUN cblr-1732 640 35 mechanism163 mechanism163 PROPN cblr-1732 640 36 success success NOUN cblr-1732 640 37 rate rate NOUN cblr-1732 640 38 51 51 NUM cblr-1732 640 39 % % NOUN cblr-1732 640 40 39 39 NUM cblr-1732 640 41 % % NOUN cblr-1732 640 42 83 83 NUM cblr-1732 640 43 % % NOUN cblr-1732 640 44 37 37 NUM cblr-1732 640 45 % % NOUN cblr-1732 640 46 11 11 NUM cblr-1732 640 47 % % NOUN cblr-1732 640 48 the the DET cblr-1732 640 49 results result NOUN cblr-1732 640 50 presented present VERB cblr-1732 640 51 in in ADP cblr-1732 640 52 table table NOUN cblr-1732 640 53 4 4 NUM cblr-1732 640 54 are be AUX cblr-1732 640 55 further far ADV cblr-1732 640 56 corroborated corroborate VERB cblr-1732 640 57 by by ADP cblr-1732 640 58 running run VERB cblr-1732 640 59 a a DET cblr-1732 640 60 linear linear ADJ cblr-1732 640 61 probability probability NOUN cblr-1732 640 62 regression regression NOUN cblr-1732 640 63 , , PUNCT cblr-1732 640 64 presented present VERB cblr-1732 640 65 in in ADP cblr-1732 640 66 table table NOUN cblr-1732 640 67 5 5 NUM cblr-1732 640 68 , , PUNCT cblr-1732 640 69 where where SCONJ cblr-1732 640 70 success success NOUN cblr-1732 640 71 of of ADP cblr-1732 640 72 an an DET cblr-1732 640 73 engagement engagement NOUN cblr-1732 640 74 is be AUX cblr-1732 640 75 the the DET cblr-1732 640 76 dependent dependent ADJ cblr-1732 640 77 variable variable NOUN cblr-1732 640 78 ( ( PUNCT cblr-1732 640 79 1 1 NUM cblr-1732 640 80 = = VERB cblr-1732 640 81 at at ADV cblr-1732 640 82 least least ADJ cblr-1732 640 83 one one NUM cblr-1732 640 84 of of ADP cblr-1732 640 85 the the DET cblr-1732 640 86 activist activist NOUN cblr-1732 640 87 ’s ’s PART cblr-1732 640 88 demands demand NOUN cblr-1732 640 89 is be AUX cblr-1732 640 90 accepted accept VERB cblr-1732 640 91 ; ; PUNCT cblr-1732 640 92 0 0 X cblr-1732 640 93 = = NOUN cblr-1732 640 94 all all DET cblr-1732 640 95 activist activist NOUN cblr-1732 640 96 ’s ’s PART cblr-1732 640 97 demands demand NOUN cblr-1732 640 98 are be AUX cblr-1732 640 99 rejected reject VERB cblr-1732 640 100 ) ) PUNCT cblr-1732 640 101 and and CCONJ cblr-1732 640 102 the the DET cblr-1732 640 103 existence existence NOUN cblr-1732 640 104 or or CCONJ cblr-1732 640 105 non non NOUN cblr-1732 640 106 - - NOUN cblr-1732 640 107 existence existence NOUN cblr-1732 640 108 of of ADP cblr-1732 640 109 a a DET cblr-1732 640 110 formal formal ADJ cblr-1732 640 111 bargaining bargaining NOUN cblr-1732 640 112 mechanism mechanism NOUN cblr-1732 640 113 is be AUX cblr-1732 640 114 the the DET cblr-1732 640 115 independent independent ADJ cblr-1732 640 116 variable variable NOUN cblr-1732 640 117 ( ( PUNCT cblr-1732 640 118 0 0 NUM cblr-1732 640 119 = = NOUN cblr-1732 640 120 activist activist ADJ cblr-1732 640 121 engagement engagement NOUN cblr-1732 640 122 with with ADP cblr-1732 640 123 no no DET cblr-1732 640 124 formal formal ADJ cblr-1732 640 125 bargaining bargaining NOUN cblr-1732 640 126 mechanism mechanism NOUN cblr-1732 640 127 ; ; PUNCT cblr-1732 640 128 1 1 NUM cblr-1732 640 129 = = NOUN cblr-1732 640 130 engagement engagement NOUN cblr-1732 640 131 with with ADP cblr-1732 640 132 a a DET cblr-1732 640 133 formal formal ADJ cblr-1732 640 134 bargaining bargaining NOUN cblr-1732 640 135 mechanism mechanism NOUN cblr-1732 640 136 ) ) PUNCT cblr-1732 640 137 . . PUNCT cblr-1732 641 1 i i PRON cblr-1732 641 2 found find VERB cblr-1732 641 3 that that SCONJ cblr-1732 641 4 non non ADJ cblr-1732 641 5 - - NOUN cblr-1732 641 6 existence existence NOUN cblr-1732 641 7 of of ADP cblr-1732 641 8 a a DET cblr-1732 641 9 formal formal ADJ cblr-1732 641 10 bargaining bargaining NOUN cblr-1732 641 11 mechanism mechanism NOUN cblr-1732 641 12 produces produce VERB cblr-1732 641 13 a a DET cblr-1732 641 14 negative negative ADJ cblr-1732 641 15 and and CCONJ cblr-1732 641 16 statistically statistically ADV cblr-1732 641 17 significant significant ADJ cblr-1732 641 18 effect effect NOUN cblr-1732 641 19 on on ADP cblr-1732 641 20 the the DET cblr-1732 641 21 probability probability NOUN cblr-1732 641 22 that that SCONJ cblr-1732 641 23 an an DET cblr-1732 641 24 activist activist NOUN cblr-1732 641 25 ’s ’s PART cblr-1732 641 26 demand demand NOUN cblr-1732 641 27 is be AUX cblr-1732 641 28 accepted accept VERB cblr-1732 641 29 ( ( PUNCT cblr-1732 641 30 column column NOUN cblr-1732 641 31 1 1 NUM cblr-1732 641 32 ) ) PUNCT cblr-1732 641 33 after after ADP cblr-1732 641 34 controlling control VERB cblr-1732 641 35 for for ADP cblr-1732 641 36 the the DET cblr-1732 641 37 target target NOUN cblr-1732 641 38 firms firm NOUN cblr-1732 641 39 ’ ’ PART cblr-1732 641 40 industry industry NOUN cblr-1732 641 41 and and CCONJ cblr-1732 641 42 market market NOUN cblr-1732 641 43 value value NOUN cblr-1732 641 44 as as ADV cblr-1732 641 45 well well ADV cblr-1732 641 46 as as ADP cblr-1732 641 47 for for ADP cblr-1732 641 48 the the DET cblr-1732 641 49 size size NOUN cblr-1732 641 50 of of ADP cblr-1732 641 51 the the DET cblr-1732 641 52 activist activist ADJ cblr-1732 641 53 investor investor NOUN cblr-1732 641 54 , , PUNCT cblr-1732 641 55 by by ADP cblr-1732 641 56 adding add VERB cblr-1732 641 57 a a DET cblr-1732 641 58 dummy dummy ADJ cblr-1732 641 59 variable variable NOUN cblr-1732 641 60 that that PRON cblr-1732 641 61 indicates indicate VERB cblr-1732 641 62 whether whether SCONJ cblr-1732 641 63 the the DET cblr-1732 641 64 activist activist ADJ cblr-1732 641 65 investor investor NOUN cblr-1732 641 66 is be AUX cblr-1732 641 67 included include VERB cblr-1732 641 68 in in ADP cblr-1732 641 69 the the DET cblr-1732 641 70 sharkwatch50 sharkwatch50 NOUN cblr-1732 641 71 list list NOUN cblr-1732 641 72 ( ( PUNCT cblr-1732 641 73 a a DET cblr-1732 641 74 list list NOUN cblr-1732 641 75 of of ADP cblr-1732 641 76 the the DET cblr-1732 641 77 fifty fifty NUM cblr-1732 641 78 largest large ADJ cblr-1732 641 79 activist activist NOUN cblr-1732 641 80 161 161 NUM cblr-1732 641 81 the the DET cblr-1732 641 82 weakness weakness NOUN cblr-1732 641 83 of of ADP cblr-1732 641 84 reputational reputational ADJ cblr-1732 641 85 markets market NOUN cblr-1732 641 86 as as ADP cblr-1732 641 87 a a DET cblr-1732 641 88 substitute substitute NOUN cblr-1732 641 89 mechanism mechanism NOUN cblr-1732 641 90 is be AUX cblr-1732 641 91 further far ADV cblr-1732 641 92 corroborated corroborate VERB cblr-1732 641 93 by by ADP cblr-1732 641 94 the the DET cblr-1732 641 95 use use NOUN cblr-1732 641 96 of of ADP cblr-1732 641 97 a a DET cblr-1732 641 98 relatively relatively ADV cblr-1732 641 99 elaborative elaborative ADJ cblr-1732 641 100 approach approach NOUN cblr-1732 641 101 to to ADP cblr-1732 641 102 reputational reputational ADJ cblr-1732 641 103 channels channel NOUN cblr-1732 641 104 in in ADP cblr-1732 641 105 table table NOUN cblr-1732 641 106 4 4 NUM cblr-1732 641 107 , , PUNCT cblr-1732 641 108 categorizing categorize VERB cblr-1732 641 109 every every DET cblr-1732 641 110 activist activist ADJ cblr-1732 641 111 engagement engagement NOUN cblr-1732 641 112 with with ADP cblr-1732 641 113 no no DET cblr-1732 641 114 apparent apparent ADJ cblr-1732 641 115 formal formal ADJ cblr-1732 641 116 bargaining bargaining NOUN cblr-1732 641 117 mechanism mechanism NOUN cblr-1732 641 118 as as SCONJ cblr-1732 641 119 affected affect VERB cblr-1732 641 120 by by ADP cblr-1732 641 121 reputational reputational ADJ cblr-1732 641 122 channels channel NOUN cblr-1732 641 123 . . PUNCT cblr-1732 642 1 in in ADP cblr-1732 642 2 reality reality NOUN cblr-1732 642 3 these these DET cblr-1732 642 4 engagements engagement NOUN cblr-1732 642 5 could could AUX cblr-1732 642 6 be be AUX cblr-1732 642 7 motivated motivate VERB cblr-1732 642 8 by by ADP cblr-1732 642 9 other other ADJ cblr-1732 642 10 reasons reason NOUN cblr-1732 642 11 , , PUNCT cblr-1732 642 12 which which PRON cblr-1732 642 13 will will AUX cblr-1732 642 14 further far ADV cblr-1732 642 15 reduce reduce VERB cblr-1732 642 16 the the DET cblr-1732 642 17 impact impact NOUN cblr-1732 642 18 of of ADP cblr-1732 642 19 reputation reputation NOUN cblr-1732 642 20 . . PUNCT cblr-1732 643 1 162 162 NUM cblr-1732 643 2 an an DET cblr-1732 643 3 event event NOUN cblr-1732 643 4 is be AUX cblr-1732 643 5 counted count VERB cblr-1732 643 6 as as ADP cblr-1732 643 7 successful successful ADJ cblr-1732 643 8 when when SCONJ cblr-1732 643 9 at at ADV cblr-1732 643 10 least least ADV cblr-1732 643 11 one one NUM cblr-1732 643 12 of of ADP cblr-1732 643 13 the the DET cblr-1732 643 14 activist activist NOUN cblr-1732 643 15 ’s ’s PART cblr-1732 643 16 demands demand NOUN cblr-1732 643 17 is be AUX cblr-1732 643 18 accepted accept VERB cblr-1732 643 19 . . PUNCT cblr-1732 644 1 163 163 NUM cblr-1732 644 2 the the DET cblr-1732 644 3 three three NUM cblr-1732 644 4 activist activist ADJ cblr-1732 644 5 engagements engagement NOUN cblr-1732 644 6 with with ADP cblr-1732 644 7 valueact valueact NOUN cblr-1732 644 8 , , PUNCT cblr-1732 644 9 which which PRON cblr-1732 644 10 were be AUX cblr-1732 644 11 settled settle VERB cblr-1732 644 12 without without ADP cblr-1732 644 13 publicly publicly ADV cblr-1732 644 14 disclosing disclose VERB cblr-1732 644 15 any any DET cblr-1732 644 16 information information NOUN cblr-1732 644 17 , , PUNCT cblr-1732 644 18 were be AUX cblr-1732 644 19 excluded exclude VERB cblr-1732 644 20 from from ADP cblr-1732 644 21 the the DET cblr-1732 644 22 calculation calculation NOUN cblr-1732 644 23 , , PUNCT cblr-1732 644 24 but but CCONJ cblr-1732 644 25 even even ADV cblr-1732 644 26 when when SCONJ cblr-1732 644 27 including include VERB cblr-1732 644 28 them they PRON cblr-1732 644 29 in in ADP cblr-1732 644 30 the the DET cblr-1732 644 31 list list NOUN cblr-1732 644 32 the the DET cblr-1732 644 33 success success NOUN cblr-1732 644 34 rate rate NOUN cblr-1732 644 35 remains remain VERB cblr-1732 644 36 below below ADP cblr-1732 644 37 20 20 NUM cblr-1732 644 38 % % NOUN cblr-1732 644 39 . . PUNCT cblr-1732 645 1 kastiel kastiel PROPN cblr-1732 645 2 – – PUNCT cblr-1732 645 3 final final ADJ cblr-1732 645 4 no no NOUN cblr-1732 645 5 . . PROPN cblr-1732 645 6 1:60 1:60 NUM cblr-1732 645 7 ] ] PUNCT cblr-1732 645 8 against against ADP cblr-1732 645 9 all all DET cblr-1732 645 10 odds odd NOUN cblr-1732 645 11 111 111 NUM cblr-1732 645 12 investors investor NOUN cblr-1732 645 13 ) ) PUNCT cblr-1732 645 14 . . PUNCT cblr-1732 646 1 in in ADP cblr-1732 646 2 particular particular ADJ cblr-1732 646 3 , , PUNCT cblr-1732 646 4 as as SCONJ cblr-1732 646 5 the the DET cblr-1732 646 6 result result NOUN cblr-1732 646 7 in in ADP cblr-1732 646 8 column column NOUN cblr-1732 646 9 1 1 NUM cblr-1732 646 10 shows show NOUN cblr-1732 646 11 , , PUNCT cblr-1732 646 12 the the DET cblr-1732 646 13 probability probability NOUN cblr-1732 646 14 of of ADP cblr-1732 646 15 an an DET cblr-1732 646 16 activist activist ADJ cblr-1732 646 17 campaign campaign NOUN cblr-1732 646 18 successfully successfully ADV cblr-1732 646 19 achieving achieve VERB cblr-1732 646 20 at at ADP cblr-1732 646 21 least least ADV cblr-1732 646 22 one one NUM cblr-1732 646 23 engagement engagement NOUN cblr-1732 646 24 outcome outcome NOUN cblr-1732 646 25 without without ADP cblr-1732 646 26 any any DET cblr-1732 646 27 formal formal ADJ cblr-1732 646 28 bargaining bargaining NOUN cblr-1732 646 29 mechanism mechanism NOUN cblr-1732 646 30 is be AUX cblr-1732 646 31 39.9 39.9 NUM cblr-1732 646 32 % % NOUN cblr-1732 646 33 lower low ADJ cblr-1732 646 34 than than SCONJ cblr-1732 646 35 it it PRON cblr-1732 646 36 is be AUX cblr-1732 646 37 for for ADP cblr-1732 646 38 an an DET cblr-1732 646 39 activist activist ADJ cblr-1732 646 40 intervention intervention NOUN cblr-1732 646 41 with with ADP cblr-1732 646 42 a a DET cblr-1732 646 43 formal formal ADJ cblr-1732 646 44 bargaining bargaining NOUN cblr-1732 646 45 mechanism mechanism NOUN cblr-1732 646 46 . . PUNCT cblr-1732 647 1 reputational reputational ADJ cblr-1732 647 2 and and CCONJ cblr-1732 647 3 extra extra ADJ cblr-1732 647 4 - - ADJ cblr-1732 647 5 legal legal ADJ cblr-1732 647 6 forces force NOUN cblr-1732 647 7 are be AUX cblr-1732 647 8 therefore therefore ADV cblr-1732 647 9 far far ADV cblr-1732 647 10 from from ADP cblr-1732 647 11 a a DET cblr-1732 647 12 perfect perfect ADJ cblr-1732 647 13 substitute substitute NOUN cblr-1732 647 14 for for ADP cblr-1732 647 15 formal formal ADJ cblr-1732 647 16 bargaining bargaining NOUN cblr-1732 647 17 mechanisms mechanism NOUN cblr-1732 647 18 . . PUNCT cblr-1732 648 1 this this DET cblr-1732 648 2 result result NOUN cblr-1732 648 3 remains remain VERB cblr-1732 648 4 notably notably ADV cblr-1732 648 5 similar similar ADJ cblr-1732 648 6 when when SCONJ cblr-1732 648 7 i i PRON cblr-1732 648 8 conduct conduct VERB cblr-1732 648 9 a a DET cblr-1732 648 10 number number NOUN cblr-1732 648 11 of of ADP cblr-1732 648 12 robustness robustness NOUN cblr-1732 648 13 checks check NOUN cblr-1732 648 14 . . PUNCT cblr-1732 649 1 these these DET cblr-1732 649 2 checks check NOUN cblr-1732 649 3 include include VERB cblr-1732 649 4 controlling control VERB cblr-1732 649 5 for for ADP cblr-1732 649 6 company company NOUN cblr-1732 649 7 performance performance NOUN cblr-1732 649 8 during during ADP cblr-1732 649 9 the the DET cblr-1732 649 10 three three NUM cblr-1732 649 11 - - PUNCT cblr-1732 649 12 year year NOUN cblr-1732 649 13 period period NOUN cblr-1732 649 14 that that PRON cblr-1732 649 15 preceded precede VERB cblr-1732 649 16 the the DET cblr-1732 649 17 engagement engagement NOUN cblr-1732 649 18 ( ( PUNCT cblr-1732 649 19 columns column NOUN cblr-1732 649 20 2 2 NUM cblr-1732 649 21 and and CCONJ cblr-1732 649 22 4 4 NUM cblr-1732 649 23 ) ) PUNCT cblr-1732 649 24 , , PUNCT cblr-1732 649 25 focusing focus VERB cblr-1732 649 26 only only ADV cblr-1732 649 27 on on ADP cblr-1732 649 28 unique unique ADJ cblr-1732 649 29 engagements engagement NOUN cblr-1732 649 30 by by ADP cblr-1732 649 31 counting count VERB cblr-1732 649 32 multiple multiple ADJ cblr-1732 649 33 13d 13d NOUN cblr-1732 649 34 fillings filling NOUN cblr-1732 649 35 submitted submit VERB cblr-1732 649 36 by by ADP cblr-1732 649 37 different different ADJ cblr-1732 649 38 activists activist NOUN cblr-1732 649 39 as as ADP cblr-1732 649 40 one one NUM cblr-1732 649 41 engagement engagement NOUN cblr-1732 649 42 if if SCONJ cblr-1732 649 43 the the DET cblr-1732 649 44 fillings filling NOUN cblr-1732 649 45 were be AUX cblr-1732 649 46 made make VERB cblr-1732 649 47 in in ADP cblr-1732 649 48 connection connection NOUN cblr-1732 649 49 with with ADP cblr-1732 649 50 the the DET cblr-1732 649 51 same same ADJ cblr-1732 649 52 event event NOUN cblr-1732 649 53 ( ( PUNCT cblr-1732 649 54 columns column NOUN cblr-1732 649 55 3 3 NUM cblr-1732 649 56 and and CCONJ cblr-1732 649 57 4 4 NUM cblr-1732 649 58 ) ) PUNCT cblr-1732 649 59 , , PUNCT cblr-1732 649 60 and and CCONJ cblr-1732 649 61 eliminating eliminate VERB cblr-1732 649 62 from from ADP cblr-1732 649 63 the the DET cblr-1732 649 64 sample sample NOUN cblr-1732 649 65 all all DET cblr-1732 649 66 governance governance NOUN cblr-1732 649 67 and and CCONJ cblr-1732 649 68 board board NOUN cblr-1732 649 69 representation representation NOUN cblr-1732 649 70 demands demand NOUN cblr-1732 649 71 , , PUNCT cblr-1732 649 72 instead instead ADV cblr-1732 649 73 focusing focus VERB cblr-1732 649 74 solely solely ADV cblr-1732 649 75 on on ADP cblr-1732 649 76 value value NOUN cblr-1732 649 77 / / SYM cblr-1732 649 78 strategic strategic ADJ cblr-1732 649 79 demands demand NOUN cblr-1732 649 80 ( ( PUNCT cblr-1732 649 81 column column NOUN cblr-1732 649 82 5).164 5).164 NOUN cblr-1732 649 83 164 164 NUM cblr-1732 649 84 the the DET cblr-1732 649 85 results result NOUN cblr-1732 649 86 for for ADP cblr-1732 649 87 value value NOUN cblr-1732 649 88 / / SYM cblr-1732 649 89 strategic strategic ADJ cblr-1732 649 90 demands demand NOUN cblr-1732 649 91 engagements engagement NOUN cblr-1732 649 92 stayed stay VERB cblr-1732 649 93 substantially substantially ADV cblr-1732 649 94 the the DET cblr-1732 649 95 same same ADJ cblr-1732 649 96 even even ADV cblr-1732 649 97 when when SCONJ cblr-1732 649 98 i i PRON cblr-1732 649 99 limited limit VERB cblr-1732 649 100 the the DET cblr-1732 649 101 sample sample NOUN cblr-1732 649 102 to to ADP cblr-1732 649 103 unique unique ADJ cblr-1732 649 104 engagements engagement NOUN cblr-1732 649 105 . . PUNCT cblr-1732 650 1 as as ADP cblr-1732 650 2 an an DET cblr-1732 650 3 additional additional ADJ cblr-1732 650 4 robustness robustness NOUN cblr-1732 650 5 check check NOUN cblr-1732 650 6 , , PUNCT cblr-1732 650 7 i i PRON cblr-1732 650 8 re re VERB cblr-1732 650 9 - - VERB cblr-1732 650 10 ran run VERB cblr-1732 650 11 the the DET cblr-1732 650 12 regressions regression NOUN cblr-1732 650 13 using use VERB cblr-1732 650 14 a a DET cblr-1732 650 15 different different ADJ cblr-1732 650 16 dependent dependent ADJ cblr-1732 650 17 variable variable NOUN cblr-1732 650 18 , , PUNCT cblr-1732 650 19 which which PRON cblr-1732 650 20 accounts account VERB cblr-1732 650 21 for for ADP cblr-1732 650 22 the the DET cblr-1732 650 23 percentage percentage NOUN cblr-1732 650 24 of of ADP cblr-1732 650 25 successful successful ADJ cblr-1732 650 26 demands demand NOUN cblr-1732 650 27 out out ADP cblr-1732 650 28 of of ADP cblr-1732 650 29 the the DET cblr-1732 650 30 total total ADJ cblr-1732 650 31 demands demand NOUN cblr-1732 650 32 raised raise VERB cblr-1732 650 33 by by ADP cblr-1732 650 34 the the DET cblr-1732 650 35 activists activist NOUN cblr-1732 650 36 , , PUNCT cblr-1732 650 37 and and CCONJ cblr-1732 650 38 the the DET cblr-1732 650 39 coefficients coefficient NOUN cblr-1732 650 40 stayed stay VERB cblr-1732 650 41 statistically statistically ADV cblr-1732 650 42 significant significant ADJ cblr-1732 650 43 . . PUNCT cblr-1732 651 1 i i PRON cblr-1732 651 2 also also ADV cblr-1732 651 3 conducted conduct VERB cblr-1732 651 4 the the DET cblr-1732 651 5 same same ADJ cblr-1732 651 6 experiment experiment NOUN cblr-1732 651 7 using use VERB cblr-1732 651 8 logit logit NOUN cblr-1732 651 9 instead instead ADV cblr-1732 651 10 of of ADP cblr-1732 651 11 linear linear ADJ cblr-1732 651 12 regressions regression NOUN cblr-1732 651 13 , , PUNCT cblr-1732 651 14 and and CCONJ cblr-1732 651 15 the the DET cblr-1732 651 16 results result NOUN cblr-1732 651 17 remained remain VERB cblr-1732 651 18 similar similar ADJ cblr-1732 651 19 . . PUNCT cblr-1732 652 1 kastiel kastiel PROPN cblr-1732 652 2 – – PUNCT cblr-1732 652 3 final final ADJ cblr-1732 652 4 112 112 NUM cblr-1732 652 5 columbia columbia PROPN cblr-1732 652 6 business business NOUN cblr-1732 652 7 law law NOUN cblr-1732 652 8 review review NOUN cblr-1732 653 1 [ [ X cblr-1732 653 2 vol vol NOUN cblr-1732 653 3 . . NOUN cblr-1732 653 4 2016 2016 NUM cblr-1732 653 5 table table NOUN cblr-1732 653 6 5 5 NUM cblr-1732 653 7 : : PUNCT cblr-1732 653 8 results result NOUN cblr-1732 653 9 of of ADP cblr-1732 653 10 regressions regression NOUN cblr-1732 653 11 this this DET cblr-1732 653 12 table table NOUN cblr-1732 653 13 reports report VERB cblr-1732 653 14 coefficients coefficient NOUN cblr-1732 653 15 of of ADP cblr-1732 653 16 linear linear ADJ cblr-1732 653 17 probability probability NOUN cblr-1732 653 18 regressions regression NOUN cblr-1732 653 19 where where SCONJ cblr-1732 653 20 the the DET cblr-1732 653 21 dependent dependent ADJ cblr-1732 653 22 variable variable NOUN cblr-1732 653 23 is be AUX cblr-1732 653 24 “ " PUNCT cblr-1732 653 25 successful successful ADJ cblr-1732 653 26 engagement engagement NOUN cblr-1732 653 27 , , PUNCT cblr-1732 653 28 ” " PUNCT cblr-1732 653 29 a a DET cblr-1732 653 30 binary binary ADJ cblr-1732 653 31 variable variable NOUN cblr-1732 653 32 equal equal ADJ cblr-1732 653 33 to to ADP cblr-1732 653 34 1 1 NUM cblr-1732 653 35 if if SCONJ cblr-1732 653 36 at at ADV cblr-1732 653 37 least least ADJ cblr-1732 653 38 one one NUM cblr-1732 653 39 of of ADP cblr-1732 653 40 the the DET cblr-1732 653 41 activist activist NOUN cblr-1732 653 42 ’s ’s PART cblr-1732 653 43 demands demand NOUN cblr-1732 653 44 is be AUX cblr-1732 653 45 accepted accept VERB cblr-1732 653 46 by by ADP cblr-1732 653 47 a a DET cblr-1732 653 48 controlled control VERB cblr-1732 653 49 company company NOUN cblr-1732 653 50 . . PUNCT cblr-1732 654 1 control control NOUN cblr-1732 654 2 variables variable NOUN cblr-1732 654 3 for for ADP cblr-1732 654 4 all all DET cblr-1732 654 5 regressions regression NOUN cblr-1732 654 6 include include VERB cblr-1732 654 7 company company NOUN cblr-1732 654 8 industry industry NOUN cblr-1732 654 9 and and CCONJ cblr-1732 654 10 “ " PUNCT cblr-1732 654 11 ln(market ln(market ADJ cblr-1732 654 12 cap cap NOUN cblr-1732 654 13 ) ) PUNCT cblr-1732 654 14 , , PUNCT cblr-1732 654 15 ” " PUNCT cblr-1732 654 16 defined define VERB cblr-1732 654 17 as as ADP cblr-1732 654 18 the the DET cblr-1732 654 19 logarithm logarithm NOUN cblr-1732 654 20 of of ADP cblr-1732 654 21 a a DET cblr-1732 654 22 firm firm NOUN cblr-1732 654 23 ’s ’s PART cblr-1732 654 24 market market NOUN cblr-1732 654 25 capitalization capitalization NOUN cblr-1732 654 26 when when SCONJ cblr-1732 654 27 an an DET cblr-1732 654 28 engagement engagement NOUN cblr-1732 654 29 starts start VERB cblr-1732 654 30 , , PUNCT cblr-1732 654 31 and and CCONJ cblr-1732 654 32 a a DET cblr-1732 654 33 dummy dummy ADJ cblr-1732 654 34 variable variable NOUN cblr-1732 654 35 for for ADP cblr-1732 654 36 the the DET cblr-1732 654 37 inclusion inclusion NOUN cblr-1732 654 38 of of ADP cblr-1732 654 39 the the DET cblr-1732 654 40 activist activist ADJ cblr-1732 654 41 investors investor NOUN cblr-1732 654 42 in in ADP cblr-1732 654 43 the the DET cblr-1732 654 44 sharkwatch50 sharkwatch50 NOUN cblr-1732 654 45 list list NOUN cblr-1732 654 46 ( ( PUNCT cblr-1732 654 47 a a DET cblr-1732 654 48 list list NOUN cblr-1732 654 49 of of ADP cblr-1732 654 50 the the DET cblr-1732 654 51 fifty fifty NUM cblr-1732 654 52 largest large ADJ cblr-1732 654 53 activist activist ADJ cblr-1732 654 54 investors investor NOUN cblr-1732 654 55 ) ) PUNCT cblr-1732 654 56 . . PUNCT cblr-1732 655 1 columns column NOUN cblr-1732 655 2 2 2 NUM cblr-1732 655 3 and and CCONJ cblr-1732 655 4 4 4 NUM cblr-1732 655 5 include include VERB cblr-1732 655 6 a a DET cblr-1732 655 7 control control NOUN cblr-1732 655 8 variable variable NOUN cblr-1732 655 9 for for ADP cblr-1732 655 10 company company NOUN cblr-1732 655 11 performance performance NOUN cblr-1732 655 12 ( ( PUNCT cblr-1732 655 13 “ " PUNCT cblr-1732 655 14 tsr3 tsr3 PROPN cblr-1732 655 15 ” " PUNCT cblr-1732 655 16 ) ) PUNCT cblr-1732 655 17 , , PUNCT cblr-1732 655 18 defined define VERB cblr-1732 655 19 as as ADP cblr-1732 655 20 the the DET cblr-1732 655 21 total total ADJ cblr-1732 655 22 shareholder shareholder NOUN cblr-1732 655 23 return return NOUN cblr-1732 655 24 during during ADP cblr-1732 655 25 the the DET cblr-1732 655 26 three three NUM cblr-1732 655 27 - - PUNCT cblr-1732 655 28 year year NOUN cblr-1732 655 29 period period NOUN cblr-1732 655 30 that that PRON cblr-1732 655 31 preceded precede VERB cblr-1732 655 32 the the DET cblr-1732 655 33 activist activist ADJ cblr-1732 655 34 engagement engagement NOUN cblr-1732 655 35 . . PUNCT cblr-1732 656 1 columns column NOUN cblr-1732 656 2 3 3 NUM cblr-1732 656 3 and and CCONJ cblr-1732 656 4 4 4 NUM cblr-1732 656 5 include include VERB cblr-1732 656 6 unique unique ADJ cblr-1732 656 7 engagements engagement NOUN cblr-1732 656 8 only only ADV cblr-1732 656 9 by by ADP cblr-1732 656 10 counting count VERB cblr-1732 656 11 multiple multiple ADJ cblr-1732 656 12 sc sc PROPN cblr-1732 656 13 13ds 13ds NOUN cblr-1732 656 14 as as ADP cblr-1732 656 15 one one NUM cblr-1732 656 16 event event NOUN cblr-1732 656 17 if if SCONJ cblr-1732 656 18 they they PRON cblr-1732 656 19 were be AUX cblr-1732 656 20 filed file VERB cblr-1732 656 21 in in ADP cblr-1732 656 22 connection connection NOUN cblr-1732 656 23 with with ADP cblr-1732 656 24 the the DET cblr-1732 656 25 same same ADJ cblr-1732 656 26 activist activist ADJ cblr-1732 656 27 engagement engagement NOUN cblr-1732 656 28 . . PUNCT cblr-1732 657 1 column column NOUN cblr-1732 657 2 5 5 NUM cblr-1732 657 3 includes include VERB cblr-1732 657 4 only only ADJ cblr-1732 657 5 engagements engagement NOUN cblr-1732 657 6 where where SCONJ cblr-1732 657 7 value value NOUN cblr-1732 657 8 / / SYM cblr-1732 657 9 strategic strategic ADJ cblr-1732 657 10 demands demand NOUN cblr-1732 657 11 were be AUX cblr-1732 657 12 raised raise VERB cblr-1732 657 13 by by ADP cblr-1732 657 14 the the DET cblr-1732 657 15 activists activist NOUN cblr-1732 657 16 . . PUNCT cblr-1732 658 1 all all DET cblr-1732 658 2 standard standard ADJ cblr-1732 658 3 errors error NOUN cblr-1732 658 4 ( ( PUNCT cblr-1732 658 5 not not PART cblr-1732 658 6 reported report VERB cblr-1732 658 7 ) ) PUNCT cblr-1732 658 8 adjust adjust VERB cblr-1732 658 9 for for ADP cblr-1732 658 10 heteroskedasticity heteroskedasticity NOUN cblr-1732 658 11 at at ADP cblr-1732 658 12 the the DET cblr-1732 658 13 firm firm ADJ cblr-1732 658 14 level level NOUN cblr-1732 658 15 . . PUNCT cblr-1732 659 1 finally finally ADV cblr-1732 659 2 , , PUNCT cblr-1732 659 3 * * PUNCT cblr-1732 659 4 , , PUNCT cblr-1732 659 5 * * PUNCT cblr-1732 659 6 * * PUNCT cblr-1732 659 7 , , PUNCT cblr-1732 659 8 and and CCONJ cblr-1732 659 9 * * PUNCT cblr-1732 659 10 * * PUNCT cblr-1732 659 11 * * PUNCT cblr-1732 659 12 indicate indicate VERB cblr-1732 659 13 statistical statistical ADJ cblr-1732 659 14 significance significance NOUN cblr-1732 659 15 of of ADP cblr-1732 659 16 the the DET cblr-1732 659 17 coefficients coefficient NOUN cblr-1732 659 18 at at ADP cblr-1732 659 19 the the DET cblr-1732 659 20 90 90 NUM cblr-1732 659 21 % % NOUN cblr-1732 659 22 , , PUNCT cblr-1732 659 23 95 95 NUM cblr-1732 659 24 % % NOUN cblr-1732 659 25 , , PUNCT cblr-1732 659 26 and and CCONJ cblr-1732 659 27 99 99 NUM cblr-1732 659 28 % % NOUN cblr-1732 659 29 confidence confidence NOUN cblr-1732 659 30 levels level NOUN cblr-1732 659 31 , , PUNCT cblr-1732 659 32 respectively respectively ADV cblr-1732 659 33 . . PUNCT cblr-1732 660 1 ( ( PUNCT cblr-1732 660 2 1 1 X cblr-1732 660 3 ) ) PUNCT cblr-1732 660 4 ( ( PUNCT cblr-1732 660 5 2 2 NUM cblr-1732 660 6 ) ) PUNCT cblr-1732 660 7 ( ( PUNCT cblr-1732 660 8 3 3 X cblr-1732 660 9 ) ) PUNCT cblr-1732 660 10 ( ( PUNCT cblr-1732 660 11 4 4 NUM cblr-1732 660 12 ) ) PUNCT cblr-1732 660 13 ( ( PUNCT cblr-1732 660 14 5 5 X cblr-1732 660 15 ) ) PUNCT cblr-1732 660 16 activism activism NOUN cblr-1732 660 17 without without ADP cblr-1732 660 18 formal formal ADJ cblr-1732 660 19 mechanisms mechanism NOUN cblr-1732 660 20 -0.399 -0.399 PUNCT cblr-1732 660 21 * * PUNCT cblr-1732 660 22 * * PUNCT cblr-1732 660 23 * * PUNCT cblr-1732 661 1 -0.383 -0.383 NOUN cblr-1732 661 2 * * PUNCT cblr-1732 661 3 * * PUNCT cblr-1732 661 4 * * PUNCT cblr-1732 661 5 -0.422 -0.422 PUNCT cblr-1732 661 6 * * PUNCT cblr-1732 661 7 * * PUNCT cblr-1732 661 8 * * PUNCT cblr-1732 661 9 -0.461 -0.461 PUNCT cblr-1732 661 10 * * PUNCT cblr-1732 661 11 * * PUNCT cblr-1732 661 12 * * PUNCT cblr-1732 661 13 -0.278 -0.278 PROPN cblr-1732 661 14 * * PUNCT cblr-1732 661 15 * * PUNCT cblr-1732 661 16 ln(market ln(market NOUN cblr-1732 661 17 cap cap NOUN cblr-1732 661 18 ) ) PUNCT cblr-1732 661 19 0.055 0.055 NUM cblr-1732 661 20 * * PUNCT cblr-1732 661 21 * * PUNCT cblr-1732 662 1 0.049 0.049 NUM cblr-1732 662 2 0.060 0.060 NUM cblr-1732 662 3 * * PUNCT cblr-1732 662 4 * * PUNCT cblr-1732 662 5 * * PUNCT cblr-1732 662 6 0.050 0.050 NUM cblr-1732 662 7 0.096 0.096 NUM cblr-1732 662 8 * * PUNCT cblr-1732 662 9 * * PUNCT cblr-1732 662 10 * * PUNCT cblr-1732 662 11 sharkwatch50 sharkwatch50 NOUN cblr-1732 662 12 0.030 0.030 NUM cblr-1732 662 13 0.060 0.060 NUM cblr-1732 662 14 0.111 0.111 NUM cblr-1732 662 15 0.122 0.122 NUM cblr-1732 662 16 -0.000 -0.000 PUNCT cblr-1732 662 17 tsr3 tsr3 PROPN cblr-1732 662 18 -0.123 -0.123 PART cblr-1732 662 19 -0.161 -0.161 PUNCT cblr-1732 662 20 industry industry NOUN cblr-1732 662 21 y y PROPN cblr-1732 662 22 y y PROPN cblr-1732 662 23 y y PROPN cblr-1732 662 24 y y PROPN cblr-1732 662 25 y y PROPN cblr-1732 662 26 constant constant VERB cblr-1732 662 27 0.574 0.574 NUM cblr-1732 662 28 0.608 0.608 NUM cblr-1732 662 29 0.566 0.566 NUM cblr-1732 662 30 0.681 0.681 NUM cblr-1732 662 31 0.554 0.554 NUM cblr-1732 662 32 * * PUNCT cblr-1732 662 33 * * PUNCT cblr-1732 662 34 * * VERB cblr-1732 662 35 observations observation NOUN cblr-1732 662 36 170 170 NUM cblr-1732 662 37 122 122 NUM cblr-1732 662 38 125 125 NUM cblr-1732 662 39 91 91 NUM cblr-1732 662 40 82 82 NUM cblr-1732 662 41 adjusted adjust VERB cblr-1732 662 42 r2 r2 NOUN cblr-1732 662 43 0.0844 0.0844 NUM cblr-1732 662 44 0.0411 0.0411 NUM cblr-1732 662 45 0.106 0.106 NUM cblr-1732 662 46 0.0745 0.0745 NUM cblr-1732 662 47 0.201 0.201 NUM cblr-1732 662 48 2 2 NUM cblr-1732 662 49 . . PUNCT cblr-1732 663 1 the the DET cblr-1732 663 2 reliance reliance NOUN cblr-1732 663 3 of of ADP cblr-1732 663 4 reputation reputation NOUN cblr-1732 663 5 on on ADP cblr-1732 663 6 the the DET cblr-1732 663 7 formal formal ADJ cblr-1732 663 8 channels channel NOUN cblr-1732 663 9 in in ADP cblr-1732 663 10 addition addition NOUN cblr-1732 663 11 to to ADP cblr-1732 663 12 “ " PUNCT cblr-1732 663 13 against against ADP cblr-1732 663 14 all all DET cblr-1732 663 15 odds odd NOUN cblr-1732 663 16 ” " PUNCT cblr-1732 663 17 engagements engagement NOUN cblr-1732 663 18 , , PUNCT cblr-1732 663 19 i i PRON cblr-1732 663 20 also also ADV cblr-1732 663 21 investigated investigate VERB cblr-1732 663 22 another another DET cblr-1732 663 23 subset subset NOUN cblr-1732 663 24 of of ADP cblr-1732 663 25 engagements engagement NOUN cblr-1732 663 26 that that PRON cblr-1732 663 27 may may AUX cblr-1732 663 28 shed shed VERB cblr-1732 663 29 more more ADJ cblr-1732 663 30 light light NOUN cblr-1732 663 31 on on ADP cblr-1732 663 32 the the DET cblr-1732 663 33 operation operation NOUN cblr-1732 663 34 of of ADP cblr-1732 663 35 the the DET cblr-1732 663 36 reputational reputational ADJ cblr-1732 663 37 channels channel NOUN cblr-1732 663 38 : : PUNCT cblr-1732 663 39 kastiel kastiel NOUN cblr-1732 663 40 – – PUNCT cblr-1732 663 41 final final ADJ cblr-1732 663 42 no no NOUN cblr-1732 663 43 . . PROPN cblr-1732 663 44 1:60 1:60 NUM cblr-1732 663 45 ] ] PUNCT cblr-1732 663 46 against against ADP cblr-1732 663 47 all all DET cblr-1732 663 48 odds odd NOUN cblr-1732 663 49 113 113 NUM cblr-1732 663 50 engagements engagement NOUN cblr-1732 663 51 receiving receive VERB cblr-1732 663 52 particularly particularly ADV cblr-1732 663 53 strong strong ADJ cblr-1732 663 54 media medium NOUN cblr-1732 663 55 coverage.165 coverage.165 NOUN cblr-1732 663 56 when when SCONJ cblr-1732 663 57 a a DET cblr-1732 663 58 hostile hostile ADJ cblr-1732 663 59 engagement engagement NOUN cblr-1732 663 60 becomes become VERB cblr-1732 663 61 a a DET cblr-1732 663 62 high high ADJ cblr-1732 663 63 - - PUNCT cblr-1732 663 64 profile profile NOUN cblr-1732 663 65 one one NOUN cblr-1732 663 66 , , PUNCT cblr-1732 663 67 it it PRON cblr-1732 663 68 is be AUX cblr-1732 663 69 more more ADV cblr-1732 663 70 likely likely ADJ cblr-1732 663 71 to to PART cblr-1732 663 72 attract attract VERB cblr-1732 663 73 the the DET cblr-1732 663 74 attention attention NOUN cblr-1732 663 75 of of ADP cblr-1732 663 76 investors investor NOUN cblr-1732 663 77 and and CCONJ cblr-1732 663 78 controllers controller NOUN cblr-1732 663 79 ’ ' PUNCT cblr-1732 663 80 business business NOUN cblr-1732 663 81 peers peer NOUN cblr-1732 663 82 . . PUNCT cblr-1732 664 1 concerns concern NOUN cblr-1732 664 2 about about ADP cblr-1732 664 3 reputational reputational ADJ cblr-1732 664 4 harm harm NOUN cblr-1732 664 5 can can AUX cblr-1732 664 6 then then ADV cblr-1732 664 7 motivate motivate VERB cblr-1732 664 8 a a DET cblr-1732 664 9 controlling control VERB cblr-1732 664 10 shareholder shareholder NOUN cblr-1732 664 11 to to PART cblr-1732 664 12 be be AUX cblr-1732 664 13 more more ADV cblr-1732 664 14 attentive attentive ADJ cblr-1732 664 15 to to ADP cblr-1732 664 16 activists activist NOUN cblr-1732 664 17 ’ ' PUNCT cblr-1732 664 18 demands demand NOUN cblr-1732 664 19 in in ADP cblr-1732 664 20 order order NOUN cblr-1732 664 21 to to PART cblr-1732 664 22 avoid avoid VERB cblr-1732 664 23 or or CCONJ cblr-1732 664 24 curtail curtail VERB cblr-1732 664 25 a a DET cblr-1732 664 26 damaging damaging ADJ cblr-1732 664 27 public public ADJ cblr-1732 664 28 campaign campaign NOUN cblr-1732 664 29 . . PUNCT cblr-1732 665 1 as as ADP cblr-1732 665 2 a a DET cblr-1732 665 3 managing manage VERB cblr-1732 665 4 partner partner NOUN cblr-1732 665 5 at at ADP cblr-1732 665 6 a a DET cblr-1732 665 7 media media NOUN cblr-1732 665 8 - - PUNCT cblr-1732 665 9 focused focus VERB cblr-1732 665 10 advisory advisory ADJ cblr-1732 665 11 firm firm NOUN cblr-1732 665 12 industry industry NOUN cblr-1732 665 13 summarized summarize VERB cblr-1732 665 14 it it PRON cblr-1732 665 15 : : PUNCT cblr-1732 665 16 “ " PUNCT cblr-1732 665 17 [ [ X cblr-1732 665 18 investors investor NOUN cblr-1732 665 19 in in ADP cblr-1732 665 20 controlled control VERB cblr-1732 665 21 firms firm NOUN cblr-1732 665 22 ] ] PUNCT cblr-1732 665 23 may may AUX cblr-1732 665 24 not not PART cblr-1732 665 25 be be AUX cblr-1732 665 26 able able ADJ cblr-1732 665 27 to to PART cblr-1732 665 28 [ [ X cblr-1732 665 29 influence influence VERB cblr-1732 665 30 the the DET cblr-1732 665 31 ] ] X cblr-1732 665 32 vote vote NOUN cblr-1732 665 33 , , PUNCT cblr-1732 665 34 but but CCONJ cblr-1732 665 35 they they PRON cblr-1732 665 36 can can AUX cblr-1732 665 37 buy buy VERB cblr-1732 665 38 big big ADJ cblr-1732 665 39 stakes stake NOUN cblr-1732 665 40 in in ADP cblr-1732 665 41 these these DET cblr-1732 665 42 companies company NOUN cblr-1732 665 43 and and CCONJ cblr-1732 665 44 scream scream VERB cblr-1732 665 45 bloody bloody ADJ cblr-1732 665 46 murder murder NOUN cblr-1732 665 47 if if SCONJ cblr-1732 665 48 the the DET cblr-1732 665 49 stock stock NOUN cblr-1732 665 50 declines decline NOUN cblr-1732 665 51 continue continue VERB cblr-1732 665 52 . . PUNCT cblr-1732 666 1 eventually eventually ADV cblr-1732 666 2 , , PUNCT cblr-1732 666 3 something something PRON cblr-1732 666 4 has have AUX cblr-1732 666 5 got get VERB cblr-1732 666 6 to to PART cblr-1732 666 7 give give VERB cblr-1732 666 8 . . PUNCT cblr-1732 666 9 ”166 ”166 NOUN cblr-1732 666 10 indeed indeed ADV cblr-1732 666 11 , , PUNCT cblr-1732 666 12 much much ADJ cblr-1732 666 13 anecdotal anecdotal ADJ cblr-1732 666 14 evidence evidence NOUN cblr-1732 666 15 suggests suggest VERB cblr-1732 666 16 that that SCONJ cblr-1732 666 17 controllers controller NOUN cblr-1732 666 18 are be AUX cblr-1732 666 19 motivated motivated ADJ cblr-1732 666 20 to to PART cblr-1732 666 21 terminate terminate VERB cblr-1732 666 22 damaging damaging ADJ cblr-1732 666 23 campaigns campaign NOUN cblr-1732 666 24 , , PUNCT cblr-1732 666 25 particularly particularly ADV cblr-1732 666 26 when when SCONJ cblr-1732 666 27 these these DET cblr-1732 666 28 campaigns campaign NOUN cblr-1732 666 29 attract attract VERB cblr-1732 666 30 strong strong ADJ cblr-1732 666 31 media medium NOUN cblr-1732 666 32 coverage coverage NOUN cblr-1732 666 33 . . PUNCT cblr-1732 667 1 consider consider VERB cblr-1732 667 2 , , PUNCT cblr-1732 667 3 for for ADP cblr-1732 667 4 instance instance NOUN cblr-1732 667 5 , , PUNCT cblr-1732 667 6 the the DET cblr-1732 667 7 engagement engagement NOUN cblr-1732 667 8 with with ADP cblr-1732 667 9 the the DET cblr-1732 667 10 new new PROPN cblr-1732 667 11 york york PROPN cblr-1732 667 12 times times PROPN cblr-1732 667 13 company company NOUN cblr-1732 667 14 . . PUNCT cblr-1732 668 1 as as SCONJ cblr-1732 668 2 noted note VERB cblr-1732 668 3 earlier early ADV cblr-1732 668 4 , , PUNCT cblr-1732 668 5 the the DET cblr-1732 668 6 times time NOUN cblr-1732 668 7 company company NOUN cblr-1732 668 8 ’s ’s PART cblr-1732 668 9 decision decision NOUN cblr-1732 668 10 to to PART cblr-1732 668 11 settle settle VERB cblr-1732 668 12 with with ADP cblr-1732 668 13 the the DET cblr-1732 668 14 activists activist NOUN cblr-1732 668 15 came come VERB cblr-1732 668 16 after after ADP cblr-1732 668 17 a a DET cblr-1732 668 18 three three NUM cblr-1732 668 19 - - PUNCT cblr-1732 668 20 month month NOUN cblr-1732 668 21 high high ADJ cblr-1732 668 22 - - PUNCT cblr-1732 668 23 profile profile NOUN cblr-1732 668 24 assault assault NOUN cblr-1732 668 25 on on ADP cblr-1732 668 26 the the DET cblr-1732 668 27 company,167 company,167 NOUN cblr-1732 668 28 and and CCONJ cblr-1732 668 29 after after ADP cblr-1732 668 30 another another DET cblr-1732 668 31 activist activist ADJ cblr-1732 668 32 investor investor NOUN cblr-1732 668 33 , , PUNCT cblr-1732 668 34 morgan morgan PROPN cblr-1732 668 35 stanley stanley PROPN cblr-1732 668 36 investment investment PROPN cblr-1732 668 37 management management PROPN cblr-1732 668 38 , , PUNCT cblr-1732 668 39 led lead VERB cblr-1732 668 40 a a DET cblr-1732 668 41 vocal vocal ADJ cblr-1732 668 42 two two NUM cblr-1732 668 43 - - PUNCT cblr-1732 668 44 year year NOUN cblr-1732 668 45 campaign campaign NOUN cblr-1732 668 46 for for ADP cblr-1732 668 47 changes change NOUN cblr-1732 668 48 in in ADP cblr-1732 668 49 the the DET cblr-1732 668 50 company company NOUN cblr-1732 668 51 business,168 business,168 ADP cblr-1732 668 52 publicly publicly ADV cblr-1732 668 53 explaining explain VERB cblr-1732 668 54 that that SCONJ cblr-1732 668 55 the the DET cblr-1732 668 56 company company NOUN cblr-1732 668 57 share share NOUN cblr-1732 668 58 price price NOUN cblr-1732 668 59 was be AUX cblr-1732 668 60 deeply deeply ADV cblr-1732 668 61 underpriced underpriced ADJ cblr-1732 668 62 because because SCONJ cblr-1732 668 63 of of ADP cblr-1732 668 64 improper improper ADJ cblr-1732 668 65 management management NOUN cblr-1732 668 66 . . PUNCT cblr-1732 669 1 during during ADP cblr-1732 669 2 2008 2008 NUM cblr-1732 669 3 , , PUNCT cblr-1732 669 4 the the DET cblr-1732 669 5 year year NOUN cblr-1732 669 6 the the DET cblr-1732 669 7 hedge hedge NOUN cblr-1732 669 8 fund fund NOUN cblr-1732 669 9 launched launch VERB cblr-1732 669 10 a a DET cblr-1732 669 11 proxy proxy NOUN cblr-1732 669 12 contest contest NOUN cblr-1732 669 13 against against ADP cblr-1732 669 14 the the DET cblr-1732 669 15 times time NOUN cblr-1732 669 16 company company NOUN cblr-1732 669 17 , , PUNCT cblr-1732 669 18 there there PRON cblr-1732 669 19 were be VERB cblr-1732 669 20 more more ADJ cblr-1732 669 21 than than ADP cblr-1732 669 22 300 300 NUM cblr-1732 669 23 newspaper newspaper NOUN cblr-1732 669 24 articles article NOUN cblr-1732 669 25 that that PRON cblr-1732 669 26 covered cover VERB cblr-1732 669 27 165 165 NUM cblr-1732 669 28 i i PRON cblr-1732 669 29 define define VERB cblr-1732 669 30 a a DET cblr-1732 669 31 campaign campaign NOUN cblr-1732 669 32 against against ADP cblr-1732 669 33 a a DET cblr-1732 669 34 target target NOUN cblr-1732 669 35 company company NOUN cblr-1732 669 36 as as ADP cblr-1732 669 37 one one NUM cblr-1732 669 38 with with ADP cblr-1732 669 39 strong strong ADJ cblr-1732 669 40 media medium NOUN cblr-1732 669 41 coverage coverage NOUN cblr-1732 669 42 if if SCONJ cblr-1732 669 43 the the DET cblr-1732 669 44 campaign campaign NOUN cblr-1732 669 45 receives receive VERB cblr-1732 669 46 thirty thirty NUM cblr-1732 669 47 or or CCONJ cblr-1732 669 48 more more ADJ cblr-1732 669 49 references reference NOUN cblr-1732 669 50 on on ADP cblr-1732 669 51 the the DET cblr-1732 669 52 factiva factiva PROPN cblr-1732 669 53 database database NOUN cblr-1732 669 54 during during ADP cblr-1732 669 55 the the DET cblr-1732 669 56 course course NOUN cblr-1732 669 57 of of ADP cblr-1732 669 58 the the DET cblr-1732 669 59 engagement engagement NOUN cblr-1732 669 60 . . PUNCT cblr-1732 670 1 166 166 NUM cblr-1732 670 2 nat nat PROPN cblr-1732 670 3 worden worden NOUN cblr-1732 670 4 , , PUNCT cblr-1732 670 5 controlling control VERB cblr-1732 670 6 media medium NOUN cblr-1732 670 7 holders holder NOUN cblr-1732 670 8 face face VERB cblr-1732 670 9 new new ADJ cblr-1732 670 10 scrutiny scrutiny NOUN cblr-1732 670 11 , , PUNCT cblr-1732 670 12 dow dow PROPN cblr-1732 670 13 jones jones PROPN cblr-1732 670 14 , , PUNCT cblr-1732 670 15 oct oct PROPN cblr-1732 670 16 . . PROPN cblr-1732 670 17 21 21 NUM cblr-1732 670 18 , , PUNCT cblr-1732 670 19 2008 2008 NUM cblr-1732 670 20 , , PUNCT cblr-1732 670 21 factiva factiva NOUN cblr-1732 670 22 , , PUNCT cblr-1732 670 23 document document NOUN cblr-1732 670 24 dj00000020081021e4al000dx dj00000020081021e4al000dx NOUN cblr-1732 670 25 . . PUNCT cblr-1732 671 1 167 167 NUM cblr-1732 672 1 the the DET cblr-1732 672 2 factiva factiva PROPN cblr-1732 672 3 database database NOUN cblr-1732 672 4 shows show VERB cblr-1732 672 5 that that SCONJ cblr-1732 672 6 during during ADP cblr-1732 672 7 the the DET cblr-1732 672 8 three three NUM cblr-1732 672 9 - - PUNCT cblr-1732 672 10 month month NOUN cblr-1732 672 11 period period NOUN cblr-1732 672 12 surrounding surround VERB cblr-1732 672 13 the the DET cblr-1732 672 14 engagement engagement NOUN cblr-1732 672 15 with with ADP cblr-1732 672 16 the the DET cblr-1732 672 17 times time NOUN cblr-1732 672 18 company company NOUN cblr-1732 672 19 , , PUNCT cblr-1732 672 20 there there PRON cblr-1732 672 21 were be VERB cblr-1732 672 22 more more ADV cblr-1732 672 23 200 200 NUM cblr-1732 672 24 media medium NOUN cblr-1732 672 25 references reference NOUN cblr-1732 672 26 to to ADP cblr-1732 672 27 it it PRON cblr-1732 672 28 . . PUNCT cblr-1732 673 1 headlines headline NOUN cblr-1732 673 2 on on ADP cblr-1732 673 3 harbinger harbinger NOUN cblr-1732 673 4 campaign campaign NOUN cblr-1732 673 5 against against ADP cblr-1732 673 6 new new PROPN cblr-1732 673 7 york york PROPN cblr-1732 673 8 times times PROPN cblr-1732 673 9 from from ADP cblr-1732 673 10 jan jan PROPN cblr-1732 673 11 . . PROPN cblr-1732 673 12 1 1 NUM cblr-1732 673 13 , , PUNCT cblr-1732 673 14 2008 2008 NUM cblr-1732 673 15 to to ADP cblr-1732 673 16 mar mar PROPN cblr-1732 673 17 . . PROPN cblr-1732 673 18 31 31 NUM cblr-1732 673 19 , , PUNCT cblr-1732 673 20 2008 2008 NUM cblr-1732 673 21 , , PUNCT cblr-1732 673 22 factiva factiva PROPN cblr-1732 673 23 , , PUNCT cblr-1732 673 24 https://global.factiva.com https://global.factiva.com X cblr-1732 674 1 [ [ X cblr-1732 674 2 https://perma.cc/ypa3-kbk4 https://perma.cc/ypa3-kbk4 X cblr-1732 674 3 ] ] X cblr-1732 674 4 ( ( PUNCT cblr-1732 674 5 after after ADP cblr-1732 674 6 logging log VERB cblr-1732 674 7 in in ADP cblr-1732 674 8 , , PUNCT cblr-1732 674 9 click click VERB cblr-1732 674 10 “ " PUNCT cblr-1732 674 11 search search NOUN cblr-1732 674 12 ” " PUNCT cblr-1732 674 13 ; ; PUNCT cblr-1732 674 14 then then ADV cblr-1732 674 15 turn turn VERB cblr-1732 674 16 on on ADP cblr-1732 674 17 “ " PUNCT cblr-1732 674 18 query query NOUN cblr-1732 674 19 genius genius NOUN cblr-1732 674 20 ” " PUNCT cblr-1732 674 21 and and CCONJ cblr-1732 674 22 search search VERB cblr-1732 674 23 “ " PUNCT cblr-1732 674 24 harbinger harbinger NOUN cblr-1732 674 25 and and CCONJ cblr-1732 674 26 fds fds NOUN cblr-1732 674 27 = = NOUN cblr-1732 674 28 nyt nyt NOUN cblr-1732 674 29 and and CCONJ cblr-1732 674 30 date date NOUN cblr-1732 674 31 from from ADP cblr-1732 674 32 20080101 20080101 NUM cblr-1732 674 33 to to ADP cblr-1732 674 34 20080331 20080331 NUM cblr-1732 674 35 ” " PUNCT cblr-1732 674 36 ) ) PUNCT cblr-1732 674 37 . . PUNCT cblr-1732 675 1 168 168 NUM cblr-1732 675 2 see see VERB cblr-1732 675 3 , , PUNCT cblr-1732 675 4 e.g. e.g. ADV cblr-1732 675 5 , , PUNCT cblr-1732 675 6 marr marr ADJ cblr-1732 675 7 , , PUNCT cblr-1732 675 8 supra supra ADJ cblr-1732 675 9 note note NOUN cblr-1732 675 10 9 9 NUM cblr-1732 675 11 ( ( PUNCT cblr-1732 675 12 reporting report VERB cblr-1732 675 13 this this DET cblr-1732 675 14 campaign campaign NOUN cblr-1732 675 15 ) ) PUNCT cblr-1732 675 16 . . PUNCT cblr-1732 676 1 kastiel kastiel PROPN cblr-1732 676 2 – – PUNCT cblr-1732 676 3 final final ADJ cblr-1732 676 4 114 114 NUM cblr-1732 676 5 columbia columbia PROPN cblr-1732 676 6 business business NOUN cblr-1732 676 7 law law PROPN cblr-1732 676 8 review review NOUN cblr-1732 677 1 [ [ X cblr-1732 677 2 vol vol NOUN cblr-1732 677 3 . . NOUN cblr-1732 677 4 2016 2016 NUM cblr-1732 677 5 it,169 it,169 NOUN cblr-1732 677 6 and and CCONJ cblr-1732 677 7 the the DET cblr-1732 677 8 activist activist ADJ cblr-1732 677 9 hedge hedge NOUN cblr-1732 677 10 fund fund NOUN cblr-1732 677 11 kept keep VERB cblr-1732 677 12 announcing announce VERB cblr-1732 677 13 in in ADP cblr-1732 677 14 the the DET cblr-1732 677 15 media medium NOUN cblr-1732 677 16 that that SCONJ cblr-1732 677 17 “ " PUNCT cblr-1732 677 18 the the DET cblr-1732 677 19 times time NOUN cblr-1732 677 20 ’ ' PUNCT cblr-1732 677 21 future future NOUN cblr-1732 677 22 depended depend VERB cblr-1732 677 23 on on ADP cblr-1732 677 24 ‘ ' PUNCT cblr-1732 677 25 fresh fresh ADJ cblr-1732 677 26 , , PUNCT cblr-1732 677 27 independent independent ADJ cblr-1732 677 28 leadership leadership NOUN cblr-1732 677 29 in in ADP cblr-1732 677 30 the the DET cblr-1732 677 31 boardroom boardroom NOUN cblr-1732 677 32 . . PUNCT cblr-1732 678 1 ’”170 ’”170 X cblr-1732 678 2 another another DET cblr-1732 678 3 interesting interesting ADJ cblr-1732 678 4 example example NOUN cblr-1732 678 5 , , PUNCT cblr-1732 678 6 the the DET cblr-1732 678 7 high high ADJ cblr-1732 678 8 - - PUNCT cblr-1732 678 9 profile profile NOUN cblr-1732 678 10 campaign campaign NOUN cblr-1732 678 11 against against ADP cblr-1732 678 12 dillard dillard NOUN cblr-1732 678 13 ’s ’s PART cblr-1732 678 14 had have VERB cblr-1732 678 15 more more ADJ cblr-1732 678 16 than than ADP cblr-1732 678 17 200 200 NUM cblr-1732 678 18 media medium NOUN cblr-1732 678 19 references reference NOUN cblr-1732 678 20 , , PUNCT cblr-1732 678 21 most most ADJ cblr-1732 678 22 of of ADP cblr-1732 678 23 which which PRON cblr-1732 678 24 portrayed portray VERB cblr-1732 678 25 the the DET cblr-1732 678 26 controlling control VERB cblr-1732 678 27 family family NOUN cblr-1732 678 28 in in ADP cblr-1732 678 29 a a DET cblr-1732 678 30 negative negative ADJ cblr-1732 678 31 light light NOUN cblr-1732 678 32 . . PUNCT cblr-1732 679 1 in in ADP cblr-1732 679 2 a a DET cblr-1732 679 3 public public ADJ cblr-1732 679 4 letter letter NOUN cblr-1732 679 5 filed file VERB cblr-1732 679 6 with with ADP cblr-1732 679 7 the the DET cblr-1732 679 8 sec sec PROPN cblr-1732 679 9 in in ADP cblr-1732 679 10 october october PROPN cblr-1732 679 11 2008 2008 NUM cblr-1732 679 12 , , PUNCT cblr-1732 679 13 the the DET cblr-1732 679 14 hedge hedge NOUN cblr-1732 679 15 funds fund NOUN cblr-1732 679 16 accused accuse VERB cblr-1732 679 17 management management NOUN cblr-1732 679 18 of of ADP cblr-1732 679 19 negligence negligence NOUN cblr-1732 679 20 and and CCONJ cblr-1732 679 21 nepotism nepotism NOUN cblr-1732 679 22 and and CCONJ cblr-1732 679 23 called call VERB cblr-1732 679 24 several several ADJ cblr-1732 679 25 executives executive NOUN cblr-1732 679 26 who who PRON cblr-1732 679 27 were be AUX cblr-1732 679 28 members member NOUN cblr-1732 679 29 of of ADP cblr-1732 679 30 the the DET cblr-1732 679 31 controlling control VERB cblr-1732 679 32 family family NOUN cblr-1732 679 33 “ " PUNCT cblr-1732 679 34 overpaid overpay VERB cblr-1732 679 35 and and CCONJ cblr-1732 679 36 under under ADV cblr-1732 679 37 - - PUNCT cblr-1732 679 38 qualified qualified ADJ cblr-1732 679 39 for for ADP cblr-1732 679 40 the the DET cblr-1732 679 41 positions position NOUN cblr-1732 679 42 they they PRON cblr-1732 679 43 hold hold VERB cblr-1732 679 44 . . PUNCT cblr-1732 679 45 ”171 ”171 PROPN cblr-1732 680 1 one one NUM cblr-1732 680 2 of of ADP cblr-1732 680 3 the the DET cblr-1732 680 4 activist activist ADJ cblr-1732 680 5 holders holder NOUN cblr-1732 680 6 publicly publicly ADV cblr-1732 680 7 argued argue VERB cblr-1732 680 8 that that SCONJ cblr-1732 680 9 the the DET cblr-1732 680 10 performance performance NOUN cblr-1732 680 11 of of ADP cblr-1732 680 12 the the DET cblr-1732 680 13 company company NOUN cblr-1732 680 14 over over ADP cblr-1732 680 15 the the DET cblr-1732 680 16 prior prior ADJ cblr-1732 680 17 ten ten NUM cblr-1732 680 18 years year NOUN cblr-1732 680 19 “ " PUNCT cblr-1732 680 20 has have AUX cblr-1732 680 21 been be AUX cblr-1732 680 22 nothing nothing PRON cblr-1732 680 23 short short ADJ cblr-1732 680 24 of of ADP cblr-1732 680 25 atrocious atrocious ADJ cblr-1732 680 26 . . PUNCT cblr-1732 680 27 ”172 ”172 PUNCT cblr-1732 681 1 eventually eventually ADV cblr-1732 681 2 , , PUNCT cblr-1732 681 3 a a DET cblr-1732 681 4 settlement settlement NOUN cblr-1732 681 5 was be AUX cblr-1732 681 6 reached reach VERB cblr-1732 681 7 between between ADP cblr-1732 681 8 dillard dillard NOUN cblr-1732 681 9 ’s ’s NOUN cblr-1732 681 10 and and CCONJ cblr-1732 681 11 the the DET cblr-1732 681 12 activist activist ADJ cblr-1732 681 13 groups group NOUN cblr-1732 681 14 that that PRON cblr-1732 681 15 received receive VERB cblr-1732 681 16 board board NOUN cblr-1732 681 17 representation representation NOUN cblr-1732 681 18 , , PUNCT cblr-1732 681 19 with with ADP cblr-1732 681 20 the the DET cblr-1732 681 21 controlling control VERB cblr-1732 681 22 family family NOUN cblr-1732 681 23 taking take VERB cblr-1732 681 24 sizable sizable ADJ cblr-1732 681 25 cuts cut NOUN cblr-1732 681 26 in in ADP cblr-1732 681 27 compensation.173 compensation.173 ADJ cblr-1732 681 28 activists activist NOUN cblr-1732 681 29 also also ADV cblr-1732 681 30 conducted conduct VERB cblr-1732 681 31 an an DET cblr-1732 681 32 aggressive aggressive ADJ cblr-1732 681 33 public public ADJ cblr-1732 681 34 campaign campaign NOUN cblr-1732 681 35 against against ADP cblr-1732 681 36 comcast comcast PROPN cblr-1732 681 37 . . PUNCT cblr-1732 682 1 in in ADP cblr-1732 682 2 the the DET cblr-1732 682 3 course course NOUN cblr-1732 682 4 of of ADP cblr-1732 682 5 the the DET cblr-1732 682 6 campaign campaign NOUN cblr-1732 682 7 , , PUNCT cblr-1732 682 8 the the DET cblr-1732 682 9 activist activist ADJ cblr-1732 682 10 fund fund NOUN cblr-1732 682 11 called call VERB cblr-1732 682 12 for for ADP cblr-1732 682 13 the the DET cblr-1732 682 14 ousting ousting NOUN cblr-1732 682 15 of of ADP cblr-1732 682 16 the the DET cblr-1732 682 17 company company NOUN cblr-1732 682 18 controller controller NOUN cblr-1732 682 19 brian brian PROPN cblr-1732 682 20 roberts roberts PROPN cblr-1732 682 21 , , PUNCT cblr-1732 682 22 describing describe VERB cblr-1732 682 23 his his PRON cblr-1732 682 24 management management NOUN cblr-1732 682 25 in in ADP cblr-1732 682 26 a a DET cblr-1732 682 27 wall wall PROPN cblr-1732 682 28 street street PROPN cblr-1732 682 29 journal journal PROPN cblr-1732 682 30 article article NOUN cblr-1732 682 31 as as ADP cblr-1732 682 32 a a DET cblr-1732 682 33 “ " PUNCT cblr-1732 682 34 comcastrophe comcastrophe NOUN cblr-1732 682 35 ” " PUNCT cblr-1732 682 36 for for ADP cblr-1732 682 37 shareholders shareholder NOUN cblr-1732 682 38 and and CCONJ cblr-1732 682 39 claiming claim VERB cblr-1732 682 40 that that SCONJ cblr-1732 682 41 it it PRON cblr-1732 682 42 led lead VERB cblr-1732 682 43 to to ADP cblr-1732 682 44 a a DET cblr-1732 682 45 decade decade NOUN cblr-1732 682 46 of of ADP cblr-1732 682 47 “ " PUNCT cblr-1732 682 48 zero zero NUM cblr-1732 682 49 return return NOUN cblr-1732 682 50 . . 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PROPN cblr-1732 689 17 31 31 NUM cblr-1732 689 18 , , PUNCT cblr-1732 689 19 2008 2008 NUM cblr-1732 689 20 ) ) PUNCT cblr-1732 689 21 , , PUNCT cblr-1732 690 1 http://nypost.com/2008/ http://nypost.com/2008/ PROPN cblr-1732 690 2 10/31 10/31 NUM cblr-1732 690 3 / / SYM cblr-1732 690 4 dillards dillards PROPN cblr-1732 690 5 - - PUNCT cblr-1732 690 6 heated heat VERB cblr-1732 690 7 - - PUNCT cblr-1732 690 8 at at ADP cblr-1732 690 9 - - PUNCT cblr-1732 690 10 hedgies/ hedgies/ NUM cblr-1732 690 11 [ [ X cblr-1732 690 12 https://perma.cc/7tbg-vp8x https://perma.cc/7tbg-vp8x NOUN cblr-1732 690 13 ] ] X cblr-1732 690 14 . . PUNCT cblr-1732 691 1 172 172 NUM cblr-1732 691 2 dodes dode NOUN cblr-1732 691 3 , , PUNCT cblr-1732 691 4 supra supra NOUN cblr-1732 691 5 note note NOUN cblr-1732 691 6 171 171 NUM cblr-1732 691 7 . . PUNCT cblr-1732 692 1 173 173 NUM cblr-1732 692 2 see see VERB cblr-1732 692 3 supra supra PROPN cblr-1732 692 4 notes note NOUN cblr-1732 692 5 105–06 105–06 PROPN cblr-1732 692 6 . . PUNCT cblr-1732 693 1 174 174 NUM cblr-1732 693 2 dionne dionne PROPN cblr-1732 693 3 searcey searcey NOUN cblr-1732 693 4 , , PUNCT cblr-1732 693 5 call call VERB cblr-1732 693 6 to to PART cblr-1732 693 7 oust oust VERB cblr-1732 693 8 comcast comcast PROPN cblr-1732 693 9 ’s ’s PART cblr-1732 693 10 roberts roberts PROPN cblr-1732 693 11 by by ADP cblr-1732 693 12 investor investor NOUN cblr-1732 693 13 draws draw VERB cblr-1732 693 14 mixed mixed ADJ cblr-1732 693 15 reviews review NOUN cblr-1732 693 16 , , PUNCT cblr-1732 693 17 wall wall PROPN cblr-1732 693 18 . . PUNCT cblr-1732 694 1 st st PROPN cblr-1732 694 2 . . PROPN cblr-1732 694 3 j. j. PROPN cblr-1732 694 4 , , PUNCT cblr-1732 694 5 jan jan PROPN cblr-1732 694 6 . . PROPN cblr-1732 694 7 19 19 NUM cblr-1732 694 8 , , PUNCT cblr-1732 694 9 2008 2008 NUM cblr-1732 694 10 , , PUNCT cblr-1732 694 11 at at ADP cblr-1732 694 12 b3 b3 PROPN cblr-1732 694 13 . . PUNCT cblr-1732 695 1 kastiel kastiel PROPN cblr-1732 695 2 – – PUNCT cblr-1732 695 3 final final ADJ cblr-1732 695 4 no no NOUN cblr-1732 695 5 . . PROPN cblr-1732 695 6 1:60 1:60 NUM cblr-1732 695 7 ] ] PUNCT cblr-1732 695 8 against against ADP cblr-1732 695 9 all all DET cblr-1732 695 10 odds odd NOUN cblr-1732 695 11 115 115 NUM cblr-1732 695 12 publicly publicly ADV cblr-1732 695 13 criticized criticize VERB cblr-1732 695 14 comcast comcast PROPN cblr-1732 695 15 for for ADP cblr-1732 695 16 lavishing lavish VERB cblr-1732 695 17 founder founder NOUN cblr-1732 695 18 ralph ralph PROPN cblr-1732 695 19 roberts roberts PROPN cblr-1732 695 20 ’ ' PUNCT cblr-1732 695 21 estate estate NOUN cblr-1732 695 22 with with ADP cblr-1732 695 23 a a DET cblr-1732 695 24 multimillion multimillion ADJ cblr-1732 695 25 - - PUNCT cblr-1732 695 26 dollar dollar NOUN cblr-1732 695 27 benefit benefit NOUN cblr-1732 695 28 payable payable ADJ cblr-1732 695 29 upon upon SCONJ cblr-1732 695 30 his his PRON cblr-1732 695 31 death.175 death.175 NOUN cblr-1732 695 32 the the DET cblr-1732 695 33 company company NOUN cblr-1732 695 34 ’s ’s PART cblr-1732 695 35 controller controller NOUN cblr-1732 695 36 succumbed succumb VERB cblr-1732 695 37 to to ADP cblr-1732 695 38 the the DET cblr-1732 695 39 intense intense ADJ cblr-1732 695 40 public public ADJ cblr-1732 695 41 shaming shaming NOUN cblr-1732 695 42 and and CCONJ cblr-1732 695 43 the the DET cblr-1732 695 44 pressures pressure NOUN cblr-1732 695 45 exercised exercise VERB cblr-1732 695 46 by by ADP cblr-1732 695 47 the the DET cblr-1732 695 48 activist activist ADJ cblr-1732 695 49 fund fund NOUN cblr-1732 695 50 through through ADP cblr-1732 695 51 leading lead VERB cblr-1732 695 52 media medium NOUN cblr-1732 695 53 outlets outlet NOUN cblr-1732 695 54 . . 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PUNCT cblr-1732 697 1 however however ADV cblr-1732 697 2 , , PUNCT cblr-1732 697 3 an an DET cblr-1732 697 4 examination examination NOUN cblr-1732 697 5 of of ADP cblr-1732 697 6 all all DET cblr-1732 697 7 high high ADJ cblr-1732 697 8 - - PUNCT cblr-1732 697 9 profile profile NOUN cblr-1732 697 10 engagements engagement NOUN cblr-1732 697 11 shows show VERB cblr-1732 697 12 that that SCONJ cblr-1732 697 13 they they PRON cblr-1732 697 14 often often ADV cblr-1732 697 15 reach reach VERB cblr-1732 697 16 the the DET cblr-1732 697 17 confrontational confrontational ADJ cblr-1732 697 18 level level NOUN cblr-1732 697 19 of of ADP cblr-1732 697 20 a a DET cblr-1732 697 21 proxy proxy NOUN cblr-1732 697 22 contest contest NOUN cblr-1732 697 23 for for ADP cblr-1732 697 24 board board NOUN cblr-1732 697 25 representation representation NOUN cblr-1732 697 26 . . PUNCT cblr-1732 698 1 boardroom boardroom NOUN cblr-1732 698 2 battles battle NOUN cblr-1732 698 3 are be AUX cblr-1732 698 4 interesting interesting ADJ cblr-1732 698 5 and and CCONJ cblr-1732 698 6 they they PRON cblr-1732 698 7 could could AUX cblr-1732 698 8 easily easily ADV cblr-1732 698 9 make make VERB cblr-1732 698 10 it it PRON cblr-1732 698 11 to to ADP cblr-1732 698 12 the the DET cblr-1732 698 13 front front ADJ cblr-1732 698 14 page page NOUN cblr-1732 698 15 of of ADP cblr-1732 698 16 major major ADJ cblr-1732 698 17 financial financial ADJ cblr-1732 698 18 newspapers newspaper NOUN cblr-1732 698 19 on on ADP cblr-1732 698 20 a a DET cblr-1732 698 21 constant constant ADJ cblr-1732 698 22 basis basis NOUN cblr-1732 698 23 . . PUNCT cblr-1732 699 1 and and CCONJ cblr-1732 699 2 in in ADP cblr-1732 699 3 order order NOUN cblr-1732 699 4 to to PART cblr-1732 699 5 engage engage VERB cblr-1732 699 6 in in ADP cblr-1732 699 7 a a DET cblr-1732 699 8 proxy proxy NOUN cblr-1732 699 9 contest contest NOUN cblr-1732 699 10 against against ADP cblr-1732 699 11 a a DET cblr-1732 699 12 controlling control VERB cblr-1732 699 13 shareholder shareholder NOUN cblr-1732 699 14 , , PUNCT cblr-1732 699 15 or or CCONJ cblr-1732 699 16 at at ADP cblr-1732 699 17 least least ADJ cblr-1732 699 18 to to PART cblr-1732 699 19 threaten threaten VERB cblr-1732 699 20 to to PART cblr-1732 699 21 launch launch VERB cblr-1732 699 22 such such DET cblr-1732 699 23 a a DET cblr-1732 699 24 contest contest NOUN cblr-1732 699 25 , , PUNCT cblr-1732 699 26 an an DET cblr-1732 699 27 activist activist NOUN cblr-1732 699 28 has have VERB cblr-1732 699 29 to to PART cblr-1732 699 30 rely rely VERB cblr-1732 699 31 on on ADP cblr-1732 699 32 a a DET cblr-1732 699 33 formal formal ADJ cblr-1732 699 34 channel channel NOUN cblr-1732 699 35 of of ADP cblr-1732 699 36 activism activism NOUN cblr-1732 699 37 , , PUNCT cblr-1732 699 38 such such ADJ cblr-1732 699 39 as as ADP cblr-1732 699 40 the the DET cblr-1732 699 41 ability ability NOUN cblr-1732 699 42 to to PART cblr-1732 699 43 nominate nominate VERB cblr-1732 699 44 a a DET cblr-1732 699 45 minority minority NOUN cblr-1732 699 46 director director NOUN cblr-1732 699 47 . . 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PUNCT cblr-1732 701 41 st st PROPN cblr-1732 701 42 . . PROPN cblr-1732 701 43 j. j. PROPN cblr-1732 701 44 , , PUNCT cblr-1732 701 45 jan jan PROPN cblr-1732 701 46 . . PROPN cblr-1732 701 47 14 14 NUM cblr-1732 701 48 , , PUNCT cblr-1732 701 49 2008 2008 NUM cblr-1732 701 50 , , PUNCT cblr-1732 701 51 at at ADP cblr-1732 701 52 a14 a14 PROPN cblr-1732 701 53 . . PUNCT cblr-1732 702 1 176 176 NUM cblr-1732 703 1 i i PRON cblr-1732 703 2 d. d. PROPN cblr-1732 703 3 177 177 NUM cblr-1732 703 4 todd todd PROPN cblr-1732 703 5 shields shield NOUN cblr-1732 703 6 , , PUNCT cblr-1732 703 7 comcast comcast PROPN cblr-1732 703 8 , , PUNCT cblr-1732 703 9 pressured pressure VERB cblr-1732 703 10 by by ADP cblr-1732 703 11 holders holder NOUN cblr-1732 703 12 , , PUNCT cblr-1732 703 13 sets set VERB cblr-1732 703 14 buyback buyback NOUN cblr-1732 703 15 , , PUNCT cblr-1732 703 16 dividend dividend NOUN cblr-1732 703 17 , , PUNCT cblr-1732 703 18 bloomberg bloomberg PROPN cblr-1732 703 19 ( ( PUNCT cblr-1732 703 20 feb feb PROPN cblr-1732 703 21 . . PROPN cblr-1732 703 22 14 14 NUM cblr-1732 703 23 , , PUNCT cblr-1732 703 24 2008 2008 NUM cblr-1732 703 25 ) ) PUNCT cblr-1732 703 26 , , PUNCT cblr-1732 703 27 http://www.bloomberg.com/apps/ http://www.bloomberg.com/apps/ PRON cblr-1732 703 28 news?pid news?pid PROPN cblr-1732 703 29 = = NOUN cblr-1732 703 30 newsarchive&sid newsarchive&sid NUM cblr-1732 703 31 = = NOUN cblr-1732 703 32 ajr3e5rnra.i&refer ajr3e5rnra.i&refer NOUN cblr-1732 703 33 = = PRON cblr-1732 703 34 us we PRON cblr-1732 704 1 [ [ X cblr-1732 704 2 http://perma.cc/de http://perma.cc/de NOUN cblr-1732 704 3 v5 v5 PROPN cblr-1732 704 4 - - SYM cblr-1732 704 5 a4py a4py PROPN cblr-1732 704 6 ] ] PUNCT cblr-1732 704 7 . . PUNCT cblr-1732 705 1 178 178 NUM cblr-1732 705 2 see see VERB cblr-1732 705 3 supra supra PROPN cblr-1732 705 4 note note PROPN cblr-1732 705 5 165 165 NUM cblr-1732 705 6 . . PUNCT cblr-1732 706 1 for for ADP cblr-1732 706 2 the the DET cblr-1732 706 3 purposes purpose NOUN cblr-1732 706 4 of of ADP cblr-1732 706 5 this this DET cblr-1732 706 6 article article NOUN cblr-1732 706 7 , , PUNCT cblr-1732 706 8 part part PROPN cblr-1732 706 9 ii ii PROPN cblr-1732 706 10 eliminated eliminate VERB cblr-1732 706 11 from from ADP cblr-1732 706 12 the the DET cblr-1732 706 13 sample sample NOUN cblr-1732 706 14 the the DET cblr-1732 706 15 activist activist ADJ cblr-1732 706 16 engagements engagement NOUN cblr-1732 706 17 that that PRON cblr-1732 706 18 relate relate VERB cblr-1732 706 19 to to ADP cblr-1732 706 20 specific specific ADJ cblr-1732 706 21 events event NOUN cblr-1732 706 22 , , PUNCT cblr-1732 706 23 such such ADJ cblr-1732 706 24 as as ADP cblr-1732 706 25 m&a m&a PROPN cblr-1732 706 26 transactions transaction NOUN cblr-1732 706 27 and and CCONJ cblr-1732 706 28 lawsuits lawsuit NOUN cblr-1732 706 29 . . PUNCT cblr-1732 707 1 kastiel kastiel PROPN cblr-1732 707 2 – – PUNCT cblr-1732 707 3 final final ADJ cblr-1732 707 4 116 116 NUM cblr-1732 707 5 columbia columbia PROPN cblr-1732 707 6 business business NOUN cblr-1732 707 7 law law PROPN cblr-1732 707 8 review review NOUN cblr-1732 708 1 [ [ X cblr-1732 708 2 vol vol NOUN cblr-1732 708 3 . . NOUN cblr-1732 708 4 2016 2016 NUM cblr-1732 708 5 and and CCONJ cblr-1732 708 6 one one NUM cblr-1732 708 7 additional additional ADJ cblr-1732 708 8 company company NOUN cblr-1732 708 9 was be AUX cblr-1732 708 10 subject subject ADJ cblr-1732 708 11 to to ADP cblr-1732 708 12 a a DET cblr-1732 708 13 high high ADJ cblr-1732 708 14 - - PUNCT cblr-1732 708 15 profile profile NOUN cblr-1732 708 16 withhold withhold NOUN cblr-1732 708 17 campaign campaign NOUN cblr-1732 708 18 . . PUNCT cblr-1732 709 1 without without ADP cblr-1732 709 2 an an DET cblr-1732 709 3 active active ADJ cblr-1732 709 4 boardroom boardroom NOUN cblr-1732 709 5 fight fight NOUN cblr-1732 709 6 , , PUNCT cblr-1732 709 7 or or CCONJ cblr-1732 709 8 at at ADP cblr-1732 709 9 least least ADJ cblr-1732 709 10 a a DET cblr-1732 709 11 threat threat NOUN cblr-1732 709 12 to to PART cblr-1732 709 13 launch launch VERB cblr-1732 709 14 one one NUM cblr-1732 709 15 , , PUNCT cblr-1732 709 16 activists activist NOUN cblr-1732 709 17 are be AUX cblr-1732 709 18 less less ADV cblr-1732 709 19 likely likely ADJ cblr-1732 709 20 to to PART cblr-1732 709 21 attract attract VERB cblr-1732 709 22 media medium NOUN cblr-1732 709 23 attention.179 attention.179 PROPN cblr-1732 709 24 only only ADV cblr-1732 709 25 6 6 NUM cblr-1732 709 26 % % NOUN cblr-1732 709 27 of of ADP cblr-1732 709 28 the the DET cblr-1732 709 29 engagements engagement NOUN cblr-1732 709 30 without without ADP cblr-1732 709 31 any any DET cblr-1732 709 32 formal formal ADJ cblr-1732 709 33 mechanisms mechanism NOUN cblr-1732 709 34 received receive VERB cblr-1732 709 35 strong strong ADJ cblr-1732 709 36 media medium NOUN cblr-1732 709 37 coverage coverage NOUN cblr-1732 709 38 . . PUNCT cblr-1732 710 1 in in ADP cblr-1732 710 2 sum sum NOUN cblr-1732 710 3 , , PUNCT cblr-1732 710 4 while while SCONJ cblr-1732 710 5 the the DET cblr-1732 710 6 previous previous ADJ cblr-1732 710 7 subpart subpart NOUN cblr-1732 710 8 showed show VERB cblr-1732 710 9 that that SCONJ cblr-1732 710 10 reputational reputational ADJ cblr-1732 710 11 forces force NOUN cblr-1732 710 12 can can AUX cblr-1732 710 13 not not PART cblr-1732 710 14 serve serve VERB cblr-1732 710 15 as as ADP cblr-1732 710 16 an an DET cblr-1732 710 17 adequate adequate ADJ cblr-1732 710 18 substitute substitute NOUN cblr-1732 710 19 mechanism mechanism NOUN cblr-1732 710 20 for for ADP cblr-1732 710 21 the the DET cblr-1732 710 22 formal formal ADJ cblr-1732 710 23 channels channel NOUN cblr-1732 710 24 , , PUNCT cblr-1732 710 25 this this DET cblr-1732 710 26 subpart subpart NOUN cblr-1732 710 27 adds add VERB cblr-1732 710 28 another another DET cblr-1732 710 29 layer layer NOUN cblr-1732 710 30 to to ADP cblr-1732 710 31 the the DET cblr-1732 710 32 analysis analysis NOUN cblr-1732 710 33 , , PUNCT cblr-1732 710 34 suggesting suggest VERB cblr-1732 710 35 that that SCONJ cblr-1732 710 36 reputational reputational ADJ cblr-1732 710 37 forces force NOUN cblr-1732 710 38 often often ADV cblr-1732 710 39 derive derive VERB cblr-1732 710 40 their their PRON cblr-1732 710 41 power power NOUN cblr-1732 710 42 from from ADP cblr-1732 710 43 the the DET cblr-1732 710 44 existence existence NOUN cblr-1732 710 45 of of ADP cblr-1732 710 46 formal formal ADJ cblr-1732 710 47 channels channel NOUN cblr-1732 710 48 that that PRON cblr-1732 710 49 facilitate facilitate VERB cblr-1732 710 50 a a DET cblr-1732 710 51 proxy proxy NOUN cblr-1732 710 52 fight.180 fight.180 NOUN cblr-1732 710 53 these these DET cblr-1732 710 54 two two NUM cblr-1732 710 55 findings finding NOUN cblr-1732 710 56 have have VERB cblr-1732 710 57 important important ADJ cblr-1732 710 58 policy policy NOUN cblr-1732 710 59 implications implication NOUN cblr-1732 710 60 . . PUNCT cblr-1732 711 1 they they PRON cblr-1732 711 2 suggest suggest VERB cblr-1732 711 3 that that SCONJ cblr-1732 711 4 , , PUNCT cblr-1732 711 5 in in ADP cblr-1732 711 6 order order NOUN cblr-1732 711 7 to to PART cblr-1732 711 8 enhance enhance VERB cblr-1732 711 9 activism activism NOUN cblr-1732 711 10 , , PUNCT cblr-1732 711 11 regulators regulator NOUN cblr-1732 711 12 and and CCONJ cblr-1732 711 13 institutional institutional ADJ cblr-1732 711 14 investors investor NOUN cblr-1732 711 15 should should AUX cblr-1732 711 16 not not PART cblr-1732 711 17 rely rely VERB cblr-1732 711 18 solely solely ADV cblr-1732 711 19 on on ADP cblr-1732 711 20 reputational reputational ADJ cblr-1732 711 21 forces force NOUN cblr-1732 711 22 to to PART cblr-1732 711 23 provide provide VERB cblr-1732 711 24 external external ADJ cblr-1732 711 25 monitoring monitoring NOUN cblr-1732 711 26 . . PUNCT cblr-1732 712 1 vi vi X cblr-1732 712 2 . . NOUN cblr-1732 712 3 disruptive disruptive ADJ cblr-1732 712 4 activism activism NOUN cblr-1732 712 5 ? ? PUNCT cblr-1732 713 1 so so ADV cblr-1732 713 2 far far ADV cblr-1732 713 3 this this DET cblr-1732 713 4 article article NOUN cblr-1732 713 5 shows show VERB cblr-1732 713 6 that that SCONJ cblr-1732 713 7 activist activist ADJ cblr-1732 713 8 shareholders shareholder NOUN cblr-1732 713 9 are be AUX cblr-1732 713 10 engaging engage VERB cblr-1732 713 11 with with ADP cblr-1732 713 12 a a DET cblr-1732 713 13 non non ADJ cblr-1732 713 14 - - ADJ cblr-1732 713 15 negligible negligible ADJ cblr-1732 713 16 number number NOUN cblr-1732 713 17 of of ADP cblr-1732 713 18 controlled control VERB cblr-1732 713 19 firms firm NOUN cblr-1732 713 20 . . PUNCT cblr-1732 714 1 but but CCONJ cblr-1732 714 2 the the DET cblr-1732 714 3 economic economic ADJ cblr-1732 714 4 justifications justification NOUN cblr-1732 714 5 for for ADP cblr-1732 714 6 activist activist ADJ cblr-1732 714 7 interventions intervention NOUN cblr-1732 714 8 in in ADP cblr-1732 714 9 controlled control VERB cblr-1732 714 10 companies company NOUN cblr-1732 714 11 are be AUX cblr-1732 714 12 not not PART cblr-1732 714 13 trivial trivial ADJ cblr-1732 714 14 and and CCONJ cblr-1732 714 15 require require VERB cblr-1732 714 16 clarification clarification NOUN cblr-1732 714 17 . . PUNCT cblr-1732 715 1 when when SCONJ cblr-1732 715 2 a a DET cblr-1732 715 3 company company NOUN cblr-1732 715 4 has have VERB cblr-1732 715 5 a a DET cblr-1732 715 6 controlling control VERB cblr-1732 715 7 shareholder shareholder NOUN cblr-1732 715 8 , , PUNCT cblr-1732 715 9 the the DET cblr-1732 715 10 basic basic ADJ cblr-1732 715 11 presumption presumption NOUN cblr-1732 715 12 is be AUX cblr-1732 715 13 that that SCONJ cblr-1732 715 14 such such ADJ cblr-1732 715 15 controller controller NOUN cblr-1732 715 16 has have VERB cblr-1732 715 17 both both CCONJ cblr-1732 715 18 the the DET cblr-1732 715 19 skills skill NOUN cblr-1732 715 20 and and CCONJ cblr-1732 715 21 incentives incentive NOUN cblr-1732 715 22 to to PART cblr-1732 715 23 properly properly ADV cblr-1732 715 24 conduct conduct VERB cblr-1732 715 25 the the DET cblr-1732 715 26 business business NOUN cblr-1732 715 27 of of ADP cblr-1732 715 28 the the DET cblr-1732 715 29 company company NOUN cblr-1732 715 30 and and CCONJ cblr-1732 715 31 closely closely ADV cblr-1732 715 32 monitor monitor VERB cblr-1732 715 33 its its PRON cblr-1732 715 34 professional professional ADJ cblr-1732 715 35 managers.181 managers.181 NOUN cblr-1732 715 36 two two NUM cblr-1732 715 37 main main ADJ cblr-1732 715 38 arguments argument NOUN cblr-1732 715 39 stem stem VERB cblr-1732 715 40 from from ADP cblr-1732 715 41 this this DET cblr-1732 715 42 basic basic ADJ cblr-1732 715 43 presumption presumption NOUN cblr-1732 715 44 : : PUNCT cblr-1732 715 45 ( ( PUNCT cblr-1732 715 46 i i NOUN cblr-1732 715 47 ) ) PUNCT cblr-1732 715 48 controller controller NOUN cblr-1732 715 49 ’s ’s PART cblr-1732 715 50 179 179 NUM cblr-1732 715 51 when when SCONJ cblr-1732 715 52 i i PRON cblr-1732 715 53 tried try VERB cblr-1732 715 54 to to PART cblr-1732 715 55 systemically systemically ADV cblr-1732 715 56 estimate estimate VERB cblr-1732 715 57 the the DET cblr-1732 715 58 impact impact NOUN cblr-1732 715 59 of of ADP cblr-1732 715 60 strong strong ADJ cblr-1732 715 61 media medium NOUN cblr-1732 715 62 coverage coverage NOUN cblr-1732 715 63 on on ADP cblr-1732 715 64 the the DET cblr-1732 715 65 probability probability NOUN cblr-1732 715 66 of of ADP cblr-1732 715 67 an an DET cblr-1732 715 68 activist activist ADJ cblr-1732 715 69 engagement engagement NOUN cblr-1732 715 70 to to PART cblr-1732 715 71 succeed succeed VERB cblr-1732 715 72 by by ADP cblr-1732 715 73 running run VERB cblr-1732 715 74 a a DET cblr-1732 715 75 logit logit NOUN cblr-1732 715 76 regression regression NOUN cblr-1732 715 77 , , PUNCT cblr-1732 715 78 the the DET cblr-1732 715 79 results result NOUN cblr-1732 715 80 ( ( PUNCT cblr-1732 715 81 not not PART cblr-1732 715 82 reported report VERB cblr-1732 715 83 ) ) PUNCT cblr-1732 715 84 become become VERB cblr-1732 715 85 insignificant insignificant ADJ cblr-1732 715 86 once once SCONJ cblr-1732 715 87 i i PRON cblr-1732 715 88 control control VERB cblr-1732 715 89 for for ADP cblr-1732 715 90 the the DET cblr-1732 715 91 existence existence NOUN cblr-1732 715 92 of of ADP cblr-1732 715 93 a a DET cblr-1732 715 94 proxy proxy NOUN cblr-1732 715 95 fight fight NOUN cblr-1732 715 96 and and CCONJ cblr-1732 715 97 target target VERB cblr-1732 715 98 firm firm ADJ cblr-1732 715 99 size size NOUN cblr-1732 715 100 . . PUNCT cblr-1732 716 1 180 180 NUM cblr-1732 716 2 see see VERB cblr-1732 716 3 also also ADV cblr-1732 716 4 roy roy PROPN cblr-1732 716 5 shapira shapira PROPN cblr-1732 716 6 , , PUNCT cblr-1732 716 7 a a DET cblr-1732 716 8 reputational reputational ADJ cblr-1732 716 9 theory theory NOUN cblr-1732 716 10 of of ADP cblr-1732 716 11 corporate corporate ADJ cblr-1732 716 12 law law NOUN cblr-1732 716 13 , , PUNCT cblr-1732 716 14 26 26 NUM cblr-1732 716 15 stan stan PROPN cblr-1732 716 16 . . PUNCT cblr-1732 717 1 l. l. PROPN cblr-1732 717 2 & & CCONJ cblr-1732 717 3 pol’y pol’y NOUN cblr-1732 717 4 rev rev VERB cblr-1732 717 5 . . PROPN cblr-1732 717 6 1 1 NUM cblr-1732 717 7 ( ( PUNCT cblr-1732 717 8 2015 2015 NUM cblr-1732 717 9 ) ) PUNCT cblr-1732 717 10 ( ( PUNCT cblr-1732 717 11 showing show VERB cblr-1732 717 12 that that SCONJ cblr-1732 717 13 the the DET cblr-1732 717 14 formal formal ADJ cblr-1732 717 15 process process NOUN cblr-1732 717 16 of of ADP cblr-1732 717 17 litigation litigation NOUN cblr-1732 717 18 or or CCONJ cblr-1732 717 19 regulatory regulatory ADJ cblr-1732 717 20 investigations investigation NOUN cblr-1732 717 21 produces produce VERB cblr-1732 717 22 information information NOUN cblr-1732 717 23 , , PUNCT cblr-1732 717 24 which which PRON cblr-1732 717 25 affects affect VERB cblr-1732 717 26 parties party NOUN cblr-1732 717 27 ’ ’ PART cblr-1732 717 28 behavior behavior NOUN cblr-1732 717 29 indirectly indirectly ADV cblr-1732 717 30 , , PUNCT cblr-1732 717 31 through through ADP cblr-1732 717 32 shaping shape VERB cblr-1732 717 33 reputational reputational ADJ cblr-1732 717 34 sanctions sanction NOUN cblr-1732 717 35 ) ) PUNCT cblr-1732 717 36 . . PUNCT cblr-1732 718 1 181 181 NUM cblr-1732 718 2 see see VERB cblr-1732 718 3 , , PUNCT cblr-1732 718 4 e.g. e.g. ADV cblr-1732 718 5 , , PUNCT cblr-1732 718 6 ronald ronald PROPN cblr-1732 718 7 j. j. PROPN cblr-1732 718 8 gilson gilson PROPN cblr-1732 718 9 & & CCONJ cblr-1732 718 10 jeffrey jeffrey PROPN cblr-1732 718 11 n. n. PROPN cblr-1732 718 12 gordon gordon PROPN cblr-1732 718 13 , , PUNCT cblr-1732 718 14 doctrines doctrine NOUN cblr-1732 718 15 and and CCONJ cblr-1732 718 16 markets market NOUN cblr-1732 718 17 : : PUNCT cblr-1732 718 18 controlling control VERB cblr-1732 718 19 shareholders shareholder NOUN cblr-1732 718 20 , , PUNCT cblr-1732 718 21 152 152 NUM cblr-1732 718 22 u. u. PROPN cblr-1732 718 23 pa pa PROPN cblr-1732 718 24 . . PUNCT cblr-1732 718 25 l. l. PROPN cblr-1732 718 26 rev rev PROPN cblr-1732 718 27 . . PROPN cblr-1732 718 28 785 785 NUM cblr-1732 718 29 , , PUNCT cblr-1732 718 30 785 785 NUM cblr-1732 718 31 , , PUNCT cblr-1732 718 32 792 792 NUM cblr-1732 718 33 ( ( PUNCT cblr-1732 718 34 2003 2003 NUM cblr-1732 718 35 ) ) PUNCT cblr-1732 718 36 ; ; PUNCT cblr-1732 718 37 andrei andrei NOUN cblr-1732 718 38 shleifer shleifer PROPN cblr-1732 718 39 & & CCONJ cblr-1732 718 40 robert robert PROPN cblr-1732 718 41 w. w. PROPN cblr-1732 718 42 vishny vishny PROPN cblr-1732 718 43 , , PUNCT cblr-1732 718 44 a a DET cblr-1732 718 45 survey survey NOUN cblr-1732 718 46 of of ADP cblr-1732 718 47 corporate corporate ADJ cblr-1732 718 48 governance governance NOUN cblr-1732 718 49 , , PUNCT cblr-1732 718 50 52 52 NUM cblr-1732 718 51 j. j. PROPN cblr-1732 718 52 fin fin PROPN cblr-1732 718 53 . . PUNCT cblr-1732 719 1 737 737 NUM cblr-1732 719 2 , , PUNCT cblr-1732 719 3 754–55 754–55 NUM cblr-1732 719 4 ( ( PUNCT cblr-1732 719 5 1997 1997 NUM cblr-1732 719 6 ) ) PUNCT cblr-1732 719 7 . . PUNCT cblr-1732 720 1 kastiel kastiel PROPN cblr-1732 720 2 – – PUNCT cblr-1732 720 3 final final ADJ cblr-1732 720 4 no no NOUN cblr-1732 720 5 . . PROPN cblr-1732 720 6 1:60 1:60 NUM cblr-1732 720 7 ] ] PUNCT cblr-1732 720 8 against against ADP cblr-1732 720 9 all all DET cblr-1732 720 10 odds odd NOUN cblr-1732 720 11 117 117 NUM cblr-1732 720 12 strategic strategic ADJ cblr-1732 720 13 decisions decision NOUN cblr-1732 720 14 are be AUX cblr-1732 720 15 , , PUNCT cblr-1732 720 16 on on ADP cblr-1732 720 17 average average ADJ cblr-1732 720 18 , , PUNCT cblr-1732 720 19 superior superior ADJ cblr-1732 720 20 to to ADP cblr-1732 720 21 those those PRON cblr-1732 720 22 of of ADP cblr-1732 720 23 other other ADJ cblr-1732 720 24 public public ADJ cblr-1732 720 25 shareholders shareholder NOUN cblr-1732 720 26 ( ( PUNCT cblr-1732 720 27 including include VERB cblr-1732 720 28 the the DET cblr-1732 720 29 activists activist NOUN cblr-1732 720 30 ) ) PUNCT cblr-1732 720 31 ; ; PUNCT cblr-1732 720 32 and and CCONJ cblr-1732 720 33 ( ( PUNCT cblr-1732 720 34 ii ii NOUN cblr-1732 720 35 ) ) PUNCT cblr-1732 720 36 even even ADV cblr-1732 720 37 when when SCONJ cblr-1732 720 38 an an DET cblr-1732 720 39 activist activist NOUN cblr-1732 720 40 brings bring VERB cblr-1732 720 41 a a DET cblr-1732 720 42 value value NOUN cblr-1732 720 43 - - PUNCT cblr-1732 720 44 enhancing enhance VERB cblr-1732 720 45 proposal proposal NOUN cblr-1732 720 46 , , PUNCT cblr-1732 720 47 a a DET cblr-1732 720 48 controller controller NOUN cblr-1732 720 49 has have VERB cblr-1732 720 50 no no DET cblr-1732 720 51 reason reason NOUN cblr-1732 720 52 to to PART cblr-1732 720 53 oppose oppose VERB cblr-1732 720 54 it it PRON cblr-1732 720 55 in in ADP cblr-1732 720 56 the the DET cblr-1732 720 57 first first ADJ cblr-1732 720 58 place place NOUN cblr-1732 720 59 , , PUNCT cblr-1732 720 60 since since SCONJ cblr-1732 720 61 this this DET cblr-1732 720 62 controller controller NOUN cblr-1732 720 63 will will AUX cblr-1732 720 64 be be AUX cblr-1732 720 65 the the DET cblr-1732 720 66 main main ADJ cblr-1732 720 67 beneficiary beneficiary NOUN cblr-1732 720 68 of of ADP cblr-1732 720 69 any any DET cblr-1732 720 70 further further ADJ cblr-1732 720 71 increase increase NOUN cblr-1732 720 72 in in ADP cblr-1732 720 73 the the DET cblr-1732 720 74 share share NOUN cblr-1732 720 75 price price NOUN cblr-1732 720 76 ( ( PUNCT cblr-1732 720 77 due due ADP cblr-1732 720 78 to to ADP cblr-1732 720 79 her her PRON cblr-1732 720 80 equity equity NOUN cblr-1732 720 81 position position NOUN cblr-1732 720 82 ) ) PUNCT cblr-1732 720 83 . . PUNCT cblr-1732 721 1 additionally additionally ADV cblr-1732 721 2 , , PUNCT cblr-1732 721 3 based base VERB cblr-1732 721 4 on on ADP cblr-1732 721 5 the the DET cblr-1732 721 6 first first ADJ cblr-1732 721 7 argument argument NOUN cblr-1732 721 8 , , PUNCT cblr-1732 721 9 one one PRON cblr-1732 721 10 could could AUX cblr-1732 721 11 also also ADV cblr-1732 721 12 claim claim VERB cblr-1732 721 13 that that SCONJ cblr-1732 721 14 the the DET cblr-1732 721 15 lower low ADJ cblr-1732 721 16 percentage percentage NOUN cblr-1732 721 17 of of ADP cblr-1732 721 18 activist activist ADJ cblr-1732 721 19 campaigns campaign NOUN cblr-1732 721 20 in in ADP cblr-1732 721 21 controlled control VERB cblr-1732 721 22 companies company NOUN cblr-1732 721 23 is be AUX cblr-1732 721 24 a a DET cblr-1732 721 25 result result NOUN cblr-1732 721 26 of of ADP cblr-1732 721 27 the the DET cblr-1732 721 28 better well ADJ cblr-1732 721 29 management management NOUN cblr-1732 721 30 of of ADP cblr-1732 721 31 controlled control VERB cblr-1732 721 32 companies company NOUN cblr-1732 721 33 , , PUNCT cblr-1732 721 34 which which PRON cblr-1732 721 35 makes make VERB cblr-1732 721 36 them they PRON cblr-1732 721 37 less less ADV cblr-1732 721 38 attractive attractive ADJ cblr-1732 721 39 targets target NOUN cblr-1732 721 40 for for ADP cblr-1732 721 41 activism activism NOUN cblr-1732 721 42 than than ADP cblr-1732 721 43 widely widely ADV cblr-1732 721 44 held hold VERB cblr-1732 721 45 companies company NOUN cblr-1732 721 46 . . PUNCT cblr-1732 722 1 however however ADV cblr-1732 722 2 , , PUNCT cblr-1732 722 3 this this DET cblr-1732 722 4 underlying underlie VERB cblr-1732 722 5 presumption presumption NOUN cblr-1732 722 6 , , PUNCT cblr-1732 722 7 and and CCONJ cblr-1732 722 8 the the DET cblr-1732 722 9 arguments argument NOUN cblr-1732 722 10 that that PRON cblr-1732 722 11 stem stem VERB cblr-1732 722 12 from from ADP cblr-1732 722 13 it it PRON cblr-1732 722 14 , , PUNCT cblr-1732 722 15 do do AUX cblr-1732 722 16 not not PART cblr-1732 722 17 always always ADV cblr-1732 722 18 hold hold VERB cblr-1732 722 19 true true ADJ cblr-1732 722 20 . . PUNCT cblr-1732 723 1 controlled control VERB cblr-1732 723 2 companies company NOUN cblr-1732 723 3 vary vary VERB cblr-1732 723 4 in in ADP cblr-1732 723 5 their their PRON cblr-1732 723 6 ownership ownership NOUN cblr-1732 723 7 structure structure NOUN cblr-1732 723 8 and and CCONJ cblr-1732 723 9 many many ADJ cblr-1732 723 10 other other ADJ cblr-1732 723 11 aspects aspect NOUN cblr-1732 723 12 , , PUNCT cblr-1732 723 13 which which PRON cblr-1732 723 14 , , PUNCT cblr-1732 723 15 in in ADP cblr-1732 723 16 turn turn NOUN cblr-1732 723 17 , , PUNCT cblr-1732 723 18 impact impact NOUN cblr-1732 723 19 controllers controller NOUN cblr-1732 723 20 ’ ' PUNCT cblr-1732 723 21 incentives incentive NOUN cblr-1732 723 22 and and CCONJ cblr-1732 723 23 ability ability NOUN cblr-1732 723 24 to to PART cblr-1732 723 25 perform perform VERB cblr-1732 723 26 well.182 well.182 NOUN cblr-1732 723 27 to to PART cblr-1732 723 28 begin begin VERB cblr-1732 723 29 , , PUNCT cblr-1732 723 30 not not PART cblr-1732 723 31 all all PRON cblr-1732 723 32 controlling control VERB cblr-1732 723 33 shareholders shareholder NOUN cblr-1732 723 34 hold hold VERB cblr-1732 723 35 a a DET cblr-1732 723 36 large large ADJ cblr-1732 723 37 stake stake NOUN cblr-1732 723 38 of of ADP cblr-1732 723 39 the the DET cblr-1732 723 40 controlled control VERB cblr-1732 723 41 firm firm NOUN cblr-1732 723 42 ’s ’s PART cblr-1732 723 43 cash cash NOUN cblr-1732 723 44 flow flow NOUN cblr-1732 723 45 . . PUNCT cblr-1732 724 1 a a DET cblr-1732 724 2 significant significant ADJ cblr-1732 724 3 number number NOUN cblr-1732 724 4 of of ADP cblr-1732 724 5 controlled control VERB cblr-1732 724 6 u.s u.s PROPN cblr-1732 724 7 . . PROPN cblr-1732 724 8 companies company NOUN cblr-1732 724 9 maintain maintain VERB cblr-1732 724 10 a a DET cblr-1732 724 11 dual dual ADJ cblr-1732 724 12 - - PUNCT cblr-1732 724 13 class class NOUN cblr-1732 724 14 share share NOUN cblr-1732 724 15 structure,183 structure,183 NOUN cblr-1732 724 16 which which PRON cblr-1732 724 17 allows allow VERB cblr-1732 724 18 them they PRON cblr-1732 724 19 to to PART cblr-1732 724 20 control control VERB cblr-1732 724 21 a a DET cblr-1732 724 22 company company NOUN cblr-1732 724 23 while while SCONJ cblr-1732 724 24 holding hold VERB cblr-1732 724 25 only only ADV cblr-1732 724 26 a a DET cblr-1732 724 27 small small ADJ cblr-1732 724 28 fraction fraction NOUN cblr-1732 724 29 of of ADP cblr-1732 724 30 its its PRON cblr-1732 724 31 cash cash NOUN cblr-1732 724 32 flow flow NOUN cblr-1732 724 33 rights.184 rights.184 VERB cblr-1732 724 34 a a DET cblr-1732 724 35 large large ADJ cblr-1732 724 36 body body NOUN cblr-1732 724 37 of of ADP cblr-1732 724 38 empirical empirical ADJ cblr-1732 724 39 evidence evidence NOUN cblr-1732 724 40 demonstrates demonstrate VERB cblr-1732 724 41 that that SCONJ cblr-1732 724 42 the the DET cblr-1732 724 43 use use NOUN cblr-1732 724 44 of of ADP cblr-1732 724 45 a a DET cblr-1732 724 46 dual dual ADJ cblr-1732 724 47 - - PUNCT cblr-1732 724 48 class class NOUN cblr-1732 724 49 share share NOUN cblr-1732 724 50 reduces reduce VERB cblr-1732 724 51 firm firm ADJ cblr-1732 724 52 value value NOUN cblr-1732 724 53 while while SCONJ cblr-1732 724 54 allowing allow VERB cblr-1732 724 55 poorly poorly ADV cblr-1732 724 56 performing perform VERB cblr-1732 724 57 controllers controller NOUN cblr-1732 724 58 to to PART cblr-1732 724 59 remain remain VERB cblr-1732 724 60 entrenched entrenched ADJ cblr-1732 724 61 and and CCONJ cblr-1732 724 62 isolated isolate VERB cblr-1732 724 63 from from ADP cblr-1732 724 64 market market NOUN cblr-1732 724 65 disciplinary disciplinary ADJ cblr-1732 724 66 forces.185 forces.185 NOUN cblr-1732 724 67 such such ADJ cblr-1732 724 68 use use NOUN cblr-1732 724 69 of of ADP cblr-1732 724 70 this this DET cblr-1732 724 71 control control NOUN cblr-1732 724 72 - - PUNCT cblr-1732 724 73 enhancing enhance VERB cblr-1732 724 74 182 182 NUM cblr-1732 724 75 see see NOUN cblr-1732 724 76 , , PUNCT cblr-1732 724 77 e.g. e.g. ADV cblr-1732 724 78 , , PUNCT cblr-1732 724 79 henrik henrik PROPN cblr-1732 724 80 cronqvist cronqvist PROPN cblr-1732 724 81 & & CCONJ cblr-1732 724 82 rüdiger rüdiger PROPN cblr-1732 724 83 fahlenbrach fahlenbrach NOUN cblr-1732 724 84 , , PUNCT cblr-1732 724 85 large large ADJ cblr-1732 724 86 shareholders shareholder NOUN cblr-1732 724 87 and and CCONJ cblr-1732 724 88 corporate corporate ADJ cblr-1732 724 89 policies policy NOUN cblr-1732 724 90 , , PUNCT cblr-1732 724 91 22 22 NUM cblr-1732 724 92 rev rev X cblr-1732 724 93 . . PROPN cblr-1732 724 94 fin fin NOUN cblr-1732 724 95 . . PUNCT cblr-1732 724 96 stud stud PROPN cblr-1732 724 97 . . PUNCT cblr-1732 725 1 3941 3941 NUM cblr-1732 725 2 ( ( PUNCT cblr-1732 725 3 2009 2009 NUM cblr-1732 725 4 ) ) PUNCT cblr-1732 725 5 ( ( PUNCT cblr-1732 725 6 discussing discuss VERB cblr-1732 725 7 the the DET cblr-1732 725 8 significant significant ADJ cblr-1732 725 9 heterogeneity heterogeneity NOUN cblr-1732 725 10 across across ADP cblr-1732 725 11 blockholders blockholder NOUN cblr-1732 725 12 ) ) PUNCT cblr-1732 725 13 . . PUNCT cblr-1732 726 1 183 183 NUM cblr-1732 726 2 for for ADP cblr-1732 726 3 studies study NOUN cblr-1732 726 4 discussing discuss VERB cblr-1732 726 5 the the DET cblr-1732 726 6 prevalence prevalence NOUN cblr-1732 726 7 of of ADP cblr-1732 726 8 control control NOUN cblr-1732 726 9 enhancing enhance VERB cblr-1732 726 10 mechanism mechanism NOUN cblr-1732 726 11 in in ADP cblr-1732 726 12 the the DET cblr-1732 726 13 united united PROPN cblr-1732 726 14 states states PROPN cblr-1732 726 15 and and CCONJ cblr-1732 726 16 the the DET cblr-1732 726 17 costs cost NOUN cblr-1732 726 18 they they PRON cblr-1732 726 19 create create VERB cblr-1732 726 20 , , PUNCT cblr-1732 726 21 see see VERB cblr-1732 726 22 infra infra NOUN cblr-1732 726 23 note note VERB cblr-1732 726 24 185 185 NUM cblr-1732 726 25 . . PUNCT cblr-1732 727 1 184 184 NUM cblr-1732 727 2 see see VERB cblr-1732 727 3 , , PUNCT cblr-1732 727 4 e.g. e.g. ADV cblr-1732 727 5 , , PUNCT cblr-1732 727 6 lucian lucian PROPN cblr-1732 727 7 a. a. NOUN cblr-1732 727 8 bebchuk bebchuk PROPN cblr-1732 727 9 , , PUNCT cblr-1732 727 10 reinier reinier PROPN cblr-1732 727 11 kraakman kraakman PROPN cblr-1732 727 12 & & CCONJ cblr-1732 727 13 george george PROPN cblr-1732 727 14 triantis triantis PROPN cblr-1732 727 15 , , PUNCT cblr-1732 727 16 stock stock NOUN cblr-1732 727 17 pyramids pyramid NOUN cblr-1732 727 18 , , PUNCT cblr-1732 727 19 cross cross NOUN cblr-1732 727 20 - - NOUN cblr-1732 727 21 ownership ownership NOUN cblr-1732 727 22 , , PUNCT cblr-1732 727 23 and and CCONJ cblr-1732 727 24 dual dual ADJ cblr-1732 727 25 class class NOUN cblr-1732 727 26 equity equity NOUN cblr-1732 727 27 : : PUNCT cblr-1732 727 28 the the DET cblr-1732 727 29 mechanisms mechanism NOUN cblr-1732 727 30 and and CCONJ cblr-1732 727 31 agency agency NOUN cblr-1732 727 32 costs cost NOUN cblr-1732 727 33 of of ADP cblr-1732 727 34 separating separate VERB cblr-1732 727 35 control control NOUN cblr-1732 727 36 from from ADP cblr-1732 727 37 cash cash NOUN cblr-1732 727 38 - - PUNCT cblr-1732 727 39 flow flow NOUN cblr-1732 727 40 rights right NOUN cblr-1732 727 41 , , PUNCT cblr-1732 727 42 in in ADP cblr-1732 727 43 concentrated concentrated ADJ cblr-1732 727 44 corporate corporate ADJ cblr-1732 727 45 ownership ownership NOUN cblr-1732 727 46 295 295 NUM cblr-1732 727 47 , , PUNCT cblr-1732 727 48 298–301 298–301 NUM cblr-1732 727 49 ( ( PUNCT cblr-1732 727 50 randall randall PROPN cblr-1732 727 51 k. k. PROPN cblr-1732 727 52 morck morck PROPN cblr-1732 727 53 ed ed PROPN cblr-1732 727 54 . . PROPN cblr-1732 727 55 , , PUNCT cblr-1732 727 56 2000 2000 NUM cblr-1732 727 57 ) ) PUNCT cblr-1732 727 58 ( ( PUNCT cblr-1732 727 59 explaining explain VERB cblr-1732 727 60 the the DET cblr-1732 727 61 mechanism mechanism NOUN cblr-1732 727 62 behind behind ADP cblr-1732 727 63 dual dual ADJ cblr-1732 727 64 - - PUNCT cblr-1732 727 65 class class NOUN cblr-1732 727 66 stock stock NOUN cblr-1732 727 67 ) ) PUNCT cblr-1732 727 68 . . PUNCT cblr-1732 728 1 185 185 NUM cblr-1732 728 2 see see VERB cblr-1732 728 3 , , PUNCT cblr-1732 728 4 e.g. e.g. ADV cblr-1732 728 5 , , PUNCT cblr-1732 728 6 gompers gomper NOUN cblr-1732 728 7 et et PROPN cblr-1732 728 8 al al PROPN cblr-1732 728 9 . . PROPN cblr-1732 728 10 , , PUNCT cblr-1732 728 11 supra supra PROPN cblr-1732 728 12 note note PROPN cblr-1732 728 13 27 27 NUM cblr-1732 728 14 ; ; PUNCT cblr-1732 728 15 ronald ronald PROPN cblr-1732 728 16 w. w. PROPN cblr-1732 728 17 masulis masulis PROPN cblr-1732 728 18 , , PUNCT cblr-1732 728 19 cong cong PROPN cblr-1732 728 20 wang wang PROPN cblr-1732 728 21 & & CCONJ cblr-1732 728 22 fei fei PROPN cblr-1732 728 23 xie xie PROPN cblr-1732 728 24 , , PUNCT cblr-1732 728 25 agency agency NOUN cblr-1732 728 26 problems problem NOUN cblr-1732 728 27 at at ADP cblr-1732 728 28 dual dual ADJ cblr-1732 728 29 - - PUNCT cblr-1732 728 30 class class NOUN cblr-1732 728 31 companies company NOUN cblr-1732 728 32 , , PUNCT cblr-1732 728 33 64 64 NUM cblr-1732 728 34 j. j. PROPN cblr-1732 728 35 fin fin PROPN cblr-1732 728 36 . . PUNCT cblr-1732 728 37 1697 1697 NUM cblr-1732 728 38 , , PUNCT cblr-1732 728 39 1722 1722 NUM cblr-1732 728 40 ( ( PUNCT cblr-1732 728 41 2009 2009 NUM cblr-1732 728 42 ) ) PUNCT cblr-1732 728 43 ; ; PUNCT cblr-1732 728 44 scott scott PROPN cblr-1732 728 45 b. b. PROPN cblr-1732 728 46 smart smart PROPN cblr-1732 728 47 , , PUNCT cblr-1732 728 48 ramabhadran ramabhadran ADJ cblr-1732 728 49 s. s. PROPN cblr-1732 728 50 thirumalai thirumalai PROPN cblr-1732 728 51 & & CCONJ cblr-1732 728 52 chad chad PROPN cblr-1732 728 53 j. j. PROPN cblr-1732 728 54 zutter zutter PROPN cblr-1732 728 55 , , PUNCT cblr-1732 728 56 what what PRON cblr-1732 728 57 ’s ’ VERB cblr-1732 728 58 in in ADP cblr-1732 728 59 a a DET cblr-1732 728 60 vote vote NOUN cblr-1732 728 61 ? ? PUNCT cblr-1732 729 1 the the DET cblr-1732 729 2 shortand shortand NOUN cblr-1732 729 3 long long ADV cblr-1732 729 4 - - PUNCT cblr-1732 729 5 run run VERB cblr-1732 729 6 impact impact NOUN cblr-1732 729 7 of of ADP cblr-1732 729 8 dual dual ADJ cblr-1732 729 9 - - PUNCT cblr-1732 729 10 class class NOUN cblr-1732 729 11 kastiel kastiel NOUN cblr-1732 729 12 – – PUNCT cblr-1732 729 13 final final ADJ cblr-1732 729 14 118 118 NUM cblr-1732 729 15 columbia columbia PROPN cblr-1732 729 16 business business NOUN cblr-1732 729 17 law law PROPN cblr-1732 729 18 review review NOUN cblr-1732 730 1 [ [ X cblr-1732 730 2 vol vol NOUN cblr-1732 730 3 . . NOUN cblr-1732 730 4 2016 2016 NUM cblr-1732 730 5 device device NOUN cblr-1732 730 6 also also ADV cblr-1732 730 7 increases increase VERB cblr-1732 730 8 controllers controller NOUN cblr-1732 730 9 ’ ' PUNCT cblr-1732 730 10 tendency tendency NOUN cblr-1732 730 11 to to PART cblr-1732 730 12 extract extract VERB cblr-1732 730 13 private private ADJ cblr-1732 730 14 benefits benefit NOUN cblr-1732 730 15 or or CCONJ cblr-1732 730 16 to to PART cblr-1732 730 17 pursue pursue VERB cblr-1732 730 18 high high ADJ cblr-1732 730 19 - - PUNCT cblr-1732 730 20 risk risk NOUN cblr-1732 730 21 activities activity NOUN cblr-1732 730 22 at at ADP cblr-1732 730 23 the the DET cblr-1732 730 24 expense expense NOUN cblr-1732 730 25 of of ADP cblr-1732 730 26 other other ADJ cblr-1732 730 27 shareholders.186 shareholders.186 ADJ cblr-1732 730 28 second second ADJ cblr-1732 730 29 , , PUNCT cblr-1732 730 30 not not PART cblr-1732 730 31 all all DET cblr-1732 730 32 controllers controller NOUN cblr-1732 730 33 have have VERB cblr-1732 730 34 superior superior ADJ cblr-1732 730 35 business business NOUN cblr-1732 730 36 skills skill NOUN cblr-1732 730 37 . . PUNCT cblr-1732 731 1 a a DET cblr-1732 731 2 significant significant ADJ cblr-1732 731 3 number number NOUN cblr-1732 731 4 of of ADP cblr-1732 731 5 controlled control VERB cblr-1732 731 6 u.s u.s PROPN cblr-1732 731 7 . . PROPN cblr-1732 731 8 companies company NOUN cblr-1732 731 9 are be AUX cblr-1732 731 10 family family NOUN cblr-1732 731 11 firms firm NOUN cblr-1732 731 12 managed manage VERB cblr-1732 731 13 by by ADP cblr-1732 731 14 heirs heir NOUN cblr-1732 731 15 of of ADP cblr-1732 731 16 founders,187 founders,187 PROPN cblr-1732 731 17 and and CCONJ cblr-1732 731 18 economic economic ADJ cblr-1732 731 19 literature literature NOUN cblr-1732 731 20 has have AUX cblr-1732 731 21 firmly firmly ADV cblr-1732 731 22 established establish VERB cblr-1732 731 23 that that SCONJ cblr-1732 731 24 firms firm NOUN cblr-1732 731 25 run run VERB cblr-1732 731 26 by by ADP cblr-1732 731 27 decedents decedent NOUN cblr-1732 731 28 of of ADP cblr-1732 731 29 founders founder NOUN cblr-1732 731 30 underperform underperform NOUN cblr-1732 731 31 firms firm NOUN cblr-1732 731 32 managed manage VERB cblr-1732 731 33 by by ADP cblr-1732 731 34 hired hire VERB cblr-1732 731 35 ceos ceo NOUN cblr-1732 731 36 , , PUNCT cblr-1732 731 37 as as SCONJ cblr-1732 731 38 heirs heir NOUN cblr-1732 731 39 of of ADP cblr-1732 731 40 the the DET cblr-1732 731 41 original original ADJ cblr-1732 731 42 founders founder NOUN cblr-1732 731 43 often often ADV cblr-1732 731 44 lack lack VERB cblr-1732 731 45 the the DET cblr-1732 731 46 business business NOUN cblr-1732 731 47 expertise expertise NOUN cblr-1732 731 48 , , PUNCT cblr-1732 731 49 talent talent NOUN cblr-1732 731 50 , , PUNCT cblr-1732 731 51 or or CCONJ cblr-1732 731 52 motivation motivation NOUN cblr-1732 731 53 of of ADP cblr-1732 731 54 the the DET cblr-1732 731 55 founders.188 founders.188 ADJ cblr-1732 731 56 third third NOUN cblr-1732 731 57 , , PUNCT cblr-1732 731 58 even even ADV cblr-1732 731 59 if if SCONJ cblr-1732 731 60 controlling control VERB cblr-1732 731 61 shareholders shareholder NOUN cblr-1732 731 62 maintain maintain VERB cblr-1732 731 63 a a DET cblr-1732 731 64 large large ADJ cblr-1732 731 65 economic economic ADJ cblr-1732 731 66 interest interest NOUN cblr-1732 731 67 and and CCONJ cblr-1732 731 68 possess possess VERB cblr-1732 731 69 superior superior ADJ cblr-1732 731 70 skills skill NOUN cblr-1732 731 71 , , PUNCT cblr-1732 731 72 they they PRON cblr-1732 731 73 may may AUX cblr-1732 731 74 still still ADV cblr-1732 731 75 have have VERB cblr-1732 731 76 interests interest NOUN cblr-1732 731 77 of of ADP cblr-1732 731 78 their their PRON cblr-1732 731 79 own own ADJ cblr-1732 731 80 that that PRON cblr-1732 731 81 do do AUX cblr-1732 731 82 not not PART cblr-1732 731 83 align align VERB cblr-1732 731 84 with with ADP cblr-1732 731 85 the the DET cblr-1732 731 86 interests interest NOUN cblr-1732 731 87 of of ADP cblr-1732 731 88 other other ADJ cblr-1732 731 89 investors investor NOUN cblr-1732 731 90 , , PUNCT cblr-1732 731 91 such such ADJ cblr-1732 731 92 as as ADP cblr-1732 731 93 entrenchment entrenchment NOUN cblr-1732 731 94 , , PUNCT cblr-1732 731 95 capital capital NOUN cblr-1732 731 96 preservation preservation NOUN cblr-1732 731 97 , , PUNCT cblr-1732 731 98 or or CCONJ cblr-1732 731 99 entry entry NOUN cblr-1732 731 100 into into ADP cblr-1732 731 101 new new ADJ cblr-1732 731 102 businesses business NOUN cblr-1732 731 103 about about ADP cblr-1732 731 104 which which PRON cblr-1732 731 105 the the DET cblr-1732 731 106 equity equity NOUN cblr-1732 731 107 on on ADP cblr-1732 731 108 ipo ipo PROPN cblr-1732 731 109 firm firm ADJ cblr-1732 731 110 values value NOUN cblr-1732 731 111 , , PUNCT cblr-1732 731 112 45 45 NUM cblr-1732 731 113 j. j. PROPN cblr-1732 731 114 account account PROPN cblr-1732 731 115 . . PUNCT cblr-1732 732 1 econ econ PROPN cblr-1732 732 2 . . PUNCT cblr-1732 733 1 94 94 NUM cblr-1732 733 2 ( ( PUNCT cblr-1732 733 3 2008 2008 NUM cblr-1732 733 4 ) ) PUNCT cblr-1732 733 5 . . PUNCT cblr-1732 734 1 see see VERB cblr-1732 734 2 also also ADV cblr-1732 734 3 investor investor NOUN cblr-1732 734 4 responsibility responsibility NOUN cblr-1732 734 5 research research PROPN cblr-1732 734 6 center center PROPN cblr-1732 734 7 institute institute PROPN cblr-1732 734 8 , , PUNCT cblr-1732 734 9 controlled control VERB cblr-1732 734 10 companies company NOUN cblr-1732 734 11 in in ADP cblr-1732 734 12 the the DET cblr-1732 734 13 standard standard PROPN cblr-1732 734 14 & & CCONJ cblr-1732 734 15 poor poor PROPN cblr-1732 734 16 ’s ’s PART cblr-1732 734 17 1500 1500 NUM cblr-1732 734 18 : : PUNCT cblr-1732 734 19 a a DET cblr-1732 734 20 ten ten NUM cblr-1732 734 21 - - PUNCT cblr-1732 734 22 year year NOUN cblr-1732 734 23 performance performance NOUN cblr-1732 734 24 and and CCONJ cblr-1732 734 25 risk risk NOUN cblr-1732 734 26 review review NOUN cblr-1732 734 27 ( ( PUNCT cblr-1732 734 28 oct oct PROPN cblr-1732 734 29 . . PROPN cblr-1732 734 30 2012 2012 NUM cblr-1732 734 31 ) ) PUNCT cblr-1732 734 32 , , PUNCT cblr-1732 734 33 http://irrcinstitute.org/pdf/final-cont http://irrcinstitute.org/pdf/final-cont VERB cblr-1732 734 34 rolled-company-iss-report.pdf rolled-company-iss-report.pdf PROPN cblr-1732 734 35 [ [ X cblr-1732 734 36 http://perma.cc/h9p7-4jc6 http://perma.cc/h9p7-4jc6 VERB cblr-1732 734 37 ] ] PUNCT cblr-1732 734 38 ( ( PUNCT cblr-1732 734 39 finding find VERB cblr-1732 734 40 that that SCONJ cblr-1732 734 41 controlled control VERB cblr-1732 734 42 companies company NOUN cblr-1732 734 43 with with ADP cblr-1732 734 44 multi multi ADJ cblr-1732 734 45 - - ADJ cblr-1732 734 46 class class ADJ cblr-1732 734 47 stock stock NOUN cblr-1732 734 48 structures structure NOUN cblr-1732 734 49 underperform underperform VERB cblr-1732 734 50 widely widely ADV cblr-1732 734 51 held hold VERB cblr-1732 734 52 companies company NOUN cblr-1732 734 53 and and CCONJ cblr-1732 734 54 controlled control VERB cblr-1732 734 55 companies company NOUN cblr-1732 734 56 with with ADP cblr-1732 734 57 single single ADJ cblr-1732 734 58 - - PUNCT cblr-1732 734 59 class class NOUN cblr-1732 734 60 structures structure NOUN cblr-1732 734 61 over over ADP cblr-1732 734 62 three- three- PROPN cblr-1732 734 63 , , PUNCT cblr-1732 734 64 five- five- NOUN cblr-1732 734 65 , , PUNCT cblr-1732 734 66 and and CCONJ cblr-1732 734 67 ten ten NUM cblr-1732 734 68 - - PUNCT cblr-1732 734 69 year year NOUN cblr-1732 734 70 time time NOUN cblr-1732 734 71 periods period NOUN cblr-1732 734 72 ) ) PUNCT cblr-1732 734 73 ; ; PUNCT cblr-1732 734 74 renée renée PROPN cblr-1732 734 75 adams adams PROPN cblr-1732 734 76 & & CCONJ cblr-1732 734 77 daniel daniel PROPN cblr-1732 734 78 ferreira ferreira PROPN cblr-1732 734 79 , , PUNCT cblr-1732 734 80 one one NUM cblr-1732 734 81 share share NOUN cblr-1732 734 82 - - PUNCT cblr-1732 734 83 one one NUM cblr-1732 734 84 vote vote NOUN cblr-1732 734 85 : : PUNCT cblr-1732 734 86 the the DET cblr-1732 734 87 empirical empirical ADJ cblr-1732 734 88 evidence evidence NOUN cblr-1732 734 89 , , PUNCT cblr-1732 734 90 12 12 NUM cblr-1732 734 91 rev rev X cblr-1732 734 92 . . PROPN cblr-1732 734 93 fin fin NOUN cblr-1732 734 94 . . PUNCT cblr-1732 735 1 51 51 NUM cblr-1732 735 2 ( ( PUNCT cblr-1732 735 3 2008 2008 NUM cblr-1732 735 4 ) ) PUNCT cblr-1732 735 5 ( ( PUNCT cblr-1732 735 6 conducting conduct VERB cblr-1732 735 7 an an DET cblr-1732 735 8 extensive extensive ADJ cblr-1732 735 9 survey survey NOUN cblr-1732 735 10 of of ADP cblr-1732 735 11 the the DET cblr-1732 735 12 economic economic ADJ cblr-1732 735 13 literature literature NOUN cblr-1732 735 14 on on ADP cblr-1732 735 15 dual dual ADJ cblr-1732 735 16 - - PUNCT cblr-1732 735 17 class class NOUN cblr-1732 735 18 firms firm NOUN cblr-1732 735 19 and and CCONJ cblr-1732 735 20 concluding conclude VERB cblr-1732 735 21 that that SCONJ cblr-1732 735 22 the the DET cblr-1732 735 23 deviations deviation NOUN cblr-1732 735 24 from from ADP cblr-1732 735 25 one one NUM cblr-1732 735 26 share share NOUN cblr-1732 735 27 , , PUNCT cblr-1732 735 28 one one NUM cblr-1732 735 29 vote vote NOUN cblr-1732 735 30 affect affect VERB cblr-1732 735 31 the the DET cblr-1732 735 32 value value NOUN cblr-1732 735 33 of of ADP cblr-1732 735 34 outside outside ADJ cblr-1732 735 35 equity equity NOUN cblr-1732 735 36 negatively negatively ADV cblr-1732 735 37 ) ) PUNCT cblr-1732 735 38 . . PUNCT cblr-1732 736 1 186 186 NUM cblr-1732 736 2 see see NOUN cblr-1732 736 3 , , PUNCT cblr-1732 736 4 e.g. e.g. ADV cblr-1732 736 5 , , PUNCT cblr-1732 736 6 bebchuk bebchuk PROPN cblr-1732 736 7 et et PROPN cblr-1732 736 8 al al PROPN cblr-1732 736 9 . . PROPN cblr-1732 736 10 , , PUNCT cblr-1732 736 11 supra supra PROPN cblr-1732 736 12 note note PROPN cblr-1732 736 13 184 184 NUM cblr-1732 736 14 ( ( PUNCT cblr-1732 736 15 presenting present VERB cblr-1732 736 16 a a DET cblr-1732 736 17 model model NOUN cblr-1732 736 18 that that PRON cblr-1732 736 19 proves prove VERB cblr-1732 736 20 this this DET cblr-1732 736 21 argument argument NOUN cblr-1732 736 22 ) ) PUNCT cblr-1732 736 23 . . PUNCT cblr-1732 737 1 for for SCONJ cblr-1732 737 2 empirical empirical ADJ cblr-1732 737 3 support support NOUN cblr-1732 737 4 see see VERB cblr-1732 737 5 , , PUNCT cblr-1732 737 6 e.g. e.g. ADV cblr-1732 737 7 , , PUNCT cblr-1732 737 8 gompers gomper NOUN cblr-1732 737 9 et et PROPN cblr-1732 737 10 al al PROPN cblr-1732 737 11 . . PROPN cblr-1732 737 12 , , PUNCT cblr-1732 737 13 supra supra PROPN cblr-1732 737 14 note note VERB cblr-1732 737 15 185 185 NUM cblr-1732 737 16 ; ; PUNCT cblr-1732 737 17 masulis masulis PROPN cblr-1732 737 18 et et PROPN cblr-1732 738 1 al al PROPN cblr-1732 738 2 . . PROPN cblr-1732 738 3 , , PUNCT cblr-1732 738 4 supra supra PROPN cblr-1732 738 5 note note NOUN cblr-1732 738 6 185 185 NUM cblr-1732 738 7 . . PUNCT cblr-1732 739 1 187 187 NUM cblr-1732 739 2 see see NOUN cblr-1732 739 3 , , PUNCT cblr-1732 739 4 e.g. e.g. ADV cblr-1732 739 5 , , PUNCT cblr-1732 739 6 anderson anderson PROPN cblr-1732 739 7 et et PROPN cblr-1732 739 8 al al PROPN cblr-1732 739 9 . . PROPN cblr-1732 739 10 , , PUNCT cblr-1732 739 11 supra supra PROPN cblr-1732 739 12 note note PROPN cblr-1732 739 13 47 47 NUM cblr-1732 739 14 , , PUNCT cblr-1732 739 15 at at ADP cblr-1732 739 16 207 207 NUM cblr-1732 739 17 ( ( PUNCT cblr-1732 739 18 showing show VERB cblr-1732 739 19 that that SCONJ cblr-1732 739 20 , , PUNCT cblr-1732 739 21 in in ADP cblr-1732 739 22 2000 2000 NUM cblr-1732 739 23 , , PUNCT cblr-1732 739 24 of of ADP cblr-1732 739 25 the the DET cblr-1732 739 26 largest large ADJ cblr-1732 739 27 industrial industrial ADJ cblr-1732 739 28 u.s u.s PROPN cblr-1732 739 29 . . PROPN cblr-1732 739 30 firms firm NOUN cblr-1732 739 31 , , PUNCT cblr-1732 739 32 “ " PUNCT cblr-1732 739 33 founder founder NOUN cblr-1732 739 34 - - PUNCT cblr-1732 739 35 controlled control VERB cblr-1732 739 36 firms firm NOUN cblr-1732 739 37 constitute constitute VERB cblr-1732 739 38 22.3 22.3 NUM cblr-1732 739 39 % % NOUN cblr-1732 739 40 and and CCONJ cblr-1732 739 41 heir heir NOUN cblr-1732 739 42 - - PUNCT cblr-1732 739 43 controlled control VERB cblr-1732 739 44 firms firm NOUN cblr-1732 739 45 . . PUNCT cblr-1732 739 46 . . PUNCT cblr-1732 739 47 . . PUNCT cblr-1732 740 1 [ [ X cblr-1732 740 2 comprise comprise X cblr-1732 740 3 ] ] PUNCT cblr-1732 740 4 25.3 25.3 NUM cblr-1732 740 5 % % NOUN cblr-1732 740 6 , , PUNCT cblr-1732 740 7 with with ADP cblr-1732 740 8 average average ADJ cblr-1732 740 9 equity equity NOUN cblr-1732 740 10 stakes stake NOUN cblr-1732 740 11 of of ADP cblr-1732 740 12 approximately approximately ADV cblr-1732 740 13 18 18 NUM cblr-1732 740 14 % % NOUN cblr-1732 740 15 and and CCONJ cblr-1732 740 16 22 22 NUM cblr-1732 740 17 % % NOUN cblr-1732 740 18 , , PUNCT cblr-1732 740 19 respectively respectively ADV cblr-1732 740 20 ” " PUNCT cblr-1732 740 21 ) ) PUNCT cblr-1732 740 22 . . PUNCT cblr-1732 741 1 188 188 NUM cblr-1732 741 2 see see NOUN cblr-1732 741 3 , , PUNCT cblr-1732 741 4 e.g. e.g. ADV cblr-1732 741 5 , , PUNCT cblr-1732 741 6 ronald ronald PROPN cblr-1732 741 7 c. c. PROPN cblr-1732 741 8 anderson anderson PROPN cblr-1732 741 9 & & CCONJ cblr-1732 741 10 david david PROPN cblr-1732 741 11 m. m. PROPN cblr-1732 741 12 reeb reeb PROPN cblr-1732 741 13 , , PUNCT cblr-1732 741 14 founding found VERB cblr-1732 741 15 - - PUNCT cblr-1732 741 16 family family NOUN cblr-1732 741 17 ownership ownership NOUN cblr-1732 741 18 and and CCONJ cblr-1732 741 19 firm firm ADJ cblr-1732 741 20 performance performance NOUN cblr-1732 741 21 : : PUNCT cblr-1732 741 22 evidence evidence NOUN cblr-1732 741 23 from from ADP cblr-1732 741 24 the the DET cblr-1732 741 25 s&p s&p PROPN cblr-1732 741 26 500 500 NUM cblr-1732 741 27 , , PUNCT cblr-1732 741 28 58 58 NUM cblr-1732 741 29 j. j. PROPN cblr-1732 741 30 fin fin PROPN cblr-1732 741 31 . . PROPN cblr-1732 741 32 1301 1301 NUM cblr-1732 741 33 , , PUNCT cblr-1732 741 34 1316–17 1316–17 NUM cblr-1732 741 35 , , PUNCT cblr-1732 741 36 1321 1321 NUM cblr-1732 741 37 ( ( PUNCT cblr-1732 741 38 2003 2003 NUM cblr-1732 741 39 ) ) PUNCT cblr-1732 741 40 ; ; PUNCT cblr-1732 741 41 morten morten PROPN cblr-1732 741 42 bennedsen bennedsen PROPN cblr-1732 741 43 , , PUNCT cblr-1732 741 44 kasper kasper PROPN cblr-1732 741 45 meisner meisner PROPN cblr-1732 741 46 nielsen nielsen PROPN cblr-1732 741 47 , , PUNCT cblr-1732 741 48 francisco francisco PROPN cblr-1732 741 49 perez perez PROPN cblr-1732 741 50 - - PUNCT cblr-1732 741 51 gonzalez gonzalez PROPN cblr-1732 741 52 & & CCONJ cblr-1732 741 53 daniel daniel PROPN cblr-1732 741 54 wolfenzon wolfenzon PROPN cblr-1732 741 55 , , PUNCT cblr-1732 741 56 inside inside ADP cblr-1732 741 57 the the DET cblr-1732 741 58 family family NOUN cblr-1732 741 59 firm firm NOUN cblr-1732 741 60 : : PUNCT cblr-1732 741 61 the the DET cblr-1732 741 62 role role NOUN cblr-1732 741 63 of of ADP cblr-1732 741 64 families family NOUN cblr-1732 741 65 in in ADP cblr-1732 741 66 succession succession NOUN cblr-1732 741 67 decisions decision NOUN cblr-1732 741 68 and and CCONJ cblr-1732 741 69 performance performance NOUN cblr-1732 741 70 , , PUNCT cblr-1732 741 71 122 122 NUM cblr-1732 741 72 q.j q.j PROPN cblr-1732 741 73 . . PROPN cblr-1732 741 74 econ econ PROPN cblr-1732 741 75 . . PUNCT cblr-1732 742 1 647 647 NUM cblr-1732 742 2 , , PUNCT cblr-1732 742 3 669–70 669–70 NUM cblr-1732 742 4 , , PUNCT cblr-1732 742 5 684 684 NUM cblr-1732 742 6 ( ( PUNCT cblr-1732 742 7 2007 2007 NUM cblr-1732 742 8 ) ) PUNCT cblr-1732 742 9 ; ; PUNCT cblr-1732 742 10 belen belen PROPN cblr-1732 742 11 villalonga villalonga PROPN cblr-1732 742 12 & & CCONJ cblr-1732 742 13 raphael raphael PROPN cblr-1732 742 14 amit amit PROPN cblr-1732 742 15 , , PUNCT cblr-1732 742 16 how how SCONJ cblr-1732 742 17 do do AUX cblr-1732 742 18 family family NOUN cblr-1732 742 19 ownership ownership NOUN cblr-1732 742 20 , , PUNCT cblr-1732 742 21 control control NOUN cblr-1732 742 22 and and CCONJ cblr-1732 742 23 management management NOUN cblr-1732 742 24 affect affect VERB cblr-1732 742 25 firm firm ADJ cblr-1732 742 26 value value NOUN cblr-1732 742 27 ? ? PUNCT cblr-1732 742 28 , , PUNCT cblr-1732 742 29 80 80 NUM cblr-1732 742 30 j. j. PROPN cblr-1732 742 31 fin fin PROPN cblr-1732 742 32 . . PUNCT cblr-1732 742 33 econ econ PROPN cblr-1732 742 34 . . PUNCT cblr-1732 743 1 385 385 NUM cblr-1732 743 2 , , PUNCT cblr-1732 743 3 399–400 399–400 NUM cblr-1732 743 4 ( ( PUNCT cblr-1732 743 5 2006 2006 NUM cblr-1732 743 6 ) ) PUNCT cblr-1732 743 7 . . PUNCT cblr-1732 744 1 kastiel kastiel PROPN cblr-1732 744 2 – – PUNCT cblr-1732 744 3 final final ADJ cblr-1732 744 4 no no NOUN cblr-1732 744 5 . . PROPN cblr-1732 744 6 1:60 1:60 NUM cblr-1732 744 7 ] ] PUNCT cblr-1732 744 8 against against ADP cblr-1732 744 9 all all DET cblr-1732 744 10 odds odd NOUN cblr-1732 744 11 119 119 NUM cblr-1732 744 12 controllers controller NOUN cblr-1732 744 13 know know VERB cblr-1732 744 14 little little ADJ cblr-1732 744 15 but but CCONJ cblr-1732 744 16 which which PRON cblr-1732 744 17 are be AUX cblr-1732 744 18 personally personally ADV cblr-1732 744 19 alluring.189 alluring.189 NUM cblr-1732 744 20 controllers controller NOUN cblr-1732 744 21 can can AUX cblr-1732 744 22 also also ADV cblr-1732 744 23 engage engage VERB cblr-1732 744 24 in in ADP cblr-1732 744 25 various various ADJ cblr-1732 744 26 forms form NOUN cblr-1732 744 27 of of ADP cblr-1732 744 28 self self NOUN cblr-1732 744 29 - - PUNCT cblr-1732 744 30 dealing deal VERB cblr-1732 744 31 transactions transaction NOUN cblr-1732 744 32 , , PUNCT cblr-1732 744 33 commonly commonly ADV cblr-1732 744 34 referred refer VERB cblr-1732 744 35 to to ADP cblr-1732 744 36 in in ADP cblr-1732 744 37 the the DET cblr-1732 744 38 literature literature NOUN cblr-1732 744 39 as as ADP cblr-1732 744 40 “ " PUNCT cblr-1732 744 41 tunneling tunneling NOUN cblr-1732 744 42 , , PUNCT cblr-1732 744 43 ” " PUNCT cblr-1732 744 44 which which PRON cblr-1732 744 45 divert divert VERB cblr-1732 744 46 value value NOUN cblr-1732 744 47 from from ADP cblr-1732 744 48 the the DET cblr-1732 744 49 minority minority NOUN cblr-1732 744 50 shareholders shareholder NOUN cblr-1732 744 51 to to ADP cblr-1732 744 52 the the DET cblr-1732 744 53 controllers.190 controllers.190 NOUN cblr-1732 744 54 finally finally ADV cblr-1732 744 55 , , PUNCT cblr-1732 744 56 there there PRON cblr-1732 744 57 are be VERB cblr-1732 744 58 also also ADV cblr-1732 744 59 non non ADJ cblr-1732 744 60 - - ADJ cblr-1732 744 61 pecuniary pecuniary ADJ cblr-1732 744 62 considerations consideration NOUN cblr-1732 744 63 , , PUNCT cblr-1732 744 64 such such ADJ cblr-1732 744 65 as as ADP cblr-1732 744 66 pride pride NOUN cblr-1732 744 67 , , PUNCT cblr-1732 744 68 envy envy NOUN cblr-1732 744 69 , , PUNCT cblr-1732 744 70 or or CCONJ cblr-1732 744 71 animosity animosity NOUN cblr-1732 744 72 , , PUNCT cblr-1732 744 73 which which PRON cblr-1732 744 74 could could AUX cblr-1732 744 75 filter filter VERB cblr-1732 744 76 into into ADP cblr-1732 744 77 controllers controller NOUN cblr-1732 744 78 ’ ' PUNCT cblr-1732 744 79 decision decision NOUN cblr-1732 744 80 to to PART cblr-1732 744 81 reject reject VERB cblr-1732 744 82 activists activist NOUN cblr-1732 744 83 ’ ' PUNCT cblr-1732 744 84 demands.191 demands.191 PROPN cblr-1732 744 85 therefore therefore ADV cblr-1732 744 86 , , PUNCT cblr-1732 744 87 there there PRON cblr-1732 744 88 is be VERB cblr-1732 744 89 no no DET cblr-1732 744 90 reason reason NOUN cblr-1732 744 91 to to PART cblr-1732 744 92 believe believe VERB cblr-1732 744 93 a a DET cblr-1732 744 94 priori priori NOUN cblr-1732 744 95 that that SCONJ cblr-1732 744 96 controllers controller NOUN cblr-1732 744 97 ’ ' PUNCT cblr-1732 744 98 decisions decision NOUN cblr-1732 744 99 to to PART cblr-1732 744 100 oppose oppose VERB cblr-1732 744 101 activists activist NOUN cblr-1732 744 102 ’ ' PUNCT cblr-1732 744 103 demands demand NOUN cblr-1732 744 104 always always ADV cblr-1732 744 105 benefit benefit VERB cblr-1732 744 106 minority minority NOUN cblr-1732 744 107 shareholders shareholder NOUN cblr-1732 744 108 . . PUNCT cblr-1732 745 1 to to PART cblr-1732 745 2 further far ADV cblr-1732 745 3 explore explore VERB cblr-1732 745 4 this this DET cblr-1732 745 5 issue issue NOUN cblr-1732 745 6 , , PUNCT cblr-1732 745 7 i i PRON cblr-1732 745 8 examined examine VERB cblr-1732 745 9 the the DET cblr-1732 745 10 different different ADJ cblr-1732 745 11 demands demand NOUN cblr-1732 745 12 raised raise VERB cblr-1732 745 13 by by ADP cblr-1732 745 14 activists activist NOUN cblr-1732 745 15 in in ADP cblr-1732 745 16 the the DET cblr-1732 745 17 course course NOUN cblr-1732 745 18 of of ADP cblr-1732 745 19 their their PRON cblr-1732 745 20 engagements engagement NOUN cblr-1732 745 21 with with ADP cblr-1732 745 22 the the DET cblr-1732 745 23 sampled sample VERB cblr-1732 745 24 controlled control VERB cblr-1732 745 25 companies company NOUN cblr-1732 745 26 and and CCONJ cblr-1732 745 27 divided divide VERB cblr-1732 745 28 them they PRON cblr-1732 745 29 into into ADP cblr-1732 745 30 three three NUM cblr-1732 745 31 main main ADJ cblr-1732 745 32 groups group NOUN cblr-1732 745 33 : : PUNCT cblr-1732 745 34 demands demand NOUN cblr-1732 745 35 related relate VERB cblr-1732 745 36 to to ADP cblr-1732 745 37 the the DET cblr-1732 745 38 tension tension NOUN cblr-1732 745 39 between between ADP cblr-1732 745 40 controllers controller NOUN cblr-1732 745 41 and and CCONJ cblr-1732 745 42 minority minority NOUN cblr-1732 745 43 shareholders shareholder NOUN cblr-1732 745 44 , , PUNCT cblr-1732 745 45 189 189 NUM cblr-1732 745 46 see see VERB cblr-1732 745 47 anderson anderson PROPN cblr-1732 745 48 & & CCONJ cblr-1732 745 49 reeb reeb PROPN cblr-1732 745 50 , , PUNCT cblr-1732 745 51 supra supra PROPN cblr-1732 745 52 note note NOUN cblr-1732 745 53 188 188 NUM cblr-1732 745 54 , , PUNCT cblr-1732 745 55 at at ADP cblr-1732 745 56 1302–03 1302–03 NUM cblr-1732 745 57 ( ( PUNCT cblr-1732 745 58 “ " PUNCT cblr-1732 745 59 [ [ X cblr-1732 745 60 f]ounding f]ounde VERB cblr-1732 745 61 families family NOUN cblr-1732 745 62 have have VERB cblr-1732 745 63 concerns concern NOUN cblr-1732 745 64 and and CCONJ cblr-1732 745 65 interests interest NOUN cblr-1732 745 66 of of ADP cblr-1732 745 67 their their PRON cblr-1732 745 68 own own ADJ cblr-1732 745 69 , , PUNCT cblr-1732 745 70 such such ADJ cblr-1732 745 71 as as ADP cblr-1732 745 72 stability stability NOUN cblr-1732 745 73 and and CCONJ cblr-1732 745 74 capital capital NOUN cblr-1732 745 75 preservation preservation NOUN cblr-1732 745 76 that that PRON cblr-1732 745 77 may may AUX cblr-1732 745 78 not not PART cblr-1732 745 79 align align VERB cblr-1732 745 80 with with ADP cblr-1732 745 81 the the DET cblr-1732 745 82 interests interest NOUN cblr-1732 745 83 of of ADP cblr-1732 745 84 other other ADJ cblr-1732 745 85 investors investor NOUN cblr-1732 745 86 or or CCONJ cblr-1732 745 87 the the DET cblr-1732 745 88 firm firm NOUN cblr-1732 745 89 . . PUNCT cblr-1732 745 90 ” " PUNCT cblr-1732 745 91 ) ) PUNCT cblr-1732 745 92 ; ; PUNCT cblr-1732 745 93 alessio alessio PROPN cblr-1732 745 94 m. m. NOUN cblr-1732 745 95 pacces pacce NOUN cblr-1732 745 96 , , PUNCT cblr-1732 745 97 control control NOUN cblr-1732 745 98 matters matter NOUN cblr-1732 745 99 : : PUNCT cblr-1732 745 100 law law NOUN cblr-1732 745 101 and and CCONJ cblr-1732 745 102 economics economic NOUN cblr-1732 745 103 of of ADP cblr-1732 745 104 private private ADJ cblr-1732 745 105 benefits benefit NOUN cblr-1732 745 106 of of ADP cblr-1732 745 107 control control NOUN cblr-1732 745 108 9 9 NUM cblr-1732 745 109 ( ( PUNCT cblr-1732 745 110 european european PROPN cblr-1732 745 111 corp corp PROPN cblr-1732 745 112 . . PROPN cblr-1732 745 113 governance governance PROPN cblr-1732 745 114 inst inst PROPN cblr-1732 745 115 . . PUNCT cblr-1732 746 1 law law NOUN cblr-1732 746 2 working working PROPN cblr-1732 746 3 paper paper NOUN cblr-1732 746 4 series series NOUN cblr-1732 746 5 , , PUNCT cblr-1732 746 6 paper paper NOUN cblr-1732 746 7 no no NOUN cblr-1732 746 8 . . PROPN cblr-1732 746 9 131/2009 131/2009 NUM cblr-1732 746 10 , , PUNCT cblr-1732 746 11 2009 2009 NUM cblr-1732 746 12 ) ) PUNCT cblr-1732 746 13 , , PUNCT cblr-1732 746 14 http://ssrn.com/abstract=1448164 http://ssrn.com/abstract=1448164 NOUN cblr-1732 747 1 [ [ X cblr-1732 747 2 http://perma.cc/w69y-rcwh http://perma.cc/w69y-rcwh X cblr-1732 747 3 ] ] PUNCT cblr-1732 747 4 ( ( PUNCT cblr-1732 747 5 noting note VERB cblr-1732 747 6 that that SCONJ cblr-1732 747 7 protecting protect VERB cblr-1732 747 8 controller controller NOUN cblr-1732 747 9 ’s ’s PART cblr-1732 747 10 psychic psychic ADJ cblr-1732 747 11 private private ADJ cblr-1732 747 12 benefits benefit NOUN cblr-1732 747 13 can can AUX cblr-1732 747 14 harm harm VERB cblr-1732 747 15 other other ADJ cblr-1732 747 16 shareholders shareholder NOUN cblr-1732 747 17 by by ADP cblr-1732 747 18 preventing prevent VERB cblr-1732 747 19 efficient efficient ADJ cblr-1732 747 20 changes change NOUN cblr-1732 747 21 in in ADP cblr-1732 747 22 control control NOUN cblr-1732 747 23 in in ADP cblr-1732 747 24 the the DET cblr-1732 747 25 future future NOUN cblr-1732 747 26 ) ) PUNCT cblr-1732 747 27 ; ; PUNCT cblr-1732 747 28 ronald ronald PROPN cblr-1732 747 29 j. j. PROPN cblr-1732 747 30 gilson gilson PROPN cblr-1732 747 31 , , PUNCT cblr-1732 747 32 controlling control VERB cblr-1732 747 33 shareholders shareholder NOUN cblr-1732 747 34 and and CCONJ cblr-1732 747 35 corporate corporate ADJ cblr-1732 747 36 governance governance NOUN cblr-1732 747 37 : : PUNCT cblr-1732 747 38 complicating complicate VERB cblr-1732 747 39 the the DET cblr-1732 747 40 comparative comparative ADJ cblr-1732 747 41 taxonomy taxonomy NOUN cblr-1732 747 42 , , PUNCT cblr-1732 747 43 119 119 NUM cblr-1732 747 44 harv harv NOUN cblr-1732 747 45 . . PUNCT cblr-1732 748 1 l. l. PROPN cblr-1732 748 2 rev rev PROPN cblr-1732 748 3 . . PROPN cblr-1732 748 4 1641 1641 NUM cblr-1732 748 5 , , PUNCT cblr-1732 748 6 1667 1667 NUM cblr-1732 748 7 ( ( PUNCT cblr-1732 748 8 2006 2006 NUM cblr-1732 748 9 ) ) PUNCT cblr-1732 748 10 ( ( PUNCT cblr-1732 748 11 mentioning mention VERB cblr-1732 748 12 the the DET cblr-1732 748 13 transformation transformation NOUN cblr-1732 748 14 of of ADP cblr-1732 748 15 certain certain ADJ cblr-1732 748 16 businesses business NOUN cblr-1732 748 17 associated associate VERB cblr-1732 748 18 with with ADP cblr-1732 748 19 the the DET cblr-1732 748 20 bronfman bronfman NOUN cblr-1732 748 21 family family NOUN cblr-1732 748 22 from from ADP cblr-1732 748 23 liquor liquor NOUN cblr-1732 748 24 and and CCONJ cblr-1732 748 25 oil oil NOUN cblr-1732 748 26 to to ADP cblr-1732 748 27 entertainment entertainment NOUN cblr-1732 748 28 as as ADP cblr-1732 748 29 an an DET cblr-1732 748 30 example example NOUN cblr-1732 748 31 of of ADP cblr-1732 748 32 a a DET cblr-1732 748 33 business business NOUN cblr-1732 748 34 decision decision NOUN cblr-1732 748 35 that that PRON cblr-1732 748 36 could could AUX cblr-1732 748 37 be be AUX cblr-1732 748 38 motivated motivate VERB cblr-1732 748 39 by by ADP cblr-1732 748 40 controllers controller NOUN cblr-1732 748 41 ’ ' PUNCT cblr-1732 748 42 desire desire NOUN cblr-1732 748 43 to to PART cblr-1732 748 44 increase increase VERB cblr-1732 748 45 their their PRON cblr-1732 748 46 consumption consumption NOUN cblr-1732 748 47 of of ADP cblr-1732 748 48 non non ADJ cblr-1732 748 49 - - ADJ cblr-1732 748 50 pecuniary pecuniary ADJ cblr-1732 748 51 private private ADJ cblr-1732 748 52 benefits benefit NOUN cblr-1732 748 53 rather rather ADV cblr-1732 748 54 than than ADP cblr-1732 748 55 firm firm ADJ cblr-1732 748 56 value value NOUN cblr-1732 748 57 ) ) PUNCT cblr-1732 748 58 . . PUNCT cblr-1732 749 1 190 190 NUM cblr-1732 749 2 see see VERB cblr-1732 749 3 simon simon PROPN cblr-1732 749 4 johnson johnson PROPN cblr-1732 749 5 , , PUNCT cblr-1732 749 6 rafael rafael PROPN cblr-1732 749 7 la la PROPN cblr-1732 749 8 porta porta PROPN cblr-1732 749 9 , , PUNCT cblr-1732 749 10 florencio florencio PROPN cblr-1732 749 11 lopez lopez PROPN cblr-1732 749 12 - - PUNCT cblr-1732 749 13 de de NOUN cblr-1732 749 14 - - NOUN cblr-1732 749 15 silanes silane NOUN cblr-1732 749 16 & & CCONJ cblr-1732 749 17 andrei andrei PROPN cblr-1732 749 18 shleifer shleifer PROPN cblr-1732 749 19 , , PUNCT cblr-1732 749 20 tunneling tunneling NOUN cblr-1732 749 21 , , PUNCT cblr-1732 749 22 90 90 NUM cblr-1732 749 23 am am NOUN cblr-1732 749 24 . . PUNCT cblr-1732 750 1 econ econ PROPN cblr-1732 750 2 . . PUNCT cblr-1732 751 1 rev rev PROPN cblr-1732 751 2 . . PROPN cblr-1732 751 3 22 22 NUM cblr-1732 751 4 ( ( PUNCT cblr-1732 751 5 2000 2000 NUM cblr-1732 751 6 ) ) PUNCT cblr-1732 751 7 . . PUNCT cblr-1732 752 1 for for ADP cblr-1732 752 2 discussion discussion NOUN cblr-1732 752 3 and and CCONJ cblr-1732 752 4 anecdotal anecdotal ADJ cblr-1732 752 5 examples example NOUN cblr-1732 752 6 of of ADP cblr-1732 752 7 tunneling tunnel VERB cblr-1732 752 8 in in ADP cblr-1732 752 9 the the DET cblr-1732 752 10 united united PROPN cblr-1732 752 11 states states PROPN cblr-1732 752 12 , , PUNCT cblr-1732 752 13 see see VERB cblr-1732 752 14 vladimir vladimir NOUN cblr-1732 752 15 atanasov atanasov PROPN cblr-1732 752 16 , , PUNCT cblr-1732 752 17 bernard bernard PROPN cblr-1732 752 18 black black PROPN cblr-1732 752 19 & & CCONJ cblr-1732 752 20 conrad conrad PROPN cblr-1732 752 21 s. s. PROPN cblr-1732 752 22 ciccotello ciccotello PROPN cblr-1732 752 23 , , PUNCT cblr-1732 752 24 law law NOUN cblr-1732 752 25 and and CCONJ cblr-1732 752 26 tunneling tunneling NOUN cblr-1732 752 27 , , PUNCT cblr-1732 752 28 37 37 NUM cblr-1732 752 29 iowa iowa PROPN cblr-1732 752 30 j. j. PROPN cblr-1732 752 31 corp corp PROPN cblr-1732 752 32 . . PROPN cblr-1732 752 33 l. l. PROPN cblr-1732 752 34 1 1 NUM cblr-1732 752 35 ( ( PUNCT cblr-1732 752 36 2011 2011 NUM cblr-1732 752 37 ) ) PUNCT cblr-1732 752 38 . . PUNCT cblr-1732 753 1 191 191 NUM cblr-1732 753 2 see see VERB cblr-1732 753 3 ehud ehud PROPN cblr-1732 753 4 kamar kamar PROPN cblr-1732 753 5 , , PUNCT cblr-1732 753 6 the the DET cblr-1732 753 7 story story NOUN cblr-1732 753 8 of of ADP cblr-1732 753 9 paramount paramount ADJ cblr-1732 753 10 communications communication NOUN cblr-1732 753 11 v. v. ADP cblr-1732 753 12 qvc qvc PROPN cblr-1732 753 13 network network NOUN cblr-1732 753 14 : : PUNCT cblr-1732 753 15 everything everything PRON cblr-1732 753 16 is be AUX cblr-1732 753 17 personal personal ADJ cblr-1732 753 18 , , PUNCT cblr-1732 753 19 in in ADP cblr-1732 753 20 corporate corporate ADJ cblr-1732 753 21 law law NOUN cblr-1732 753 22 stories story NOUN cblr-1732 753 23 293 293 NUM cblr-1732 753 24 , , PUNCT cblr-1732 753 25 321 321 NUM cblr-1732 753 26 ( ( PUNCT cblr-1732 753 27 j. j. PROPN cblr-1732 753 28 mark mark PROPN cblr-1732 753 29 ramseyer ramseyer PROPN cblr-1732 753 30 ed ed PROPN cblr-1732 753 31 . . PROPN cblr-1732 753 32 , , PUNCT cblr-1732 753 33 2009 2009 NUM cblr-1732 753 34 ) ) PUNCT cblr-1732 753 35 . . PUNCT cblr-1732 754 1 kastiel kastiel PROPN cblr-1732 754 2 – – PUNCT cblr-1732 754 3 final final ADJ cblr-1732 754 4 120 120 NUM cblr-1732 754 5 columbia columbia PROPN cblr-1732 754 6 business business NOUN cblr-1732 754 7 law law PROPN cblr-1732 754 8 review review NOUN cblr-1732 754 9 [ [ X cblr-1732 754 10 vol vol NOUN cblr-1732 754 11 . . NOUN cblr-1732 754 12 2016 2016 NUM cblr-1732 754 13 board board NOUN cblr-1732 754 14 representation representation NOUN cblr-1732 754 15 demands demand NOUN cblr-1732 754 16 , , PUNCT cblr-1732 754 17 and and CCONJ cblr-1732 754 18 value value NOUN cblr-1732 754 19 / / SYM cblr-1732 754 20 strategic strategic ADJ cblr-1732 754 21 demands demand NOUN cblr-1732 754 22 . . PUNCT cblr-1732 755 1 the the DET cblr-1732 755 2 results result NOUN cblr-1732 755 3 are be AUX cblr-1732 755 4 summarized summarize VERB cblr-1732 755 5 in in ADP cblr-1732 755 6 table table NOUN cblr-1732 755 7 6 6 NUM cblr-1732 755 8 . . PUNCT cblr-1732 756 1 ( ( PUNCT cblr-1732 756 2 i i NOUN cblr-1732 756 3 ) ) PUNCT cblr-1732 756 4 demands demand NOUN cblr-1732 756 5 related relate VERB cblr-1732 756 6 to to ADP cblr-1732 756 7 the the DET cblr-1732 756 8 tension tension NOUN cblr-1732 756 9 between between ADP cblr-1732 756 10 controllers controller NOUN cblr-1732 756 11 and and CCONJ cblr-1732 756 12 minority minority NOUN cblr-1732 756 13 shareholders shareholder NOUN cblr-1732 756 14 : : PUNCT cblr-1732 756 15 the the DET cblr-1732 756 16 first first ADJ cblr-1732 756 17 category category NOUN cblr-1732 756 18 includes include VERB cblr-1732 756 19 demands demand NOUN cblr-1732 756 20 to to PART cblr-1732 756 21 enhance enhance VERB cblr-1732 756 22 governance governance NOUN cblr-1732 756 23 standards standard NOUN cblr-1732 756 24 , , PUNCT cblr-1732 756 25 to to PART cblr-1732 756 26 add add VERB cblr-1732 756 27 independent independent ADJ cblr-1732 756 28 directors director NOUN cblr-1732 756 29 , , PUNCT cblr-1732 756 30 and and CCONJ cblr-1732 756 31 to to PART cblr-1732 756 32 improve improve VERB cblr-1732 756 33 compensation compensation NOUN cblr-1732 756 34 practices practice NOUN cblr-1732 756 35 . . PUNCT cblr-1732 757 1 this this DET cblr-1732 757 2 category category NOUN cblr-1732 757 3 also also ADV cblr-1732 757 4 encompasses encompass VERB cblr-1732 757 5 demands demand NOUN cblr-1732 757 6 to to PART cblr-1732 757 7 increase increase VERB cblr-1732 757 8 share share NOUN cblr-1732 757 9 price price NOUN cblr-1732 757 10 in in ADP cblr-1732 757 11 going go VERB cblr-1732 757 12 - - PUNCT cblr-1732 757 13 private private ADJ cblr-1732 757 14 transactions transaction NOUN cblr-1732 757 15 or or CCONJ cblr-1732 757 16 activists activist NOUN cblr-1732 757 17 ’ ' PUNCT cblr-1732 757 18 demands demand NOUN cblr-1732 757 19 to to PART cblr-1732 757 20 block block VERB cblr-1732 757 21 a a DET cblr-1732 757 22 merger merger NOUN cblr-1732 757 23 at at ADP cblr-1732 757 24 a a DET cblr-1732 757 25 depressed depressed ADJ cblr-1732 757 26 offering offering NOUN cblr-1732 757 27 price price NOUN cblr-1732 757 28 . . PUNCT cblr-1732 758 1 since since SCONJ cblr-1732 758 2 those those DET cblr-1732 758 3 demands demand NOUN cblr-1732 758 4 relate relate VERB cblr-1732 758 5 to to ADP cblr-1732 758 6 the the DET cblr-1732 758 7 basic basic ADJ cblr-1732 758 8 agency agency NOUN cblr-1732 758 9 problem problem NOUN cblr-1732 758 10 between between ADP cblr-1732 758 11 controlling control VERB cblr-1732 758 12 shareholders shareholder NOUN cblr-1732 758 13 and and CCONJ cblr-1732 758 14 minority minority NOUN cblr-1732 758 15 shareholders,192 shareholders,192 PRON cblr-1732 758 16 it it PRON cblr-1732 758 17 is be AUX cblr-1732 758 18 likely likely ADJ cblr-1732 758 19 that that SCONJ cblr-1732 758 20 controllers controller NOUN cblr-1732 758 21 ’ ' PUNCT cblr-1732 758 22 decisions decision NOUN cblr-1732 758 23 to to PART cblr-1732 758 24 oppose oppose VERB cblr-1732 758 25 such such ADJ cblr-1732 758 26 demands demand NOUN cblr-1732 758 27 do do AUX cblr-1732 758 28 not not PART cblr-1732 758 29 align align VERB cblr-1732 758 30 with with ADP cblr-1732 758 31 the the DET cblr-1732 758 32 interests interest NOUN cblr-1732 758 33 of of ADP cblr-1732 758 34 all all DET cblr-1732 758 35 other other ADJ cblr-1732 758 36 minority minority NOUN cblr-1732 758 37 shareholders shareholder NOUN cblr-1732 758 38 ( ( PUNCT cblr-1732 758 39 and and CCONJ cblr-1732 758 40 not not PART cblr-1732 758 41 just just ADV cblr-1732 758 42 the the DET cblr-1732 758 43 activists activist NOUN cblr-1732 758 44 ) ) PUNCT cblr-1732 758 45 . . PUNCT cblr-1732 759 1 indeed indeed ADV cblr-1732 759 2 , , PUNCT cblr-1732 759 3 as as SCONJ cblr-1732 759 4 shown show VERB cblr-1732 759 5 in in ADP cblr-1732 759 6 part part NOUN cblr-1732 759 7 v.b v.b PROPN cblr-1732 759 8 , , PUNCT cblr-1732 759 9 in in ADP cblr-1732 759 10 the the DET cblr-1732 759 11 majority majority NOUN cblr-1732 759 12 of of ADP cblr-1732 759 13 the the DET cblr-1732 759 14 m&a m&a PROPN cblr-1732 759 15 - - PUNCT cblr-1732 759 16 related relate VERB cblr-1732 759 17 engagements engagement NOUN cblr-1732 759 18 ( ( PUNCT cblr-1732 759 19 58 58 NUM cblr-1732 759 20 % % NOUN cblr-1732 759 21 ) ) PUNCT cblr-1732 759 22 , , PUNCT cblr-1732 759 23 activist activist ADJ cblr-1732 759 24 pressure pressure NOUN cblr-1732 759 25 pushes push VERB cblr-1732 759 26 controllers controller NOUN cblr-1732 759 27 to to PART cblr-1732 759 28 sweeten sweeten VERB cblr-1732 759 29 the the DET cblr-1732 759 30 offering offering NOUN cblr-1732 759 31 price price NOUN cblr-1732 759 32 or or CCONJ cblr-1732 759 33 to to PART cblr-1732 759 34 modify modify VERB cblr-1732 759 35 the the DET cblr-1732 759 36 transaction transaction NOUN cblr-1732 759 37 terms term NOUN cblr-1732 759 38 in in ADP cblr-1732 759 39 a a DET cblr-1732 759 40 way way NOUN cblr-1732 759 41 that that PRON cblr-1732 759 42 benefits benefit VERB cblr-1732 759 43 all all DET cblr-1732 759 44 minority minority NOUN cblr-1732 759 45 shareholders.193 shareholders.193 PROPN cblr-1732 759 46 ( ( PUNCT cblr-1732 759 47 ii ii NOUN cblr-1732 759 48 ) ) PUNCT cblr-1732 759 49 demands demand NOUN cblr-1732 759 50 related relate VERB cblr-1732 759 51 to to ADP cblr-1732 759 52 board board NOUN cblr-1732 759 53 representation representation NOUN cblr-1732 759 54 : : PUNCT cblr-1732 759 55 the the DET cblr-1732 759 56 demand demand NOUN cblr-1732 759 57 for for ADP cblr-1732 759 58 a a DET cblr-1732 759 59 seat seat NOUN cblr-1732 759 60 on on ADP cblr-1732 759 61 the the DET cblr-1732 759 62 board board NOUN cblr-1732 759 63 may may AUX cblr-1732 759 64 also also ADV cblr-1732 759 65 be be AUX cblr-1732 759 66 beneficial beneficial ADJ cblr-1732 759 67 to to ADP cblr-1732 759 68 other other ADJ cblr-1732 759 69 minority minority NOUN cblr-1732 759 70 shareholders shareholder NOUN cblr-1732 759 71 , , PUNCT cblr-1732 759 72 as as SCONJ cblr-1732 759 73 it it PRON cblr-1732 759 74 could could AUX cblr-1732 759 75 enhance enhance VERB cblr-1732 759 76 the the DET cblr-1732 759 77 external external ADJ cblr-1732 759 78 monitoring monitoring NOUN cblr-1732 759 79 of of ADP cblr-1732 759 80 the the DET cblr-1732 759 81 controller controller NOUN cblr-1732 759 82 or or CCONJ cblr-1732 759 83 managers manager NOUN cblr-1732 759 84 nominated nominate VERB cblr-1732 759 85 by by ADP cblr-1732 759 86 the the DET cblr-1732 759 87 controller controller NOUN cblr-1732 759 88 . . PUNCT cblr-1732 760 1 as as SCONJ cblr-1732 760 2 noted note VERB cblr-1732 760 3 earlier early ADV cblr-1732 760 4 , , PUNCT cblr-1732 760 5 an an DET cblr-1732 760 6 outside outside ADJ cblr-1732 760 7 director director NOUN cblr-1732 760 8 who who PRON cblr-1732 760 9 is be AUX cblr-1732 760 10 truly truly ADV cblr-1732 760 11 independent independent ADJ cblr-1732 760 12 of of ADP cblr-1732 760 13 the the DET cblr-1732 760 14 controller controller NOUN cblr-1732 760 15 is be AUX cblr-1732 760 16 in in ADP cblr-1732 760 17 a a DET cblr-1732 760 18 better well ADJ cblr-1732 760 19 position position NOUN cblr-1732 760 20 to to PART cblr-1732 760 21 spot spot VERB cblr-1732 760 22 conflict conflict NOUN cblr-1732 760 23 of of ADP cblr-1732 760 24 interest interest NOUN cblr-1732 760 25 transactions transaction NOUN cblr-1732 760 26 , , PUNCT cblr-1732 760 27 bring bring VERB cblr-1732 760 28 additional additional ADJ cblr-1732 760 29 information information NOUN cblr-1732 760 30 and and CCONJ cblr-1732 760 31 perspective perspective NOUN cblr-1732 760 32 to to ADP cblr-1732 760 33 the the DET cblr-1732 760 34 boardroom boardroom NOUN cblr-1732 760 35 , , PUNCT cblr-1732 760 36 and and CCONJ cblr-1732 760 37 promote promote VERB cblr-1732 760 38 greater great ADJ cblr-1732 760 39 transparency transparency NOUN cblr-1732 760 40 and and CCONJ cblr-1732 760 41 deliberation.194 deliberation.194 NOUN cblr-1732 760 42 also also ADV cblr-1732 760 43 , , PUNCT cblr-1732 760 44 if if SCONJ cblr-1732 760 45 shareholders shareholder NOUN cblr-1732 760 46 unaffiliated unaffiliate VERB cblr-1732 760 47 with with ADP cblr-1732 760 48 the the DET cblr-1732 760 49 controller controller NOUN cblr-1732 760 50 oppose oppose VERB cblr-1732 760 51 the the DET cblr-1732 760 52 nomination nomination NOUN cblr-1732 760 53 of of ADP cblr-1732 760 54 the the DET cblr-1732 760 55 activist activist NOUN cblr-1732 760 56 ’s ’s PART cblr-1732 760 57 representative representative NOUN cblr-1732 760 58 to to ADP cblr-1732 760 59 the the DET cblr-1732 760 60 board board NOUN cblr-1732 760 61 , , PUNCT cblr-1732 760 62 they they PRON cblr-1732 760 63 can can AUX cblr-1732 760 64 simply simply ADV cblr-1732 760 65 vote vote VERB cblr-1732 760 66 against against ADP cblr-1732 760 67 it it PRON cblr-1732 760 68 and and CCONJ cblr-1732 760 69 reduce reduce VERB cblr-1732 760 70 her her PRON cblr-1732 760 71 chances chance NOUN cblr-1732 760 72 of of ADP cblr-1732 760 73 being be AUX cblr-1732 760 74 elected elect VERB cblr-1732 760 75 . . PUNCT cblr-1732 761 1 evidence evidence NOUN cblr-1732 761 2 192 192 NUM cblr-1732 761 3 see see NOUN cblr-1732 761 4 , , PUNCT cblr-1732 761 5 e.g. e.g. ADV cblr-1732 761 6 , , PUNCT cblr-1732 761 7 shleifer shleifer PROPN cblr-1732 761 8 & & CCONJ cblr-1732 761 9 vishny vishny PROPN cblr-1732 761 10 , , PUNCT cblr-1732 761 11 supra supra PROPN cblr-1732 761 12 note note NOUN cblr-1732 761 13 181 181 NUM cblr-1732 761 14 , , PUNCT cblr-1732 761 15 at at ADP cblr-1732 761 16 740–44 740–44 NUM cblr-1732 761 17 ( ( PUNCT cblr-1732 761 18 1997 1997 NUM cblr-1732 761 19 ) ) PUNCT cblr-1732 761 20 ; ; PUNCT cblr-1732 761 21 lucian lucian PROPN cblr-1732 761 22 a. a. PROPN cblr-1732 761 23 bebchuk bebchuk PROPN cblr-1732 761 24 & & CCONJ cblr-1732 761 25 assaf assaf PROPN cblr-1732 761 26 hamdani hamdani PROPN cblr-1732 761 27 , , PUNCT cblr-1732 761 28 the the DET cblr-1732 761 29 elusive elusive ADJ cblr-1732 761 30 quest quest NOUN cblr-1732 761 31 for for ADP cblr-1732 761 32 global global ADJ cblr-1732 761 33 governance governance NOUN cblr-1732 761 34 standards standard NOUN cblr-1732 761 35 , , PUNCT cblr-1732 761 36 157 157 NUM cblr-1732 761 37 u. u. PROPN cblr-1732 761 38 pa pa PROPN cblr-1732 761 39 . . PROPN cblr-1732 761 40 l. l. PROPN cblr-1732 761 41 rev rev PROPN cblr-1732 761 42 . . PROPN cblr-1732 761 43 1263 1263 NUM cblr-1732 761 44 , , PUNCT cblr-1732 761 45 1281 1281 NUM cblr-1732 761 46 ( ( PUNCT cblr-1732 761 47 2008 2008 NUM cblr-1732 761 48 ) ) PUNCT cblr-1732 761 49 . . PUNCT cblr-1732 762 1 193 193 NUM cblr-1732 762 2 note note VERB cblr-1732 762 3 that that SCONJ cblr-1732 762 4 in in ADP cblr-1732 762 5 an an DET cblr-1732 762 6 additional additional ADJ cblr-1732 762 7 34 34 NUM cblr-1732 762 8 % % NOUN cblr-1732 762 9 of of ADP cblr-1732 762 10 the the DET cblr-1732 762 11 m&a m&a PROPN cblr-1732 762 12 - - PUNCT cblr-1732 762 13 related relate VERB cblr-1732 762 14 engagements engagement NOUN cblr-1732 762 15 the the DET cblr-1732 762 16 activists activist NOUN cblr-1732 762 17 managed manage VERB cblr-1732 762 18 to to PART cblr-1732 762 19 block block VERB cblr-1732 762 20 a a DET cblr-1732 762 21 transaction transaction NOUN cblr-1732 762 22 at at ADP cblr-1732 762 23 what what PRON cblr-1732 762 24 they they PRON cblr-1732 762 25 perceived perceive VERB cblr-1732 762 26 as as ADP cblr-1732 762 27 an an DET cblr-1732 762 28 undervalued undervalued ADJ cblr-1732 762 29 price price NOUN cblr-1732 762 30 . . PUNCT cblr-1732 763 1 while while SCONJ cblr-1732 763 2 blocking block VERB cblr-1732 763 3 transactions transaction NOUN cblr-1732 763 4 may may AUX cblr-1732 763 5 benefit benefit VERB cblr-1732 763 6 minority minority NOUN cblr-1732 763 7 shareholders shareholder NOUN cblr-1732 763 8 ( ( PUNCT cblr-1732 763 9 if if SCONJ cblr-1732 763 10 the the DET cblr-1732 763 11 offering offering NOUN cblr-1732 763 12 price price NOUN cblr-1732 763 13 is be AUX cblr-1732 763 14 truly truly ADV cblr-1732 763 15 depressed depressed ADJ cblr-1732 763 16 ) ) PUNCT cblr-1732 763 17 , , PUNCT cblr-1732 763 18 it it PRON cblr-1732 763 19 is be AUX cblr-1732 763 20 not not PART cblr-1732 763 21 necessarily necessarily ADV cblr-1732 763 22 always always ADV cblr-1732 763 23 the the DET cblr-1732 763 24 case case NOUN cblr-1732 763 25 , , PUNCT cblr-1732 763 26 because because SCONJ cblr-1732 763 27 the the DET cblr-1732 763 28 activists activist NOUN cblr-1732 763 29 could could AUX cblr-1732 763 30 also also ADV cblr-1732 763 31 block block VERB cblr-1732 763 32 efficient efficient ADJ cblr-1732 763 33 transactions transaction NOUN cblr-1732 763 34 . . PUNCT cblr-1732 764 1 194 194 NUM cblr-1732 764 2 see see VERB cblr-1732 764 3 supra supra PROPN cblr-1732 764 4 notes note VERB cblr-1732 764 5 95–97 95–97 NUM cblr-1732 764 6 and and CCONJ cblr-1732 764 7 accompanying accompany VERB cblr-1732 764 8 text text NOUN cblr-1732 764 9 . . PUNCT cblr-1732 765 1 kastiel kastiel PROPN cblr-1732 765 2 – – PUNCT cblr-1732 765 3 final final ADJ cblr-1732 765 4 no no NOUN cblr-1732 765 5 . . PROPN cblr-1732 765 6 1:60 1:60 NUM cblr-1732 765 7 ] ] PUNCT cblr-1732 765 8 against against ADP cblr-1732 765 9 all all DET cblr-1732 765 10 odds odd NOUN cblr-1732 765 11 121 121 NUM cblr-1732 765 12 shows show NOUN cblr-1732 765 13 , , PUNCT cblr-1732 765 14 however however ADV cblr-1732 765 15 , , PUNCT cblr-1732 765 16 that that SCONJ cblr-1732 765 17 when when SCONJ cblr-1732 765 18 an an DET cblr-1732 765 19 activist activist ADJ cblr-1732 765 20 event event NOUN cblr-1732 765 21 becomes become VERB cblr-1732 765 22 a a DET cblr-1732 765 23 proxy proxy NOUN cblr-1732 765 24 fight fight NOUN cblr-1732 765 25 , , PUNCT cblr-1732 765 26 and and CCONJ cblr-1732 765 27 public public ADJ cblr-1732 765 28 shareholders shareholder NOUN cblr-1732 765 29 have have VERB cblr-1732 765 30 to to PART cblr-1732 765 31 choose choose VERB cblr-1732 765 32 between between ADP cblr-1732 765 33 controllers controller NOUN cblr-1732 765 34 ’ ’ PART cblr-1732 765 35 nominees nominee NOUN cblr-1732 765 36 and and CCONJ cblr-1732 765 37 activists activist NOUN cblr-1732 765 38 ’ ’ PART cblr-1732 765 39 nominees nominee NOUN cblr-1732 765 40 , , PUNCT cblr-1732 765 41 they they PRON cblr-1732 765 42 tend tend VERB cblr-1732 765 43 to to PART cblr-1732 765 44 support support VERB cblr-1732 765 45 the the DET cblr-1732 765 46 board board NOUN cblr-1732 765 47 nominees nominee NOUN cblr-1732 765 48 of of ADP cblr-1732 765 49 the the DET cblr-1732 765 50 activists.195 activists.195 ADJ cblr-1732 765 51 ( ( PUNCT cblr-1732 765 52 iii iii NOUN cblr-1732 765 53 ) ) PUNCT cblr-1732 765 54 value value NOUN cblr-1732 765 55 - - PUNCT cblr-1732 765 56 enhancing enhance VERB cblr-1732 765 57 / / SYM cblr-1732 765 58 strategic strategic ADJ cblr-1732 765 59 demands demand NOUN cblr-1732 765 60 : : PUNCT cblr-1732 765 61 the the DET cblr-1732 765 62 last last ADJ cblr-1732 765 63 category category NOUN cblr-1732 765 64 includes include VERB cblr-1732 765 65 value value NOUN cblr-1732 765 66 - - PUNCT cblr-1732 765 67 enhancing enhance VERB cblr-1732 765 68 / / SYM cblr-1732 765 69 strategic strategic ADJ cblr-1732 765 70 demands demand NOUN cblr-1732 765 71 , , PUNCT cblr-1732 765 72 such such ADJ cblr-1732 765 73 as as ADP cblr-1732 765 74 demands demand NOUN cblr-1732 765 75 to to PART cblr-1732 765 76 divest divest VERB cblr-1732 765 77 the the DET cblr-1732 765 78 company company NOUN cblr-1732 765 79 ’s ’s PART cblr-1732 765 80 assets asset NOUN cblr-1732 765 81 , , PUNCT cblr-1732 765 82 to to PART cblr-1732 765 83 return return VERB cblr-1732 765 84 cash cash NOUN cblr-1732 765 85 to to ADP cblr-1732 765 86 shareholders shareholder NOUN cblr-1732 765 87 , , PUNCT cblr-1732 765 88 to to PART cblr-1732 765 89 review review VERB cblr-1732 765 90 strategic strategic ADJ cblr-1732 765 91 alternatives alternative NOUN cblr-1732 765 92 , , PUNCT cblr-1732 765 93 and and CCONJ cblr-1732 765 94 so so ADV cblr-1732 765 95 on on ADV cblr-1732 765 96 . . PUNCT cblr-1732 766 1 it it PRON cblr-1732 766 2 is be AUX cblr-1732 766 3 difficult difficult ADJ cblr-1732 766 4 to to PART cblr-1732 766 5 know know VERB cblr-1732 766 6 a a DET cblr-1732 766 7 priori priori ADV cblr-1732 766 8 whether whether SCONJ cblr-1732 766 9 this this DET cblr-1732 766 10 type type NOUN cblr-1732 766 11 of of ADP cblr-1732 766 12 proposal proposal NOUN cblr-1732 766 13 benefits benefit VERB cblr-1732 766 14 minority minority NOUN cblr-1732 766 15 shareholders shareholder NOUN cblr-1732 766 16 as as ADP cblr-1732 766 17 a a DET cblr-1732 766 18 whole whole NOUN cblr-1732 766 19 , , PUNCT cblr-1732 766 20 and and CCONJ cblr-1732 766 21 not not PART cblr-1732 766 22 just just ADV cblr-1732 766 23 the the DET cblr-1732 766 24 activists activist NOUN cblr-1732 766 25 . . PUNCT cblr-1732 767 1 however however ADV cblr-1732 767 2 , , PUNCT cblr-1732 767 3 the the DET cblr-1732 767 4 average average ADJ cblr-1732 767 5 total total ADJ cblr-1732 767 6 shareholder shareholder NOUN cblr-1732 767 7 return return NOUN cblr-1732 767 8 during during ADP cblr-1732 767 9 the the DET cblr-1732 767 10 three three NUM cblr-1732 767 11 - - PUNCT cblr-1732 767 12 year year NOUN cblr-1732 767 13 period period NOUN cblr-1732 767 14 that that PRON cblr-1732 767 15 preceded precede VERB cblr-1732 767 16 the the DET cblr-1732 767 17 activist activist ADJ cblr-1732 767 18 intervention intervention NOUN cblr-1732 767 19 of of ADP cblr-1732 767 20 all all DET cblr-1732 767 21 the the DET cblr-1732 767 22 companies company NOUN cblr-1732 767 23 that that PRON cblr-1732 767 24 were be AUX cblr-1732 767 25 subject subject ADJ cblr-1732 767 26 to to ADP cblr-1732 767 27 any any DET cblr-1732 767 28 strategic strategic ADJ cblr-1732 767 29 demands demand NOUN cblr-1732 767 30 ( ( PUNCT cblr-1732 767 31 -9.8 -9.8 NOUN cblr-1732 767 32 % % NOUN cblr-1732 767 33 ) ) PUNCT cblr-1732 767 34 shows show VERB cblr-1732 767 35 that that SCONJ cblr-1732 767 36 they they PRON cblr-1732 767 37 generally generally ADV cblr-1732 767 38 tend tend VERB cblr-1732 767 39 to to PART cblr-1732 767 40 underperform underperform VERB cblr-1732 767 41 . . PUNCT cblr-1732 768 1 in in ADP cblr-1732 768 2 addition addition NOUN cblr-1732 768 3 , , PUNCT cblr-1732 768 4 a a DET cblr-1732 768 5 review review NOUN cblr-1732 768 6 of of ADP cblr-1732 768 7 the the DET cblr-1732 768 8 ownership ownership NOUN cblr-1732 768 9 structure structure NOUN cblr-1732 768 10 , , PUNCT cblr-1732 768 11 control control NOUN cblr-1732 768 12 mechanism mechanism NOUN cblr-1732 768 13 , , PUNCT cblr-1732 768 14 and and CCONJ cblr-1732 768 15 other other ADJ cblr-1732 768 16 characteristics characteristic NOUN cblr-1732 768 17 of of ADP cblr-1732 768 18 the the DET cblr-1732 768 19 twenty twenty NUM cblr-1732 768 20 - - PUNCT cblr-1732 768 21 four four NUM cblr-1732 768 22 controlled control VERB cblr-1732 768 23 companies company NOUN cblr-1732 768 24 that that PRON cblr-1732 768 25 were be AUX cblr-1732 768 26 subject subject ADJ cblr-1732 768 27 to to ADP cblr-1732 768 28 core core ADJ cblr-1732 768 29 strategic strategic ADJ cblr-1732 768 30 demands196 demands196 NOUN cblr-1732 768 31 further far ADV cblr-1732 768 32 suggest suggest VERB cblr-1732 768 33 that that SCONJ cblr-1732 768 34 those those DET cblr-1732 768 35 companies company NOUN cblr-1732 768 36 , , PUNCT cblr-1732 768 37 at at ADP cblr-1732 768 38 least least ADJ cblr-1732 768 39 on on ADP cblr-1732 768 40 their their PRON cblr-1732 768 41 face face NOUN cblr-1732 768 42 , , PUNCT cblr-1732 768 43 meet meet VERB cblr-1732 768 44 the the DET cblr-1732 768 45 profile profile NOUN cblr-1732 768 46 of of ADP cblr-1732 768 47 companies company NOUN cblr-1732 768 48 that that PRON cblr-1732 768 49 tend tend VERB cblr-1732 768 50 to to PART cblr-1732 768 51 underperform underperform VERB cblr-1732 768 52 . . PUNCT cblr-1732 769 1 for for ADP cblr-1732 769 2 instance instance NOUN cblr-1732 769 3 , , PUNCT cblr-1732 769 4 75 75 NUM cblr-1732 769 5 % % NOUN cblr-1732 769 6 of of ADP cblr-1732 769 7 these these DET cblr-1732 769 8 companies company NOUN cblr-1732 769 9 have have VERB cblr-1732 769 10 a a DET cblr-1732 769 11 dual dual ADJ cblr-1732 769 12 - - PUNCT cblr-1732 769 13 class class NOUN cblr-1732 769 14 structure structure NOUN cblr-1732 769 15 with with ADP cblr-1732 769 16 an an DET cblr-1732 769 17 extreme extreme ADJ cblr-1732 769 18 divergence divergence NOUN cblr-1732 769 19 between between ADP cblr-1732 769 20 controllers controller NOUN cblr-1732 769 21 ’ ’ PART cblr-1732 769 22 ownership ownership NOUN cblr-1732 769 23 rights right NOUN cblr-1732 769 24 and and CCONJ cblr-1732 769 25 voting voting NOUN cblr-1732 769 26 rights right NOUN cblr-1732 769 27 . . PUNCT cblr-1732 770 1 additionally additionally ADV cblr-1732 770 2 , , PUNCT cblr-1732 770 3 all all PRON cblr-1732 770 4 of of ADP cblr-1732 770 5 these these DET cblr-1732 770 6 companies company NOUN cblr-1732 770 7 are be AUX cblr-1732 770 8 mature mature ADJ cblr-1732 770 9 , , PUNCT cblr-1732 770 10 where where SCONJ cblr-1732 770 11 the the DET cblr-1732 770 12 controllers controller NOUN cblr-1732 770 13 ( ( PUNCT cblr-1732 770 14 usually usually ADV cblr-1732 770 15 family family NOUN cblr-1732 770 16 members member NOUN cblr-1732 770 17 ) ) PUNCT cblr-1732 770 18 have have AUX cblr-1732 770 19 been be AUX cblr-1732 770 20 entrenched entrench VERB cblr-1732 770 21 for for ADP cblr-1732 770 22 an an DET cblr-1732 770 23 extended extended ADJ cblr-1732 770 24 period period NOUN cblr-1732 770 25 . . PUNCT cblr-1732 771 1 in in ADP cblr-1732 771 2 fact fact NOUN cblr-1732 771 3 , , PUNCT cblr-1732 771 4 the the DET cblr-1732 771 5 “ " PUNCT cblr-1732 771 6 youngest young ADJ cblr-1732 771 7 ” " PUNCT cblr-1732 771 8 company company NOUN cblr-1732 771 9 on on ADP cblr-1732 771 10 this this DET cblr-1732 771 11 list list NOUN cblr-1732 771 12 was be AUX cblr-1732 771 13 established establish VERB cblr-1732 771 14 in in ADP cblr-1732 771 15 1989 1989 NUM cblr-1732 771 16 , , PUNCT cblr-1732 771 17 and and CCONJ cblr-1732 771 18 the the DET cblr-1732 771 19 average average ADJ cblr-1732 771 20 “ " PUNCT cblr-1732 771 21 age age NOUN cblr-1732 771 22 ” " PUNCT cblr-1732 771 23 of of ADP cblr-1732 771 24 the the DET cblr-1732 771 25 195 195 NUM cblr-1732 771 26 the the DET cblr-1732 771 27 dissident dissident ADJ cblr-1732 771 28 nominees nominee NOUN cblr-1732 771 29 were be AUX cblr-1732 771 30 elected elect VERB cblr-1732 771 31 in in ADP cblr-1732 771 32 the the DET cblr-1732 771 33 vast vast ADJ cblr-1732 771 34 majority majority NOUN cblr-1732 771 35 of of ADP cblr-1732 771 36 the the DET cblr-1732 771 37 proxy proxy NOUN cblr-1732 771 38 fights fight NOUN cblr-1732 771 39 in in ADP cblr-1732 771 40 my my PRON cblr-1732 771 41 sample sample NOUN cblr-1732 771 42 , , PUNCT cblr-1732 771 43 including include VERB cblr-1732 771 44 in in ADP cblr-1732 771 45 the the DET cblr-1732 771 46 following following ADJ cblr-1732 771 47 cases case NOUN cblr-1732 771 48 : : PUNCT cblr-1732 771 49 media media NOUN cblr-1732 771 50 general general PROPN cblr-1732 771 51 , , PUNCT cblr-1732 771 52 inc inc PROPN cblr-1732 771 53 . . PROPN cblr-1732 771 54 ( ( PUNCT cblr-1732 771 55 2007 2007 NUM cblr-1732 771 56 ) ) PUNCT cblr-1732 771 57 ; ; PUNCT cblr-1732 771 58 morgans morgans PROPN cblr-1732 771 59 hotel hotel NOUN cblr-1732 771 60 ( ( PUNCT cblr-1732 771 61 2013 2013 NUM cblr-1732 771 62 ) ) PUNCT cblr-1732 771 63 ; ; PUNCT cblr-1732 771 64 national national ADJ cblr-1732 771 65 interstate interstate PROPN cblr-1732 771 66 corporation corporation NOUN cblr-1732 771 67 ( ( PUNCT cblr-1732 771 68 2013 2013 NUM cblr-1732 771 69 ) ) PUNCT cblr-1732 771 70 ; ; PUNCT cblr-1732 771 71 private private ADJ cblr-1732 771 72 media medium NOUN cblr-1732 771 73 group group NOUN cblr-1732 771 74 ( ( PUNCT cblr-1732 771 75 2011 2011 NUM cblr-1732 771 76 ) ) PUNCT cblr-1732 771 77 ; ; PUNCT cblr-1732 771 78 telephone telephone NOUN cblr-1732 771 79 and and CCONJ cblr-1732 771 80 data datum NOUN cblr-1732 771 81 systems system NOUN cblr-1732 771 82 , , PUNCT cblr-1732 771 83 inc inc PROPN cblr-1732 771 84 . . PROPN cblr-1732 771 85 ( ( PUNCT cblr-1732 771 86 1997 1997 NUM cblr-1732 771 87 ) ) PUNCT cblr-1732 771 88 ; ; PUNCT cblr-1732 771 89 the the DET cblr-1732 771 90 quigley quigley PROPN cblr-1732 771 91 corporation corporation PROPN cblr-1732 771 92 ( ( PUNCT cblr-1732 771 93 2009 2009 NUM cblr-1732 771 94 ) ) PUNCT cblr-1732 771 95 ; ; PUNCT cblr-1732 771 96 and and CCONJ cblr-1732 771 97 whitney whitney PROPN cblr-1732 771 98 information information PROPN cblr-1732 771 99 network network PROPN cblr-1732 771 100 , , PUNCT cblr-1732 771 101 inc inc PROPN cblr-1732 771 102 . . PROPN cblr-1732 771 103 ( ( PUNCT cblr-1732 771 104 2009 2009 NUM cblr-1732 771 105 ) ) PUNCT cblr-1732 771 106 . . PUNCT cblr-1732 772 1 even even ADV cblr-1732 772 2 when when SCONJ cblr-1732 772 3 the the DET cblr-1732 772 4 activist activist NOUN cblr-1732 772 5 failed fail VERB cblr-1732 772 6 to to PART cblr-1732 772 7 nominate nominate VERB cblr-1732 772 8 its its PRON cblr-1732 772 9 representatives representative NOUN cblr-1732 772 10 to to ADP cblr-1732 772 11 the the DET cblr-1732 772 12 board board NOUN cblr-1732 772 13 , , PUNCT cblr-1732 772 14 it it PRON cblr-1732 772 15 is be AUX cblr-1732 772 16 often often ADV cblr-1732 772 17 the the DET cblr-1732 772 18 case case NOUN cblr-1732 772 19 that that SCONJ cblr-1732 772 20 such such ADJ cblr-1732 772 21 representatives representative NOUN cblr-1732 772 22 received receive VERB cblr-1732 772 23 the the DET cblr-1732 772 24 majority majority NOUN cblr-1732 772 25 support support NOUN cblr-1732 772 26 of of ADP cblr-1732 772 27 shareholders shareholder NOUN cblr-1732 772 28 unaffiliated unaffiliate VERB cblr-1732 772 29 with with ADP cblr-1732 772 30 the the DET cblr-1732 772 31 controller controller NOUN cblr-1732 772 32 . . PUNCT cblr-1732 773 1 see see VERB cblr-1732 773 2 barnes barne NOUN cblr-1732 773 3 and and CCONJ cblr-1732 773 4 noble noble ADJ cblr-1732 773 5 ( ( PUNCT cblr-1732 773 6 2009 2009 NUM cblr-1732 773 7 ) ) PUNCT cblr-1732 773 8 and and CCONJ cblr-1732 773 9 the the DET cblr-1732 773 10 withhold withhold ADJ cblr-1732 773 11 campaign campaign NOUN cblr-1732 773 12 against against ADP cblr-1732 773 13 telephone telephone NOUN cblr-1732 773 14 and and CCONJ cblr-1732 773 15 data datum NOUN cblr-1732 773 16 systems system NOUN cblr-1732 773 17 , , PUNCT cblr-1732 773 18 inc inc PROPN cblr-1732 773 19 . . PROPN cblr-1732 773 20 ( ( PUNCT cblr-1732 773 21 2008 2008 NUM cblr-1732 773 22 ) ) PUNCT cblr-1732 773 23 . . PUNCT cblr-1732 774 1 196 196 NUM cblr-1732 774 2 core core ADJ cblr-1732 774 3 strategic strategic ADJ cblr-1732 774 4 demands demand NOUN cblr-1732 774 5 are be AUX cblr-1732 774 6 demands demand NOUN cblr-1732 774 7 to to PART cblr-1732 774 8 divest divest VERB cblr-1732 774 9 the the DET cblr-1732 774 10 company company NOUN cblr-1732 774 11 ’s ’s PART cblr-1732 774 12 assets asset NOUN cblr-1732 774 13 , , PUNCT cblr-1732 774 14 to to PART cblr-1732 774 15 return return VERB cblr-1732 774 16 cash cash NOUN cblr-1732 774 17 to to ADP cblr-1732 774 18 shareholders shareholder NOUN cblr-1732 774 19 , , PUNCT cblr-1732 774 20 or or CCONJ cblr-1732 774 21 to to PART cblr-1732 774 22 initiate initiate VERB cblr-1732 774 23 a a DET cblr-1732 774 24 capital capital NOUN cblr-1732 774 25 restructuring restructuring NOUN cblr-1732 774 26 . . PUNCT cblr-1732 775 1 kastiel kastiel PROPN cblr-1732 775 2 – – PUNCT cblr-1732 775 3 final final ADJ cblr-1732 775 4 122 122 NUM cblr-1732 775 5 columbia columbia PROPN cblr-1732 775 6 business business NOUN cblr-1732 775 7 law law PROPN cblr-1732 775 8 review review NOUN cblr-1732 776 1 [ [ X cblr-1732 776 2 vol vol NOUN cblr-1732 776 3 . . NOUN cblr-1732 776 4 2016 2016 NUM cblr-1732 776 5 companies company NOUN cblr-1732 776 6 studied study VERB cblr-1732 776 7 here here ADV cblr-1732 776 8 is be AUX cblr-1732 776 9 more more ADJ cblr-1732 776 10 than than ADP cblr-1732 776 11 sixty sixty NUM cblr-1732 776 12 years year NOUN cblr-1732 776 13 old old ADJ cblr-1732 776 14 . . PUNCT cblr-1732 777 1 in in ADP cblr-1732 777 2 more more ADJ cblr-1732 777 3 than than ADP cblr-1732 777 4 half half NOUN cblr-1732 777 5 of of ADP cblr-1732 777 6 them they PRON cblr-1732 777 7 , , PUNCT cblr-1732 777 8 the the DET cblr-1732 777 9 heirs heir NOUN cblr-1732 777 10 of of ADP cblr-1732 777 11 the the DET cblr-1732 777 12 founders founder NOUN cblr-1732 777 13 either either CCONJ cblr-1732 777 14 took take VERB cblr-1732 777 15 over over ADP cblr-1732 777 16 or or CCONJ cblr-1732 777 17 were be AUX cblr-1732 777 18 involved involve VERB cblr-1732 777 19 in in ADP cblr-1732 777 20 the the DET cblr-1732 777 21 management management NOUN cblr-1732 777 22 of of ADP cblr-1732 777 23 the the DET cblr-1732 777 24 controlled control VERB cblr-1732 777 25 firms firm NOUN cblr-1732 777 26 . . PUNCT cblr-1732 778 1 as as SCONJ cblr-1732 778 2 noted note VERB cblr-1732 778 3 earlier early ADV cblr-1732 778 4 , , PUNCT cblr-1732 778 5 there there PRON cblr-1732 778 6 is be VERB cblr-1732 778 7 a a DET cblr-1732 778 8 large large ADJ cblr-1732 778 9 body body NOUN cblr-1732 778 10 of of ADP cblr-1732 778 11 economic economic ADJ cblr-1732 778 12 literature literature PROPN cblr-1732 778 13 documenting document VERB cblr-1732 778 14 mediocre mediocre ADJ cblr-1732 778 15 performance performance NOUN cblr-1732 778 16 of of ADP cblr-1732 778 17 mature mature ADJ cblr-1732 778 18 dual dual ADJ cblr-1732 778 19 - - PUNCT cblr-1732 778 20 class class NOUN cblr-1732 778 21 firms firm NOUN cblr-1732 778 22 or or CCONJ cblr-1732 778 23 family family NOUN cblr-1732 778 24 firms firm NOUN cblr-1732 778 25 controlled control VERB cblr-1732 778 26 by by ADP cblr-1732 778 27 heirs heir NOUN cblr-1732 778 28 of of ADP cblr-1732 778 29 the the DET cblr-1732 778 30 founders,197 founders,197 NOUN cblr-1732 778 31 and and CCONJ cblr-1732 778 32 activists activist NOUN cblr-1732 778 33 ’ ' PUNCT cblr-1732 778 34 decisions decision NOUN cblr-1732 778 35 to to PART cblr-1732 778 36 focus focus VERB cblr-1732 778 37 on on ADP cblr-1732 778 38 this this DET cblr-1732 778 39 segment segment NOUN cblr-1732 778 40 of of ADP cblr-1732 778 41 controlled control VERB cblr-1732 778 42 companies company NOUN cblr-1732 778 43 ( ( PUNCT cblr-1732 778 44 rather rather ADV cblr-1732 778 45 than than ADP cblr-1732 778 46 companies company NOUN cblr-1732 778 47 controlled control VERB cblr-1732 778 48 by by ADP cblr-1732 778 49 private private ADJ cblr-1732 778 50 equity equity NOUN cblr-1732 778 51 firms firm NOUN cblr-1732 778 52 , , PUNCT cblr-1732 778 53 venture venture NOUN cblr-1732 778 54 capital capital NOUN cblr-1732 778 55 firms firm NOUN cblr-1732 778 56 , , PUNCT cblr-1732 778 57 or or CCONJ cblr-1732 778 58 “ " PUNCT cblr-1732 778 59 younger young ADJ cblr-1732 778 60 ” " PUNCT cblr-1732 778 61 dual dual ADJ cblr-1732 778 62 - - PUNCT cblr-1732 778 63 class class NOUN cblr-1732 778 64 firms firm NOUN cblr-1732 778 65 ) ) PUNCT cblr-1732 778 66 suggest suggest VERB cblr-1732 778 67 that that SCONJ cblr-1732 778 68 the the DET cblr-1732 778 69 value value NOUN cblr-1732 778 70 / / SYM cblr-1732 778 71 strategic strategic ADJ cblr-1732 778 72 demands demand NOUN cblr-1732 778 73 they they PRON cblr-1732 778 74 raise raise VERB cblr-1732 778 75 could could AUX cblr-1732 778 76 benefit benefit VERB cblr-1732 778 77 other other ADJ cblr-1732 778 78 minority minority NOUN cblr-1732 778 79 investors investor NOUN cblr-1732 778 80 . . PUNCT cblr-1732 779 1 this this DET cblr-1732 779 2 data data NOUN cblr-1732 779 3 is be AUX cblr-1732 779 4 also also ADV cblr-1732 779 5 consistent consistent ADJ cblr-1732 779 6 with with ADP cblr-1732 779 7 general general ADJ cblr-1732 779 8 evidence evidence NOUN cblr-1732 779 9 that that PRON cblr-1732 779 10 hedge hedge NOUN cblr-1732 779 11 fund fund NOUN cblr-1732 779 12 activists activist NOUN cblr-1732 779 13 tend tend VERB cblr-1732 779 14 to to PART cblr-1732 779 15 target target VERB cblr-1732 779 16 underperforming underperform VERB cblr-1732 779 17 companies.198 companies.198 ADJ cblr-1732 779 18 197 197 NUM cblr-1732 779 19 see see NOUN cblr-1732 779 20 supra supra PROPN cblr-1732 779 21 note note PROPN cblr-1732 779 22 188 188 NUM cblr-1732 779 23 . . SYM cblr-1732 779 24 198 198 NUM cblr-1732 779 25 see see VERB cblr-1732 779 26 supra supra PROPN cblr-1732 779 27 notes note NOUN cblr-1732 779 28 38–39 38–39 PROPN cblr-1732 779 29 . . PUNCT cblr-1732 780 1 kastiel kastiel PROPN cblr-1732 780 2 – – PUNCT cblr-1732 780 3 final final ADJ cblr-1732 780 4 no no NOUN cblr-1732 780 5 . . PROPN cblr-1732 780 6 1:60 1:60 NUM cblr-1732 780 7 ] ] PUNCT cblr-1732 780 8 against against ADP cblr-1732 780 9 all all DET cblr-1732 780 10 odds odd NOUN cblr-1732 780 11 123 123 NUM cblr-1732 780 12 table table NOUN cblr-1732 780 13 6 6 NUM cblr-1732 780 14 : : PUNCT cblr-1732 780 15 activists activist NOUN cblr-1732 780 16 ’ ' PUNCT cblr-1732 780 17 demands demand VERB cblr-1732 780 18 activists activist NOUN cblr-1732 780 19 ’ ' PUNCT cblr-1732 780 20 demands199 demands199 PROPN cblr-1732 781 1 yes yes INTJ cblr-1732 781 2 no no DET cblr-1732 781 3 total total ADJ cblr-1732 781 4 1 1 NUM cblr-1732 781 5 . . PUNCT cblr-1732 782 1 demands demand NOUN cblr-1732 782 2 related relate VERB cblr-1732 782 3 to to ADP cblr-1732 782 4 the the DET cblr-1732 782 5 tension tension NOUN cblr-1732 782 6 between between ADP cblr-1732 782 7 controllers controller NOUN cblr-1732 782 8 / / SYM cblr-1732 782 9 minority minority NOUN cblr-1732 782 10 holders holder NOUN cblr-1732 782 11 i. i. PROPN cblr-1732 782 12 governance governance PROPN cblr-1732 782 13 demands demand VERB cblr-1732 782 14 : : PUNCT cblr-1732 782 15 add add VERB cblr-1732 782 16 independent independent ADJ cblr-1732 782 17 directors director NOUN cblr-1732 782 18 compensation compensation VERB cblr-1732 782 19 related relate VERB cblr-1732 782 20 enhancements enhancement NOUN cblr-1732 782 21 other other ADJ cblr-1732 782 22 governance governance NOUN cblr-1732 782 23 enhancements enhancement NOUN cblr-1732 782 24 remove remove VERB cblr-1732 782 25 directors director NOUN cblr-1732 782 26 or or CCONJ cblr-1732 782 27 officers officer NOUN cblr-1732 782 28 remove remove VERB cblr-1732 782 29 takeover takeover NOUN cblr-1732 782 30 defenses defense NOUN cblr-1732 782 31 ii ii PROPN cblr-1732 782 32 . . PUNCT cblr-1732 783 1 m&a m&a PROPN cblr-1732 783 2 related related ADJ cblr-1732 783 3 demands demand NOUN cblr-1732 783 4 : : PUNCT cblr-1732 783 5 block block NOUN cblr-1732 783 6 merger merger NOUN cblr-1732 783 7 / / PUNCT cblr-1732 783 8 agitate agitate VERB cblr-1732 783 9 for for ADP cblr-1732 783 10 higher high ADJ cblr-1732 783 11 price price NOUN cblr-1732 783 12 potential potential ADJ cblr-1732 783 13 acquisition acquisition NOUN cblr-1732 783 14 ( ( PUNCT cblr-1732 783 15 friendly friendly ADJ cblr-1732 783 16 and and CCONJ cblr-1732 783 17 unfriendly unfriendly ADJ cblr-1732 783 18 ) ) PUNCT cblr-1732 783 19 3 3 NUM cblr-1732 783 20 4 4 NUM cblr-1732 783 21 12 12 NUM cblr-1732 783 22 4 4 NUM cblr-1732 783 23 3 3 NUM cblr-1732 783 24 15 15 NUM cblr-1732 783 25 1 1 NUM cblr-1732 783 26 9 9 NUM cblr-1732 783 27 8 8 NUM cblr-1732 783 28 29 29 NUM cblr-1732 783 29 6 6 NUM cblr-1732 783 30 14 14 NUM cblr-1732 783 31 2 2 NUM cblr-1732 783 32 4 4 NUM cblr-1732 783 33 12 12 NUM cblr-1732 783 34 12 12 NUM cblr-1732 783 35 41 41 NUM cblr-1732 783 36 10 10 NUM cblr-1732 783 37 17 17 NUM cblr-1732 783 38 17 17 NUM cblr-1732 783 39 5 5 NUM cblr-1732 783 40 2 2 NUM cblr-1732 783 41 . . PUNCT cblr-1732 783 42 representation representation NOUN cblr-1732 783 43 demands demand NOUN cblr-1732 783 44 : : PUNCT cblr-1732 783 45 board board NOUN cblr-1732 783 46 seats seat NOUN cblr-1732 783 47 27 27 NUM cblr-1732 783 48 25 25 NUM cblr-1732 783 49 52 52 NUM cblr-1732 783 50 3 3 NUM cblr-1732 783 51 . . PUNCT cblr-1732 783 52 value value NOUN cblr-1732 783 53 / / SYM cblr-1732 783 54 strategic strategic ADJ cblr-1732 783 55 demands demand NOUN cblr-1732 783 56 : : PUNCT cblr-1732 783 57 breakup breakup NOUN cblr-1732 783 58 company company NOUN cblr-1732 783 59 , , PUNCT cblr-1732 783 60 divest divest VERB cblr-1732 783 61 assets asset NOUN cblr-1732 783 62 / / SYM cblr-1732 783 63 divisions division NOUN cblr-1732 783 64 other other ADJ cblr-1732 783 65 capital capital NOUN cblr-1732 783 66 structure structure NOUN cblr-1732 783 67 related relate VERB cblr-1732 783 68 , , PUNCT cblr-1732 783 69 increase increase VERB cblr-1732 783 70 leverage leverage NOUN cblr-1732 783 71 , , PUNCT cblr-1732 783 72 etc etc X cblr-1732 783 73 . . X cblr-1732 783 74 return return VERB cblr-1732 783 75 cash cash NOUN cblr-1732 783 76 via via ADP cblr-1732 783 77 dividends dividend NOUN cblr-1732 783 78 / / SYM cblr-1732 783 79 buybacks buyback NOUN cblr-1732 783 80 review review VERB cblr-1732 783 81 strategic strategic ADJ cblr-1732 783 82 alternatives alternative NOUN cblr-1732 783 83 seek seek VERB cblr-1732 783 84 sale sale NOUN cblr-1732 783 85 / / SYM cblr-1732 783 86 merger merger NOUN cblr-1732 783 87 / / SYM cblr-1732 783 88 liquidation liquidation NOUN cblr-1732 783 89 separate separate ADJ cblr-1732 783 90 real real ADJ cblr-1732 783 91 estate estate NOUN cblr-1732 783 92 / / SYM cblr-1732 783 93 create create VERB cblr-1732 783 94 reit reit NOUN cblr-1732 783 95 4 4 NUM cblr-1732 783 96 3 3 NUM cblr-1732 783 97 9 9 NUM cblr-1732 783 98 9 9 NUM cblr-1732 783 99 3 3 NUM cblr-1732 783 100 0 0 NUM cblr-1732 783 101 9 9 NUM cblr-1732 783 102 15 15 NUM cblr-1732 783 103 15 15 NUM cblr-1732 783 104 21 21 NUM cblr-1732 783 105 20 20 NUM cblr-1732 783 106 3 3 NUM cblr-1732 783 107 13 13 NUM cblr-1732 783 108 18 18 NUM cblr-1732 783 109 24 24 NUM cblr-1732 783 110 30 30 NUM cblr-1732 783 111 23 23 NUM cblr-1732 783 112 3 3 NUM cblr-1732 783 113 total total NOUN cblr-1732 783 114 : : PUNCT cblr-1732 783 115 97 97 NUM cblr-1732 783 116 181 181 NUM cblr-1732 783 117 278 278 NUM cblr-1732 783 118 finally finally ADV cblr-1732 783 119 , , PUNCT cblr-1732 783 120 i i PRON cblr-1732 783 121 have have AUX cblr-1732 783 122 also also ADV cblr-1732 783 123 explored explore VERB cblr-1732 783 124 the the DET cblr-1732 783 125 hypothesis hypothesis NOUN cblr-1732 783 126 that that PRON cblr-1732 783 127 activist activist ADJ cblr-1732 783 128 investors investor NOUN cblr-1732 783 129 may may AUX cblr-1732 783 130 be be AUX cblr-1732 783 131 willing willing ADJ cblr-1732 783 132 to to PART cblr-1732 783 133 engage engage VERB cblr-1732 783 134 with with ADP cblr-1732 783 135 controlled control VERB cblr-1732 783 136 companies company NOUN cblr-1732 783 137 simply simply ADV cblr-1732 783 138 to to PART cblr-1732 783 139 extract extract VERB cblr-1732 783 140 quick quick ADJ cblr-1732 783 141 private private ADJ cblr-1732 783 142 benefits benefit NOUN cblr-1732 783 143 from from ADP cblr-1732 783 144 the the DET cblr-1732 783 145 controllers controller NOUN cblr-1732 783 146 by by ADP cblr-1732 783 147 forcing force VERB cblr-1732 783 148 them they PRON cblr-1732 783 149 to to PART cblr-1732 783 150 buy buy VERB cblr-1732 783 151 back back ADP cblr-1732 783 152 the the DET cblr-1732 783 153 activists activist NOUN cblr-1732 783 154 ’ ' PUNCT cblr-1732 783 155 stake stake NOUN cblr-1732 783 156 . . PUNCT cblr-1732 784 1 certain certain ADJ cblr-1732 784 2 activist activist ADJ cblr-1732 784 3 campaigns campaign NOUN cblr-1732 784 4 — — PUNCT cblr-1732 784 5 even even ADV cblr-1732 784 6 those those PRON cblr-1732 784 7 that that PRON cblr-1732 784 8 are be AUX cblr-1732 784 9 unlikely unlikely ADJ cblr-1732 784 10 to to PART cblr-1732 784 11 succeed succeed VERB cblr-1732 784 12 — — PUNCT cblr-1732 784 13 may may AUX cblr-1732 784 14 intentionally intentionally ADV cblr-1732 784 15 disrupt disrupt VERB cblr-1732 784 16 the the DET cblr-1732 784 17 activity activity NOUN cblr-1732 784 18 of of ADP cblr-1732 784 19 a a DET cblr-1732 784 20 controlled control VERB cblr-1732 784 21 company company NOUN cblr-1732 784 22 and and CCONJ cblr-1732 784 23 publicly publicly ADV cblr-1732 784 24 challenge challenge VERB cblr-1732 784 25 the the DET cblr-1732 784 26 way way NOUN cblr-1732 784 27 a a DET cblr-1732 784 28 controller controller NOUN cblr-1732 784 29 manages manage VERB cblr-1732 784 30 the the DET cblr-1732 784 31 company company NOUN cblr-1732 784 32 by by ADP cblr-1732 784 33 engaging engage VERB cblr-1732 784 34 in in ADP cblr-1732 784 35 what what PRON cblr-1732 784 36 could could AUX cblr-1732 784 37 199 199 NUM cblr-1732 784 38 “ " PUNCT cblr-1732 784 39 yes”/“no yes”/“no PROPN cblr-1732 784 40 ” " PUNCT cblr-1732 784 41 indicate indicate VERB cblr-1732 784 42 whether whether SCONJ cblr-1732 784 43 an an DET cblr-1732 784 44 activist activist NOUN cblr-1732 784 45 ’s ’s PART cblr-1732 784 46 demand demand NOUN cblr-1732 784 47 was be AUX cblr-1732 784 48 accepted accept VERB cblr-1732 784 49 / / PUNCT cblr-1732 784 50 rejected reject VERB cblr-1732 784 51 , , PUNCT cblr-1732 784 52 respectively respectively ADV cblr-1732 784 53 . . PUNCT cblr-1732 785 1 kastiel kastiel PROPN cblr-1732 785 2 – – PUNCT cblr-1732 785 3 final final ADJ cblr-1732 785 4 124 124 NUM cblr-1732 785 5 columbia columbia PROPN cblr-1732 785 6 business business NOUN cblr-1732 785 7 law law PROPN cblr-1732 785 8 review review NOUN cblr-1732 786 1 [ [ X cblr-1732 786 2 vol vol NOUN cblr-1732 786 3 . . PUNCT cblr-1732 786 4 2016 2016 NUM cblr-1732 786 5 be be AUX cblr-1732 786 6 viewed view VERB cblr-1732 786 7 as as ADP cblr-1732 786 8 “ " PUNCT cblr-1732 786 9 disruptive disruptive ADJ cblr-1732 786 10 activism activism NOUN cblr-1732 786 11 . . PUNCT cblr-1732 786 12 ” " PUNCT cblr-1732 787 1 since since SCONJ cblr-1732 787 2 the the DET cblr-1732 787 3 controlled control VERB cblr-1732 787 4 company company NOUN cblr-1732 787 5 has have VERB cblr-1732 787 6 to to PART cblr-1732 787 7 bear bear VERB cblr-1732 787 8 the the DET cblr-1732 787 9 legal legal ADJ cblr-1732 787 10 , , PUNCT cblr-1732 787 11 reputational reputational ADJ cblr-1732 787 12 , , PUNCT cblr-1732 787 13 and and CCONJ cblr-1732 787 14 other other ADJ cblr-1732 787 15 costs cost NOUN cblr-1732 787 16 associated associate VERB cblr-1732 787 17 with with ADP cblr-1732 787 18 conducting conduct VERB cblr-1732 787 19 a a DET cblr-1732 787 20 proxy proxy NOUN cblr-1732 787 21 fight fight NOUN cblr-1732 787 22 or or CCONJ cblr-1732 787 23 defending defend VERB cblr-1732 787 24 the the DET cblr-1732 787 25 controller controller NOUN cblr-1732 787 26 ’s ’s PART cblr-1732 787 27 position position NOUN cblr-1732 787 28 , , PUNCT cblr-1732 787 29 the the DET cblr-1732 787 30 controlled control VERB cblr-1732 787 31 company company NOUN cblr-1732 787 32 may may AUX cblr-1732 787 33 simply simply ADV cblr-1732 787 34 opt opt VERB cblr-1732 787 35 to to PART cblr-1732 787 36 save save VERB cblr-1732 787 37 those those DET cblr-1732 787 38 costs cost NOUN cblr-1732 787 39 and and CCONJ cblr-1732 787 40 terminate terminate VERB cblr-1732 787 41 any any DET cblr-1732 787 42 disruptive disruptive ADJ cblr-1732 787 43 activity activity NOUN cblr-1732 787 44 by by ADP cblr-1732 787 45 buying buy VERB cblr-1732 787 46 out out ADP cblr-1732 787 47 the the DET cblr-1732 787 48 activist activist ADJ cblr-1732 787 49 shareholder shareholder NOUN cblr-1732 787 50 at at ADP cblr-1732 787 51 a a DET cblr-1732 787 52 premium premium NOUN cblr-1732 787 53 . . PUNCT cblr-1732 788 1 in in ADP cblr-1732 788 2 fact fact NOUN cblr-1732 788 3 , , PUNCT cblr-1732 788 4 this this DET cblr-1732 788 5 type type NOUN cblr-1732 788 6 of of ADP cblr-1732 788 7 buy buy NOUN cblr-1732 788 8 - - PUNCT cblr-1732 788 9 out out NOUN cblr-1732 788 10 is be AUX cblr-1732 788 11 somewhat somewhat ADV cblr-1732 788 12 similar similar ADJ cblr-1732 788 13 to to ADP cblr-1732 788 14 the the DET cblr-1732 788 15 muchmaligned muchmaligne VERB cblr-1732 788 16 1980s 1980 NOUN cblr-1732 788 17 tactic tactic NOUN cblr-1732 788 18 of of ADP cblr-1732 788 19 “ " PUNCT cblr-1732 788 20 greenmail greenmail NOUN cblr-1732 788 21 . . PUNCT cblr-1732 788 22 ”200 ”200 PUNCT cblr-1732 789 1 while while SCONJ cblr-1732 789 2 a a DET cblr-1732 789 3 buy buy NOUN cblr-1732 789 4 - - PUNCT cblr-1732 789 5 out out NOUN cblr-1732 789 6 of of ADP cblr-1732 789 7 an an DET cblr-1732 789 8 activist activist ADJ cblr-1732 789 9 stake stake NOUN cblr-1732 789 10 may may AUX cblr-1732 789 11 not not PART cblr-1732 789 12 always always ADV cblr-1732 789 13 benefit benefit VERB cblr-1732 789 14 other other ADJ cblr-1732 789 15 non non ADJ cblr-1732 789 16 - - ADJ cblr-1732 789 17 activist activist ADJ cblr-1732 789 18 shareholders shareholder NOUN cblr-1732 789 19 , , PUNCT cblr-1732 789 20 and and CCONJ cblr-1732 789 21 sometimes sometimes ADV cblr-1732 789 22 even even ADV cblr-1732 789 23 comes come VERB cblr-1732 789 24 at at ADP cblr-1732 789 25 their their PRON cblr-1732 789 26 expense expense NOUN cblr-1732 789 27 , , PUNCT cblr-1732 789 28 it it PRON cblr-1732 789 29 can can AUX cblr-1732 789 30 also also ADV cblr-1732 789 31 provide provide VERB cblr-1732 789 32 activists activist NOUN cblr-1732 789 33 with with ADP cblr-1732 789 34 additional additional ADJ cblr-1732 789 35 ex ex X cblr-1732 789 36 ante ante NOUN cblr-1732 789 37 incentives incentive NOUN cblr-1732 789 38 to to PART cblr-1732 789 39 launch launch VERB cblr-1732 789 40 a a DET cblr-1732 789 41 campaign campaign NOUN cblr-1732 789 42 against against ADP cblr-1732 789 43 controlled control VERB cblr-1732 789 44 companies.201 companies.201 NOUN cblr-1732 789 45 the the DET cblr-1732 789 46 empirical empirical ADJ cblr-1732 789 47 evidence evidence NOUN cblr-1732 789 48 provides provide VERB cblr-1732 789 49 little little ADJ cblr-1732 789 50 support support NOUN cblr-1732 789 51 for for ADP cblr-1732 789 52 the the DET cblr-1732 789 53 disruptive disruptive ADJ cblr-1732 789 54 activism activism NOUN cblr-1732 789 55 story story NOUN cblr-1732 789 56 . . PUNCT cblr-1732 790 1 a a DET cblr-1732 790 2 search search NOUN cblr-1732 790 3 on on ADP cblr-1732 790 4 the the DET cblr-1732 790 5 sharkwatch sharkwatch NOUN cblr-1732 790 6 database database NOUN cblr-1732 790 7 yields yield VERB cblr-1732 790 8 only only ADV cblr-1732 790 9 a a DET cblr-1732 790 10 handful handful NOUN cblr-1732 790 11 of of ADP cblr-1732 790 12 examples example NOUN cblr-1732 790 13 of of ADP cblr-1732 790 14 activist activist ADJ cblr-1732 790 15 interventions intervention NOUN cblr-1732 790 16 with with ADP cblr-1732 790 17 controlled control VERB cblr-1732 790 18 companies company NOUN cblr-1732 790 19 that that PRON cblr-1732 790 20 resulted result VERB cblr-1732 790 21 in in ADP cblr-1732 790 22 the the DET cblr-1732 790 23 repurchase repurchase NOUN cblr-1732 790 24 of of ADP cblr-1732 790 25 the the DET cblr-1732 790 26 activist activist ADJ cblr-1732 790 27 stake stake NOUN cblr-1732 790 28 by by ADP cblr-1732 790 29 the the DET cblr-1732 790 30 target target NOUN cblr-1732 790 31 company.202 company.202 NOUN cblr-1732 790 32 200 200 NUM cblr-1732 790 33 “ " PUNCT cblr-1732 790 34 greenmail greenmail NOUN cblr-1732 790 35 ” " PUNCT cblr-1732 790 36 has have AUX cblr-1732 790 37 generally generally ADV cblr-1732 790 38 been be AUX cblr-1732 790 39 defined define VERB cblr-1732 790 40 as as ADP cblr-1732 790 41 the the DET cblr-1732 790 42 practice practice NOUN cblr-1732 790 43 of of ADP cblr-1732 790 44 purchasing purchase VERB cblr-1732 790 45 enough enough ADJ cblr-1732 790 46 shares share NOUN cblr-1732 790 47 in in ADP cblr-1732 790 48 a a DET cblr-1732 790 49 company company NOUN cblr-1732 790 50 to to PART cblr-1732 790 51 threaten threaten VERB cblr-1732 790 52 a a DET cblr-1732 790 53 takeover takeover NOUN cblr-1732 790 54 , , PUNCT cblr-1732 790 55 and and CCONJ cblr-1732 790 56 then then ADV cblr-1732 790 57 using use VERB cblr-1732 790 58 that that DET cblr-1732 790 59 leverage leverage NOUN cblr-1732 790 60 to to PART cblr-1732 790 61 pressure pressure VERB cblr-1732 790 62 the the DET cblr-1732 790 63 target target NOUN cblr-1732 790 64 company company NOUN cblr-1732 790 65 to to PART cblr-1732 790 66 buy buy VERB cblr-1732 790 67 those those DET cblr-1732 790 68 shares share NOUN cblr-1732 790 69 back back ADV cblr-1732 790 70 at at ADP cblr-1732 790 71 a a DET cblr-1732 790 72 premium premium NOUN cblr-1732 790 73 in in ADP cblr-1732 790 74 order order NOUN cblr-1732 790 75 to to PART cblr-1732 790 76 abandon abandon VERB cblr-1732 790 77 the the DET cblr-1732 790 78 takeover takeover NOUN cblr-1732 790 79 . . PUNCT cblr-1732 791 1 see see VERB cblr-1732 791 2 , , PUNCT cblr-1732 791 3 e.g. e.g. ADV cblr-1732 791 4 , , PUNCT cblr-1732 791 5 jonathan jonathan PROPN cblr-1732 791 6 r. r. PROPN cblr-1732 791 7 macey macey PROPN cblr-1732 791 8 & & CCONJ cblr-1732 791 9 fred fred PROPN cblr-1732 791 10 s. s. PROPN cblr-1732 791 11 mcchesney mcchesney PROPN cblr-1732 791 12 , , PUNCT cblr-1732 791 13 a a DET cblr-1732 791 14 theoretical theoretical ADJ cblr-1732 791 15 analysis analysis NOUN cblr-1732 791 16 of of ADP cblr-1732 791 17 corporate corporate ADJ cblr-1732 791 18 greenmail greenmail NOUN cblr-1732 791 19 , , PUNCT cblr-1732 791 20 95 95 NUM cblr-1732 791 21 yale yale PROPN cblr-1732 791 22 l.j l.j PROPN cblr-1732 791 23 . . PROPN cblr-1732 791 24 13 13 NUM cblr-1732 791 25 , , PUNCT cblr-1732 791 26 13–15 13–15 NUM cblr-1732 791 27 ( ( PUNCT cblr-1732 791 28 1985 1985 NUM cblr-1732 791 29 ) ) PUNCT cblr-1732 791 30 . . PUNCT cblr-1732 792 1 201 201 NUM cblr-1732 792 2 it it PRON cblr-1732 792 3 is be AUX cblr-1732 792 4 important important ADJ cblr-1732 792 5 to to PART cblr-1732 792 6 emphasize emphasize VERB cblr-1732 792 7 , , PUNCT cblr-1732 792 8 however however ADV cblr-1732 792 9 , , PUNCT cblr-1732 792 10 that that SCONJ cblr-1732 792 11 activists activist NOUN cblr-1732 792 12 are be AUX cblr-1732 792 13 unlikely unlikely ADJ cblr-1732 792 14 to to PART cblr-1732 792 15 generate generate VERB cblr-1732 792 16 high high ADJ cblr-1732 792 17 abnormal abnormal ADJ cblr-1732 792 18 returns return NOUN cblr-1732 792 19 through through ADP cblr-1732 792 20 disruptive disruptive ADJ cblr-1732 792 21 activism activism NOUN cblr-1732 792 22 if if SCONJ cblr-1732 792 23 ex ex NOUN cblr-1732 792 24 ante ante VERB cblr-1732 792 25 a a DET cblr-1732 792 26 campaign campaign NOUN cblr-1732 792 27 has have VERB cblr-1732 792 28 no no DET cblr-1732 792 29 likelihood likelihood NOUN cblr-1732 792 30 of of ADP cblr-1732 792 31 success success NOUN cblr-1732 792 32 . . PUNCT cblr-1732 793 1 if if SCONJ cblr-1732 793 2 the the DET cblr-1732 793 3 main main ADJ cblr-1732 793 4 channels channel NOUN cblr-1732 793 5 of of ADP cblr-1732 793 6 activism activism NOUN cblr-1732 793 7 discussed discuss VERB cblr-1732 793 8 in in ADP cblr-1732 793 9 parts part NOUN cblr-1732 793 10 iv iv X cblr-1732 793 11 and and CCONJ cblr-1732 793 12 v v NOUN cblr-1732 793 13 are be AUX cblr-1732 793 14 not not PART cblr-1732 793 15 effective effective ADJ cblr-1732 793 16 enough enough ADV cblr-1732 793 17 to to PART cblr-1732 793 18 facilitate facilitate VERB cblr-1732 793 19 engagements engagement NOUN cblr-1732 793 20 with with ADP cblr-1732 793 21 controlled control VERB cblr-1732 793 22 companies company NOUN cblr-1732 793 23 , , PUNCT cblr-1732 793 24 controllers controller NOUN cblr-1732 793 25 may may AUX cblr-1732 793 26 simply simply ADV cblr-1732 793 27 ignore ignore VERB cblr-1732 793 28 the the DET cblr-1732 793 29 activists activist NOUN cblr-1732 793 30 ’ ’ PART cblr-1732 793 31 demands demand NOUN cblr-1732 793 32 without without ADP cblr-1732 793 33 providing provide VERB cblr-1732 793 34 them they PRON cblr-1732 793 35 any any DET cblr-1732 793 36 side side NOUN cblr-1732 793 37 payments payment NOUN cblr-1732 793 38 . . PUNCT cblr-1732 794 1 202 202 NUM cblr-1732 794 2 one one NUM cblr-1732 794 3 example example NOUN cblr-1732 794 4 is be AUX cblr-1732 794 5 the the DET cblr-1732 794 6 engagement engagement NOUN cblr-1732 794 7 with with ADP cblr-1732 794 8 tix tix ADJ cblr-1732 794 9 corporation corporation NOUN cblr-1732 794 10 , , PUNCT cblr-1732 794 11 a a DET cblr-1732 794 12 controlled control VERB cblr-1732 794 13 company company NOUN cblr-1732 794 14 whose whose DET cblr-1732 794 15 management management NOUN cblr-1732 794 16 held hold VERB cblr-1732 794 17 approximately approximately ADV cblr-1732 794 18 37 37 NUM cblr-1732 794 19 % % NOUN cblr-1732 794 20 of of ADP cblr-1732 794 21 the the DET cblr-1732 794 22 firm firm ADJ cblr-1732 794 23 voting voting NOUN cblr-1732 794 24 rights right NOUN cblr-1732 794 25 . . 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PUNCT cblr-1732 806 10 2016 2016 NUM cblr-1732 806 11 furthermore furthermore ADV cblr-1732 806 12 , , PUNCT cblr-1732 806 13 when when SCONJ cblr-1732 806 14 activists activist NOUN cblr-1732 806 15 do do AUX cblr-1732 806 16 engage engage VERB cblr-1732 806 17 with with ADP cblr-1732 806 18 controlled control VERB cblr-1732 806 19 companies company NOUN cblr-1732 806 20 , , PUNCT cblr-1732 806 21 a a DET cblr-1732 806 22 large large ADJ cblr-1732 806 23 number number NOUN cblr-1732 806 24 of of ADP cblr-1732 806 25 these these DET cblr-1732 806 26 engagements engagement NOUN cblr-1732 806 27 are be AUX cblr-1732 806 28 facilitated facilitate VERB cblr-1732 806 29 by by ADP cblr-1732 806 30 certain certain ADJ cblr-1732 806 31 legal legal ADJ cblr-1732 806 32 arrangements arrangement NOUN cblr-1732 806 33 — — PUNCT cblr-1732 806 34 such such ADJ cblr-1732 806 35 as as ADP cblr-1732 806 36 the the DET cblr-1732 806 37 ability ability NOUN cblr-1732 806 38 to to PART cblr-1732 806 39 elect elect VERB cblr-1732 806 40 minority minority NOUN cblr-1732 806 41 directors director NOUN cblr-1732 806 42 or or CCONJ cblr-1732 806 43 to to PART cblr-1732 806 44 veto veto VERB cblr-1732 806 45 conflicted conflicted ADJ cblr-1732 806 46 transactions transaction NOUN cblr-1732 806 47 — — PUNCT cblr-1732 806 48 which which PRON cblr-1732 806 49 augment augment VERB cblr-1732 806 50 activists activist NOUN cblr-1732 806 51 ’ ' PUNCT cblr-1732 806 52 leverage leverage NOUN cblr-1732 806 53 vis vis X cblr-1732 806 54 - - ADJ cblr-1732 806 55 à à X cblr-1732 806 56 - - PUNCT cblr-1732 806 57 vis vis X cblr-1732 806 58 the the DET cblr-1732 806 59 controllers controller NOUN cblr-1732 806 60 . . PUNCT cblr-1732 807 1 these these DET cblr-1732 807 2 formal formal ADJ cblr-1732 807 3 bargaining bargaining NOUN cblr-1732 807 4 mechanisms mechanism NOUN cblr-1732 807 5 substantially substantially ADV cblr-1732 807 6 increase increase VERB cblr-1732 807 7 the the DET cblr-1732 807 8 likelihood likelihood NOUN cblr-1732 807 9 that that SCONJ cblr-1732 807 10 activists activist NOUN cblr-1732 807 11 ’ ' PUNCT cblr-1732 807 12 voices voice NOUN cblr-1732 807 13 will will AUX cblr-1732 807 14 be be AUX cblr-1732 807 15 heard hear VERB cblr-1732 807 16 . . PUNCT cblr-1732 808 1 in in ADP cblr-1732 808 2 their their PRON cblr-1732 808 3 absence absence NOUN cblr-1732 808 4 , , PUNCT cblr-1732 808 5 controllers controller NOUN cblr-1732 808 6 are be AUX cblr-1732 808 7 likely likely ADJ cblr-1732 808 8 to to PART cblr-1732 808 9 be be AUX cblr-1732 808 10 insulated insulate VERB cblr-1732 808 11 from from ADP cblr-1732 808 12 hedge hedge NOUN cblr-1732 808 13 fund fund NOUN cblr-1732 808 14 activism activism NOUN cblr-1732 808 15 , , PUNCT cblr-1732 808 16 and and CCONJ cblr-1732 808 17 even even ADV cblr-1732 808 18 when when SCONJ cblr-1732 808 19 an an DET cblr-1732 808 20 activist activist ADJ cblr-1732 808 21 engagement engagement NOUN cblr-1732 808 22 occurs occur VERB cblr-1732 808 23 , , PUNCT cblr-1732 808 24 controllers controller NOUN cblr-1732 808 25 tend tend VERB cblr-1732 808 26 to to PART cblr-1732 808 27 ignore ignore VERB cblr-1732 808 28 activists activist NOUN cblr-1732 808 29 ’ ' PUNCT cblr-1732 808 30 concerns.209 concerns.209 NOUN cblr-1732 808 31 however however ADV cblr-1732 808 32 , , PUNCT cblr-1732 808 33 issuers issuer NOUN cblr-1732 808 34 have have VERB cblr-1732 808 35 few few ADJ cblr-1732 808 36 incentives incentive NOUN cblr-1732 808 37 to to PART cblr-1732 808 38 voluntarily voluntarily ADV cblr-1732 808 39 adopt adopt VERB cblr-1732 808 40 legal legal ADJ cblr-1732 808 41 arrangements arrangement NOUN cblr-1732 808 42 that that PRON cblr-1732 808 43 empower empower VERB cblr-1732 808 44 activists activist NOUN cblr-1732 808 45 , , PUNCT cblr-1732 808 46 such such ADJ cblr-1732 808 47 as as ADP cblr-1732 808 48 the the DET cblr-1732 808 49 right right NOUN cblr-1732 808 50 to to PART cblr-1732 808 51 elect elect VERB cblr-1732 808 52 minority minority NOUN cblr-1732 808 53 directors director NOUN cblr-1732 808 54 . . PUNCT cblr-1732 809 1 while while SCONJ cblr-1732 809 2 a a DET cblr-1732 809 3 subset subset NOUN cblr-1732 809 4 of of ADP cblr-1732 809 5 dual dual ADJ cblr-1732 809 6 - - PUNCT cblr-1732 809 7 class class NOUN cblr-1732 809 8 firms firm NOUN cblr-1732 809 9 went go VERB cblr-1732 809 10 public public ADJ cblr-1732 809 11 with with ADP cblr-1732 809 12 a a DET cblr-1732 809 13 capital capital NOUN cblr-1732 809 14 structure structure NOUN cblr-1732 809 15 allowing allow VERB cblr-1732 809 16 shareholders shareholder NOUN cblr-1732 809 17 not not PART cblr-1732 809 18 affiliated affiliate VERB cblr-1732 809 19 with with ADP cblr-1732 809 20 the the DET cblr-1732 809 21 controller controller NOUN cblr-1732 809 22 to to PART cblr-1732 809 23 elect elect VERB cblr-1732 809 24 minority minority NOUN cblr-1732 809 25 directors director NOUN cblr-1732 809 26 , , PUNCT cblr-1732 809 27 this this DET cblr-1732 809 28 arrangement arrangement NOUN cblr-1732 809 29 was be AUX cblr-1732 809 30 most most ADV cblr-1732 809 31 common common ADJ cblr-1732 809 32 in in ADP cblr-1732 809 33 mature mature ADJ cblr-1732 809 34 dual dual ADJ cblr-1732 809 35 - - PUNCT cblr-1732 809 36 class class NOUN cblr-1732 809 37 firms firm NOUN cblr-1732 809 38 that that PRON cblr-1732 809 39 were be AUX cblr-1732 809 40 required require VERB cblr-1732 809 41 to to PART cblr-1732 809 42 do do VERB cblr-1732 809 43 so so ADV cblr-1732 809 44 in in ADP cblr-1732 809 45 order order NOUN cblr-1732 809 46 to to PART cblr-1732 809 47 comply comply VERB cblr-1732 809 48 with with ADP cblr-1732 809 49 a a DET cblr-1732 809 50 previous previous ADJ cblr-1732 809 51 policy policy NOUN cblr-1732 809 52 of of ADP cblr-1732 809 53 the the DET cblr-1732 809 54 amex.210 amex.210 PROPN cblr-1732 809 55 current current ADJ cblr-1732 809 56 listing listing NOUN cblr-1732 809 57 requirements requirement NOUN cblr-1732 809 58 of of ADP cblr-1732 809 59 the the DET cblr-1732 809 60 major major ADJ cblr-1732 809 61 u.s u.s PROPN cblr-1732 809 62 . . PROPN cblr-1732 809 63 stock stock NOUN cblr-1732 809 64 exchanges exchange NOUN cblr-1732 809 65 no no ADV cblr-1732 809 66 longer long ADV cblr-1732 809 67 impose impose VERB cblr-1732 809 68 any any DET cblr-1732 809 69 restrictions restriction NOUN cblr-1732 809 70 on on ADP cblr-1732 809 71 new new ADJ cblr-1732 809 72 issuances issuance NOUN cblr-1732 809 73 of of ADP cblr-1732 809 74 unequal unequal ADJ cblr-1732 809 75 voting voting NOUN cblr-1732 809 76 stock,211 stock,211 NOUN cblr-1732 809 77 and and CCONJ cblr-1732 809 78 class class NOUN cblr-1732 809 79 capital capital NOUN cblr-1732 809 80 structure structure NOUN cblr-1732 809 81 . . PUNCT cblr-1732 810 1 between between ADP cblr-1732 810 2 2005 2005 NUM cblr-1732 810 3 and and CCONJ cblr-1732 810 4 2014 2014 NUM cblr-1732 810 5 , , PUNCT cblr-1732 810 6 investors investor NOUN cblr-1732 810 7 voted vote VERB cblr-1732 810 8 on on ADP cblr-1732 810 9 fifty fifty NUM cblr-1732 810 10 shareholder shareholder NOUN cblr-1732 810 11 proposals proposal NOUN cblr-1732 810 12 to to PART cblr-1732 810 13 eliminate eliminate VERB cblr-1732 810 14 dual dual ADJ cblr-1732 810 15 - - PUNCT cblr-1732 810 16 class class NOUN cblr-1732 810 17 structures structure NOUN cblr-1732 810 18 at at ADP cblr-1732 810 19 twenty twenty NUM cblr-1732 810 20 - - PUNCT cblr-1732 810 21 two two NUM cblr-1732 810 22 russell russell PROPN cblr-1732 810 23 3000 3000 NUM cblr-1732 810 24 companies company NOUN cblr-1732 810 25 , , PUNCT cblr-1732 810 26 with with ADP cblr-1732 810 27 none none NOUN cblr-1732 810 28 receiving receive VERB cblr-1732 810 29 majority majority NOUN cblr-1732 810 30 support support NOUN cblr-1732 810 31 , , PUNCT cblr-1732 810 32 mainly mainly ADV cblr-1732 810 33 because because SCONJ cblr-1732 810 34 the the DET cblr-1732 810 35 controlling control VERB cblr-1732 810 36 shareholders shareholder NOUN cblr-1732 810 37 voted vote VERB cblr-1732 810 38 against against ADP cblr-1732 810 39 them they PRON cblr-1732 810 40 ( ( PUNCT cblr-1732 810 41 after after ADP cblr-1732 810 42 logging log VERB cblr-1732 810 43 in in ADP cblr-1732 810 44 to to ADP cblr-1732 810 45 sharkrepellent sharkrepellent NOUN cblr-1732 810 46 , , PUNCT cblr-1732 810 47 click click VERB cblr-1732 810 48 the the DET cblr-1732 810 49 “ " PUNCT cblr-1732 810 50 proxy proxy NOUN cblr-1732 810 51 tab tab NOUN cblr-1732 810 52 ” " PUNCT cblr-1732 810 53 and and CCONJ cblr-1732 810 54 search search NOUN cblr-1732 810 55 based base VERB cblr-1732 810 56 on on ADP cblr-1732 810 57 “ " PUNCT cblr-1732 810 58 proposal proposal NOUN cblr-1732 810 59 : : PUNCT cblr-1732 810 60 eliminate eliminate VERB cblr-1732 810 61 dual dual ADJ cblr-1732 810 62 - - PUNCT cblr-1732 810 63 class class NOUN cblr-1732 810 64 stock stock NOUN cblr-1732 810 65 ” " PUNCT cblr-1732 810 66 , , PUNCT cblr-1732 810 67 “ " PUNCT cblr-1732 810 68 index index NOUN cblr-1732 810 69 : : PUNCT cblr-1732 810 70 russell russell PROPN cblr-1732 810 71 1000 1000 NUM cblr-1732 810 72 , , PUNCT cblr-1732 810 73 russell russell PROPN cblr-1732 810 74 2000 2000 NUM cblr-1732 810 75 ” " PUNCT cblr-1732 810 76 , , PUNCT cblr-1732 810 77 and and CCONJ cblr-1732 810 78 “ " PUNCT cblr-1732 810 79 proxy proxy ADJ cblr-1732 810 80 proposal proposal NOUN cblr-1732 810 81 brought bring VERB cblr-1732 810 82 by by ADP cblr-1732 810 83 shareholders shareholder NOUN cblr-1732 810 84 ” " PUNCT cblr-1732 810 85 ) ) PUNCT cblr-1732 810 86 . . PUNCT cblr-1732 811 1 208 208 NUM cblr-1732 811 2 for for ADP cblr-1732 811 3 a a DET cblr-1732 811 4 comprehensive comprehensive ADJ cblr-1732 811 5 discussion discussion NOUN cblr-1732 811 6 of of ADP cblr-1732 811 7 this this DET cblr-1732 811 8 point point NOUN cblr-1732 811 9 , , PUNCT cblr-1732 811 10 see see VERB cblr-1732 811 11 lucian lucian PROPN cblr-1732 811 12 bebchuk bebchuk PROPN cblr-1732 811 13 & & CCONJ cblr-1732 811 14 kobi kobi PROPN cblr-1732 811 15 kastiel kastiel PROPN cblr-1732 811 16 , , PUNCT cblr-1732 811 17 the the DET cblr-1732 811 18 untenable untenable ADJ cblr-1732 811 19 case case NOUN cblr-1732 811 20 for for ADP cblr-1732 811 21 perpetual perpetual ADJ cblr-1732 811 22 dual dual ADJ cblr-1732 811 23 - - PUNCT cblr-1732 811 24 class class NOUN cblr-1732 811 25 stock stock NOUN cblr-1732 811 26 ( ( PUNCT cblr-1732 811 27 nov nov PROPN cblr-1732 811 28 . . PROPN cblr-1732 811 29 2015 2015 NUM cblr-1732 811 30 ) ) PUNCT cblr-1732 811 31 ( ( PUNCT cblr-1732 811 32 unpublished unpublished ADJ cblr-1732 811 33 manuscript manuscript NOUN cblr-1732 811 34 ) ) PUNCT cblr-1732 811 35 ( ( PUNCT cblr-1732 811 36 on on ADP cblr-1732 811 37 file file NOUN cblr-1732 811 38 with with ADP cblr-1732 811 39 author author NOUN cblr-1732 811 40 ) ) PUNCT cblr-1732 811 41 . . PUNCT cblr-1732 812 1 209 209 NUM cblr-1732 812 2 within within ADP cblr-1732 812 3 the the DET cblr-1732 812 4 group group NOUN cblr-1732 812 5 of of ADP cblr-1732 812 6 controlled control VERB cblr-1732 812 7 companies company NOUN cblr-1732 812 8 that that PRON cblr-1732 812 9 were be AUX cblr-1732 812 10 subject subject ADJ cblr-1732 812 11 to to ADP cblr-1732 812 12 activism activism NOUN cblr-1732 812 13 , , PUNCT cblr-1732 812 14 only only ADV cblr-1732 812 15 21 21 NUM cblr-1732 812 16 % % NOUN cblr-1732 812 17 of of ADP cblr-1732 812 18 the the DET cblr-1732 812 19 activist activist ADJ cblr-1732 812 20 events event NOUN cblr-1732 812 21 were be AUX cblr-1732 812 22 enacted enact VERB cblr-1732 812 23 when when SCONJ cblr-1732 812 24 the the DET cblr-1732 812 25 activists activist NOUN cblr-1732 812 26 lacked lack VERB cblr-1732 812 27 any any DET cblr-1732 812 28 formal formal ADJ cblr-1732 812 29 bargaining bargaining NOUN cblr-1732 812 30 tools tool NOUN cblr-1732 812 31 , , PUNCT cblr-1732 812 32 and and CCONJ cblr-1732 812 33 the the DET cblr-1732 812 34 success success NOUN cblr-1732 812 35 rate rate NOUN cblr-1732 812 36 of of ADP cblr-1732 812 37 these these DET cblr-1732 812 38 engagements engagement NOUN cblr-1732 812 39 was be AUX cblr-1732 812 40 low low ADJ cblr-1732 812 41 ( ( PUNCT cblr-1732 812 42 11 11 NUM cblr-1732 812 43 % % NOUN cblr-1732 812 44 ) ) PUNCT cblr-1732 812 45 . . PUNCT cblr-1732 813 1 210 210 NUM cblr-1732 813 2 see see VERB cblr-1732 813 3 supra supra PROPN cblr-1732 813 4 notes note NOUN cblr-1732 813 5 108–14 108–14 PROPN cblr-1732 813 6 . . PUNCT cblr-1732 813 7 211 211 NUM cblr-1732 813 8 see see VERB cblr-1732 813 9 , , PUNCT cblr-1732 813 10 e.g. e.g. ADV cblr-1732 813 11 , , PUNCT cblr-1732 813 12 nyse nyse PROPN cblr-1732 813 13 , , PUNCT cblr-1732 813 14 listed list VERB cblr-1732 813 15 company company NOUN cblr-1732 813 16 manual manual NOUN cblr-1732 813 17 § § PROPN cblr-1732 813 18 313.00 313.00 NUM cblr-1732 813 19 ( ( PUNCT cblr-1732 813 20 2015 2015 NUM cblr-1732 813 21 ) ) PUNCT cblr-1732 813 22 , , PUNCT cblr-1732 813 23 http://nysemanual.nyse.com/lcmtools/platformviewer.asp?searched=1&s http://nysemanual.nyse.com/lcmtools/platformviewer.asp?searched=1&s VERB cblr-1732 813 24 electednode electednode NOUN cblr-1732 813 25 = = NOUN cblr-1732 813 26 chp_1_4_13&cirestriction=313&manual=%2flcm%2fsection chp_1_4_13&cirestriction=313&manual=%2flcm%2fsection NOUN cblr-1732 813 27 s%2flcm s%2flcm PROPN cblr-1732 813 28 - - PUNCT cblr-1732 813 29 sections%2f sections%2f NOUN cblr-1732 813 30 [ [ X cblr-1732 813 31 https://perma.cc/dqk5-vydn https://perma.cc/dqk5-vydn PROPN cblr-1732 813 32 ] ] PUNCT cblr-1732 813 33 ; ; PUNCT cblr-1732 813 34 nasdaq nasdaq PROPN cblr-1732 813 35 stock stock NOUN cblr-1732 813 36 market market PROPN cblr-1732 813 37 , , PUNCT cblr-1732 813 38 inc inc PROPN cblr-1732 813 39 . . PROPN cblr-1732 813 40 , , PUNCT cblr-1732 813 41 nasdaq nasdaq PROPN cblr-1732 813 42 stock stock NOUN cblr-1732 813 43 market market NOUN cblr-1732 813 44 rules rule VERB cblr-1732 813 45 § § PROPN cblr-1732 813 46 5640 5640 NUM cblr-1732 813 47 ( ( PUNCT cblr-1732 813 48 2015 2015 NUM cblr-1732 813 49 ) ) PUNCT cblr-1732 813 50 , , PUNCT cblr-1732 813 51 http://nasdaq http://nasdaq X cblr-1732 813 52 . . PUNCT cblr-1732 814 1 cchwallstreet.com/nasdaqtools/platformviewer.asp?selectednode=chp_1 cchwallstreet.com/nasdaqtools/platformviewer.asp?selectednode=chp_1 PROPN cblr-1732 814 2 kastiel kastiel PROPN cblr-1732 814 3 – – PUNCT cblr-1732 814 4 final final ADJ cblr-1732 814 5 no no NOUN cblr-1732 814 6 . . PROPN cblr-1732 814 7 1:60 1:60 NUM cblr-1732 814 8 ] ] PUNCT cblr-1732 814 9 against against ADP cblr-1732 814 10 all all DET cblr-1732 814 11 odds odd NOUN cblr-1732 814 12 127 127 NUM cblr-1732 814 13 controlled control VERB cblr-1732 814 14 companies company NOUN cblr-1732 814 15 that that PRON cblr-1732 814 16 went go VERB cblr-1732 814 17 public public ADJ cblr-1732 814 18 in in ADP cblr-1732 814 19 the the DET cblr-1732 814 20 past past ADJ cblr-1732 814 21 decade decade NOUN cblr-1732 814 22 ( ( PUNCT cblr-1732 814 23 when when SCONJ cblr-1732 814 24 hedge hedge NOUN cblr-1732 814 25 fund fund NOUN cblr-1732 814 26 activism activism NOUN cblr-1732 814 27 gained gain VERB cblr-1732 814 28 steam steam NOUN cblr-1732 814 29 ) ) PUNCT cblr-1732 814 30 were be AUX cblr-1732 814 31 unlikely unlikely ADJ cblr-1732 814 32 to to PART cblr-1732 814 33 voluntarily voluntarily ADV cblr-1732 814 34 adopt adopt VERB cblr-1732 814 35 such such DET cblr-1732 814 36 an an DET cblr-1732 814 37 arrangement212 arrangement212 PROPN cblr-1732 814 38 and and CCONJ cblr-1732 814 39 subject subject VERB cblr-1732 814 40 themselves themselves PRON cblr-1732 814 41 to to ADP cblr-1732 814 42 the the DET cblr-1732 814 43 disciplinary disciplinary ADJ cblr-1732 814 44 power power NOUN cblr-1732 814 45 of of ADP cblr-1732 814 46 activist activist ADJ cblr-1732 814 47 holders holder NOUN cblr-1732 814 48 . . PUNCT cblr-1732 815 1 finally finally ADV cblr-1732 815 2 , , PUNCT cblr-1732 815 3 an an DET cblr-1732 815 4 analysis analysis NOUN cblr-1732 815 5 of of ADP cblr-1732 815 6 “ " PUNCT cblr-1732 815 7 against against ADP cblr-1732 815 8 all all DET cblr-1732 815 9 odds odd NOUN cblr-1732 815 10 ” " PUNCT cblr-1732 815 11 engagements engagement NOUN cblr-1732 815 12 and and CCONJ cblr-1732 815 13 engagements engagement NOUN cblr-1732 815 14 that that PRON cblr-1732 815 15 receive receive VERB cblr-1732 815 16 strong strong ADJ cblr-1732 815 17 public public ADJ cblr-1732 815 18 attention attention NOUN cblr-1732 815 19 shows show VERB cblr-1732 815 20 that that SCONJ cblr-1732 815 21 controllers controller NOUN cblr-1732 815 22 ’ ' PUNCT cblr-1732 815 23 reputational reputational ADJ cblr-1732 815 24 concerns concern NOUN cblr-1732 815 25 also also ADV cblr-1732 815 26 play play VERB cblr-1732 815 27 a a DET cblr-1732 815 28 role role NOUN cblr-1732 815 29 in in ADP cblr-1732 815 30 encouraging encourage VERB cblr-1732 815 31 activism activism NOUN cblr-1732 815 32 and and CCONJ cblr-1732 815 33 disciplining discipline VERB cblr-1732 815 34 controllers controller NOUN cblr-1732 815 35 , , PUNCT cblr-1732 815 36 but but CCONJ cblr-1732 815 37 mostly mostly ADV cblr-1732 815 38 when when SCONJ cblr-1732 815 39 such such ADJ cblr-1732 815 40 forces force NOUN cblr-1732 815 41 serve serve VERB cblr-1732 815 42 as as ADP cblr-1732 815 43 a a DET cblr-1732 815 44 complementary complementary ADJ cblr-1732 815 45 mechanism mechanism NOUN cblr-1732 815 46 , , PUNCT cblr-1732 815 47 operating operate VERB cblr-1732 815 48 in in ADP cblr-1732 815 49 conjunction conjunction NOUN cblr-1732 815 50 with with ADP cblr-1732 815 51 other other ADJ cblr-1732 815 52 formal formal ADJ cblr-1732 815 53 bargaining bargaining NOUN cblr-1732 815 54 mechanisms mechanism NOUN cblr-1732 815 55 . . PUNCT cblr-1732 816 1 when when SCONJ cblr-1732 816 2 activists activist NOUN cblr-1732 816 3 have have VERB cblr-1732 816 4 no no DET cblr-1732 816 5 other other ADJ cblr-1732 816 6 apparent apparent ADJ cblr-1732 816 7 formal formal ADJ cblr-1732 816 8 bargaining bargaining NOUN cblr-1732 816 9 mechanisms mechanism NOUN cblr-1732 816 10 , , PUNCT cblr-1732 816 11 reputational reputational ADJ cblr-1732 816 12 markets market NOUN cblr-1732 816 13 alone alone ADV cblr-1732 816 14 have have VERB cblr-1732 816 15 a a DET cblr-1732 816 16 mild mild ADJ cblr-1732 816 17 disciplinary disciplinary ADJ cblr-1732 816 18 effect effect NOUN cblr-1732 816 19 , , PUNCT cblr-1732 816 20 at at ADP cblr-1732 816 21 best good ADJ cblr-1732 816 22 , , PUNCT cblr-1732 816 23 on on ADP cblr-1732 816 24 controlling control VERB cblr-1732 816 25 shareholders shareholder NOUN cblr-1732 816 26 , , PUNCT cblr-1732 816 27 and and CCONJ cblr-1732 816 28 they they PRON cblr-1732 816 29 are be AUX cblr-1732 816 30 far far ADV cblr-1732 816 31 from from ADP cblr-1732 816 32 a a DET cblr-1732 816 33 perfect perfect ADJ cblr-1732 816 34 substitute substitute NOUN cblr-1732 816 35 for for ADP cblr-1732 816 36 formal formal ADJ cblr-1732 816 37 bargaining bargaining NOUN cblr-1732 816 38 mechanisms.213 mechanisms.213 NOUN cblr-1732 816 39 understanding understand VERB cblr-1732 816 40 the the DET cblr-1732 816 41 mechanisms mechanism NOUN cblr-1732 816 42 that that PRON cblr-1732 816 43 facilitate facilitate VERB cblr-1732 816 44 activism activism NOUN cblr-1732 816 45 in in ADP cblr-1732 816 46 controlled control VERB cblr-1732 816 47 companies company NOUN cblr-1732 816 48 and and CCONJ cblr-1732 816 49 their their PRON cblr-1732 816 50 limits limit NOUN cblr-1732 816 51 is be AUX cblr-1732 816 52 important important ADJ cblr-1732 816 53 , , PUNCT cblr-1732 816 54 since since SCONJ cblr-1732 816 55 a a DET cblr-1732 816 56 significant significant ADJ cblr-1732 816 57 number number NOUN cblr-1732 816 58 of of ADP cblr-1732 816 59 controlled control VERB cblr-1732 816 60 companies company NOUN cblr-1732 816 61 maintain maintain VERB cblr-1732 816 62 a a DET cblr-1732 816 63 dualclass dualclass NOUN cblr-1732 816 64 share share NOUN cblr-1732 816 65 structure structure NOUN cblr-1732 816 66 or or CCONJ cblr-1732 816 67 are be AUX cblr-1732 816 68 heir heir NOUN cblr-1732 816 69 - - PUNCT cblr-1732 816 70 controlled control VERB cblr-1732 816 71 firms firm NOUN cblr-1732 816 72 , , PUNCT cblr-1732 816 73 and and CCONJ cblr-1732 816 74 empirical empirical ADJ cblr-1732 816 75 evidence evidence NOUN cblr-1732 816 76 shows show VERB cblr-1732 816 77 that that SCONJ cblr-1732 816 78 these these DET cblr-1732 816 79 types type NOUN cblr-1732 816 80 of of ADP cblr-1732 816 81 firms firm NOUN cblr-1732 816 82 tend tend VERB cblr-1732 816 83 to to PART cblr-1732 816 84 underperform underperform VERB cblr-1732 816 85 widely widely ADV cblr-1732 816 86 held hold VERB cblr-1732 816 87 companies.214 companies.214 ADJ cblr-1732 816 88 therefore therefore ADV cblr-1732 816 89 , , PUNCT cblr-1732 816 90 regulators regulator NOUN cblr-1732 816 91 and and CCONJ cblr-1732 816 92 institutional institutional ADJ cblr-1732 816 93 investors investor NOUN cblr-1732 816 94 , , PUNCT cblr-1732 816 95 who who PRON cblr-1732 816 96 view view VERB cblr-1732 816 97 activism activism NOUN cblr-1732 816 98 as as ADP cblr-1732 816 99 a a DET cblr-1732 816 100 value value NOUN cblr-1732 816 101 - - PUNCT cblr-1732 816 102 enhancing enhance VERB cblr-1732 816 103 development,215 development,215 NOUN cblr-1732 816 104 which which PRON cblr-1732 816 105 could could AUX cblr-1732 816 106 curb curb VERB cblr-1732 816 107 controllers controller NOUN cblr-1732 816 108 ’ ' PUNCT cblr-1732 816 109 opportunism opportunism NOUN cblr-1732 816 110 and and CCONJ cblr-1732 816 111 from from ADP cblr-1732 816 112 which which PRON cblr-1732 816 113 other other ADJ cblr-1732 816 114 public public ADJ cblr-1732 816 115 _ _ PUNCT cblr-1732 816 116 1_1_1&manual=%2fnasdaq%2fmain%2fnasdaq 1_1_1&manual=%2fnasdaq%2fmain%2fnasdaq NUM cblr-1732 816 117 - - PUNCT cblr-1732 816 118 equityrules%2f equityrules%2f PRON cblr-1732 817 1 [ [ X cblr-1732 817 2 https://perma.cc/gmc5-tju9 https://perma.cc/gmc5-tju9 X cblr-1732 817 3 ] ] PUNCT cblr-1732 817 4 . . PUNCT cblr-1732 818 1 212 212 NUM cblr-1732 818 2 for for ADP cblr-1732 818 3 instance instance NOUN cblr-1732 818 4 , , PUNCT cblr-1732 818 5 of of ADP cblr-1732 818 6 all all DET cblr-1732 818 7 the the DET cblr-1732 818 8 dual dual ADJ cblr-1732 818 9 - - PUNCT cblr-1732 818 10 class class NOUN cblr-1732 818 11 firms firm NOUN cblr-1732 818 12 in in ADP cblr-1732 818 13 the the DET cblr-1732 818 14 sample sample NOUN cblr-1732 818 15 of of ADP cblr-1732 818 16 publiclydisclosed publiclydisclose VERB cblr-1732 818 17 engagements engagement NOUN cblr-1732 818 18 that that PRON cblr-1732 818 19 provide provide VERB cblr-1732 818 20 public public ADJ cblr-1732 818 21 shareholders shareholder NOUN cblr-1732 818 22 with with ADP cblr-1732 818 23 the the DET cblr-1732 818 24 ability ability NOUN cblr-1732 818 25 to to PART cblr-1732 818 26 elect elect VERB cblr-1732 818 27 minority minority NOUN cblr-1732 818 28 directors director NOUN cblr-1732 818 29 ( ( PUNCT cblr-1732 818 30 eighteen eighteen NUM cblr-1732 818 31 companies company NOUN cblr-1732 818 32 in in ADP cblr-1732 818 33 total total NOUN cblr-1732 818 34 ) ) PUNCT cblr-1732 818 35 , , PUNCT cblr-1732 818 36 only only ADV cblr-1732 818 37 one one NUM cblr-1732 818 38 company company NOUN cblr-1732 818 39 was be AUX cblr-1732 818 40 established establish VERB cblr-1732 818 41 after after ADP cblr-1732 818 42 2005 2005 NUM cblr-1732 818 43 . . PUNCT cblr-1732 819 1 similarly similarly ADV cblr-1732 819 2 , , PUNCT cblr-1732 819 3 i i PRON cblr-1732 819 4 found find VERB cblr-1732 819 5 that that SCONJ cblr-1732 819 6 only only ADV cblr-1732 819 7 four four NUM cblr-1732 819 8 out out ADP cblr-1732 819 9 of of ADP cblr-1732 819 10 all all DET cblr-1732 819 11 the the DET cblr-1732 819 12 delaware delaware PROPN cblr-1732 819 13 dual dual ADJ cblr-1732 819 14 - - PUNCT cblr-1732 819 15 class class NOUN cblr-1732 819 16 firms firm NOUN cblr-1732 819 17 that that PRON cblr-1732 819 18 had have VERB cblr-1732 819 19 proportional proportional ADJ cblr-1732 819 20 voting voting NOUN cblr-1732 819 21 for for ADP cblr-1732 819 22 directors director NOUN cblr-1732 819 23 as as ADP cblr-1732 819 24 of of ADP cblr-1732 819 25 2012 2012 NUM cblr-1732 819 26 ( ( PUNCT cblr-1732 819 27 twenty twenty NUM cblr-1732 819 28 - - PUNCT cblr-1732 819 29 six six NUM cblr-1732 819 30 companies company NOUN cblr-1732 819 31 ) ) PUNCT cblr-1732 819 32 went go VERB cblr-1732 819 33 public public ADJ cblr-1732 819 34 after after ADP cblr-1732 819 35 2005 2005 NUM cblr-1732 819 36 . . PUNCT cblr-1732 820 1 213 213 NUM cblr-1732 820 2 see see VERB cblr-1732 820 3 supra supra PROPN cblr-1732 820 4 part part PROPN cblr-1732 820 5 v.b v.b PROPN cblr-1732 820 6 . . PROPN cblr-1732 820 7 214 214 NUM cblr-1732 820 8 see see VERB cblr-1732 820 9 supra supra PROPN cblr-1732 820 10 notes note NOUN cblr-1732 820 11 185–88 185–88 NUM cblr-1732 820 12 . . PUNCT cblr-1732 820 13 215 215 NUM cblr-1732 820 14 as as SCONJ cblr-1732 820 15 explained explain VERB cblr-1732 820 16 earlier early ADV cblr-1732 820 17 , , PUNCT cblr-1732 820 18 recent recent ADJ cblr-1732 820 19 empirical empirical ADJ cblr-1732 820 20 studies study NOUN cblr-1732 820 21 , , PUNCT cblr-1732 820 22 as as ADV cblr-1732 820 23 well well ADV cblr-1732 820 24 as as ADP cblr-1732 820 25 the the DET cblr-1732 820 26 data datum NOUN cblr-1732 820 27 presented present VERB cblr-1732 820 28 in in ADP cblr-1732 820 29 this this DET cblr-1732 820 30 article article NOUN cblr-1732 820 31 , , PUNCT cblr-1732 820 32 support support VERB cblr-1732 820 33 the the DET cblr-1732 820 34 value value NOUN cblr-1732 820 35 - - PUNCT cblr-1732 820 36 enhancing enhance VERB cblr-1732 820 37 view view NOUN cblr-1732 820 38 of of ADP cblr-1732 820 39 activist activist ADJ cblr-1732 820 40 engagements engagement NOUN cblr-1732 820 41 . . PUNCT cblr-1732 821 1 see see VERB cblr-1732 821 2 supra supra PROPN cblr-1732 821 3 notes note VERB cblr-1732 821 4 38–39 38–39 NUM cblr-1732 821 5 ( ( PUNCT cblr-1732 821 6 discussing discuss VERB cblr-1732 821 7 the the DET cblr-1732 821 8 positive positive ADJ cblr-1732 821 9 shortand shortand NOUN cblr-1732 821 10 long long ADJ cblr-1732 821 11 - - PUNCT cblr-1732 821 12 term term NOUN cblr-1732 821 13 effects effect NOUN cblr-1732 821 14 of of ADP cblr-1732 821 15 hedge hedge NOUN cblr-1732 821 16 fund fund NOUN cblr-1732 821 17 activism activism NOUN cblr-1732 821 18 ) ) PUNCT cblr-1732 821 19 and and CCONJ cblr-1732 821 20 the the DET cblr-1732 821 21 discussion discussion NOUN cblr-1732 821 22 in in ADP cblr-1732 821 23 part part NOUN cblr-1732 821 24 vi vi PROPN cblr-1732 821 25 ( ( PUNCT cblr-1732 821 26 analyzing analyze VERB cblr-1732 821 27 the the DET cblr-1732 821 28 different different ADJ cblr-1732 821 29 demands demand NOUN cblr-1732 821 30 raised raise VERB cblr-1732 821 31 by by ADP cblr-1732 821 32 activist activist ADJ cblr-1732 821 33 investors investor NOUN cblr-1732 821 34 and and CCONJ cblr-1732 821 35 showing show VERB cblr-1732 821 36 how how SCONJ cblr-1732 821 37 they they PRON cblr-1732 821 38 could could AUX cblr-1732 821 39 benefit benefit VERB cblr-1732 821 40 other other ADJ cblr-1732 821 41 minority minority NOUN cblr-1732 821 42 shareholders shareholder NOUN cblr-1732 821 43 ) ) PUNCT cblr-1732 821 44 . . PUNCT cblr-1732 822 1 kastiel kastiel PROPN cblr-1732 822 2 – – PUNCT cblr-1732 822 3 final final ADJ cblr-1732 822 4 128 128 NUM cblr-1732 822 5 columbia columbia PROPN cblr-1732 822 6 business business NOUN cblr-1732 822 7 law law PROPN cblr-1732 822 8 review review NOUN cblr-1732 823 1 [ [ X cblr-1732 823 2 vol vol NOUN cblr-1732 823 3 . . NOUN cblr-1732 823 4 2016 2016 NUM cblr-1732 823 5 shareholders shareholder NOUN cblr-1732 823 6 might might AUX cblr-1732 823 7 benefit benefit VERB cblr-1732 823 8 , , PUNCT cblr-1732 823 9 should should AUX cblr-1732 823 10 not not PART cblr-1732 823 11 rely rely VERB cblr-1732 823 12 on on ADP cblr-1732 823 13 reputation reputation NOUN cblr-1732 823 14 markets market NOUN cblr-1732 823 15 as as ADP cblr-1732 823 16 the the DET cblr-1732 823 17 sole sole ADJ cblr-1732 823 18 facilitators facilitator NOUN cblr-1732 823 19 of of ADP cblr-1732 823 20 activist activist ADJ cblr-1732 823 21 engagements engagement NOUN cblr-1732 823 22 . . PUNCT cblr-1732 824 1 nor nor CCONJ cblr-1732 824 2 should should AUX cblr-1732 824 3 they they PRON cblr-1732 824 4 rely rely VERB cblr-1732 824 5 on on SCONJ cblr-1732 824 6 issuers issuer NOUN cblr-1732 824 7 to to PART cblr-1732 824 8 adopt adopt VERB cblr-1732 824 9 arrangements arrangement NOUN cblr-1732 824 10 that that PRON cblr-1732 824 11 facilitate facilitate VERB cblr-1732 824 12 activism activism NOUN cblr-1732 824 13 , , PUNCT cblr-1732 824 14 as as SCONJ cblr-1732 824 15 issuers issuer NOUN cblr-1732 824 16 have have VERB cblr-1732 824 17 no no DET cblr-1732 824 18 incentive incentive NOUN cblr-1732 824 19 to to PART cblr-1732 824 20 voluntarily voluntarily ADV cblr-1732 824 21 subject subject VERB cblr-1732 824 22 themselves themselves PRON cblr-1732 824 23 to to ADP cblr-1732 824 24 the the DET cblr-1732 824 25 disciplinary disciplinary ADJ cblr-1732 824 26 power power NOUN cblr-1732 824 27 of of ADP cblr-1732 824 28 activist activist ADJ cblr-1732 824 29 holders holder NOUN cblr-1732 824 30 . . PUNCT cblr-1732 825 1 instead instead ADV cblr-1732 825 2 , , PUNCT cblr-1732 825 3 they they PRON cblr-1732 825 4 are be AUX cblr-1732 825 5 urged urge VERB cblr-1732 825 6 to to PART cblr-1732 825 7 adopt adopt VERB cblr-1732 825 8 arrangements arrangement NOUN cblr-1732 825 9 that that PRON cblr-1732 825 10 will will AUX cblr-1732 825 11 further far ADV cblr-1732 825 12 encourage encourage VERB cblr-1732 825 13 activism activism NOUN cblr-1732 825 14 in in ADP cblr-1732 825 15 controlled control VERB cblr-1732 825 16 companies company NOUN cblr-1732 825 17 , , PUNCT cblr-1732 825 18 and and CCONJ cblr-1732 825 19 the the DET cblr-1732 825 20 most most ADV cblr-1732 825 21 efficient efficient ADJ cblr-1732 825 22 way way NOUN cblr-1732 825 23 to to PART cblr-1732 825 24 accomplish accomplish VERB cblr-1732 825 25 this this DET cblr-1732 825 26 goal goal NOUN cblr-1732 825 27 would would AUX cblr-1732 825 28 be be AUX cblr-1732 825 29 to to PART cblr-1732 825 30 grant grant VERB cblr-1732 825 31 shareholders shareholder NOUN cblr-1732 825 32 unaffiliated unaffiliate VERB cblr-1732 825 33 with with ADP cblr-1732 825 34 the the DET cblr-1732 825 35 controllers controller NOUN cblr-1732 825 36 the the DET cblr-1732 825 37 right right NOUN cblr-1732 825 38 to to PART cblr-1732 825 39 elect elect VERB cblr-1732 825 40 a a DET cblr-1732 825 41 minority minority NOUN cblr-1732 825 42 slate slate NOUN cblr-1732 825 43 of of ADP cblr-1732 825 44 directors director NOUN cblr-1732 825 45 , , PUNCT cblr-1732 825 46 or or CCONJ cblr-1732 825 47 to to PART cblr-1732 825 48 block block VERB cblr-1732 825 49 the the DET cblr-1732 825 50 nomination nomination NOUN cblr-1732 825 51 of of ADP cblr-1732 825 52 certain certain ADJ cblr-1732 825 53 directors director NOUN cblr-1732 825 54 nominated nominate VERB cblr-1732 825 55 by by ADP cblr-1732 825 56 the the DET cblr-1732 825 57 controlling control VERB cblr-1732 825 58 shareholders shareholder NOUN cblr-1732 825 59 . . PUNCT cblr-1732 826 1 as as ADP cblr-1732 826 2 part part NOUN cblr-1732 826 3 v.a v.a PROPN cblr-1732 826 4 shows show NOUN cblr-1732 826 5 , , PUNCT cblr-1732 826 6 this this DET cblr-1732 826 7 mechanism mechanism NOUN cblr-1732 826 8 increases increase VERB cblr-1732 826 9 activists activist NOUN cblr-1732 826 10 ’ ' PUNCT cblr-1732 826 11 bargaining bargaining NOUN cblr-1732 826 12 power power NOUN cblr-1732 826 13 vis vis X cblr-1732 826 14 - - X cblr-1732 826 15 à à X cblr-1732 826 16 - - PUNCT cblr-1732 826 17 vis vis X cblr-1732 826 18 the the DET cblr-1732 826 19 controller controller NOUN cblr-1732 826 20 ( ( PUNCT cblr-1732 826 21 even even ADV cblr-1732 826 22 if if SCONJ cblr-1732 826 23 the the DET cblr-1732 826 24 majority majority NOUN cblr-1732 826 25 of of ADP cblr-1732 826 26 the the DET cblr-1732 826 27 board board NOUN cblr-1732 826 28 is be AUX cblr-1732 826 29 filled fill VERB cblr-1732 826 30 with with ADP cblr-1732 826 31 directors director NOUN cblr-1732 826 32 related relate VERB cblr-1732 826 33 to to ADP cblr-1732 826 34 the the DET cblr-1732 826 35 controller controller NOUN cblr-1732 826 36 ) ) PUNCT cblr-1732 826 37 , , PUNCT cblr-1732 826 38 and and CCONJ cblr-1732 826 39 may may AUX cblr-1732 826 40 cause cause VERB cblr-1732 826 41 controlling control VERB cblr-1732 826 42 shareholders shareholder NOUN cblr-1732 826 43 to to PART cblr-1732 826 44 become become VERB cblr-1732 826 45 more more ADV cblr-1732 826 46 attentive attentive ADJ cblr-1732 826 47 to to ADP cblr-1732 826 48 shareholders shareholder NOUN cblr-1732 826 49 ’ ' PUNCT cblr-1732 826 50 concerns concern NOUN cblr-1732 826 51 . . PUNCT cblr-1732 827 1 such such DET cblr-1732 827 2 a a DET cblr-1732 827 3 mechanism mechanism NOUN cblr-1732 827 4 provides provide VERB cblr-1732 827 5 public public ADJ cblr-1732 827 6 shareholders shareholder NOUN cblr-1732 827 7 in in ADP cblr-1732 827 8 controlled control VERB cblr-1732 827 9 firms firm NOUN cblr-1732 827 10 with with ADP cblr-1732 827 11 powers power NOUN cblr-1732 827 12 that that PRON cblr-1732 827 13 are be AUX cblr-1732 827 14 somewhat somewhat ADV cblr-1732 827 15 similar similar ADJ cblr-1732 827 16 to to ADP cblr-1732 827 17 those those PRON cblr-1732 827 18 that that PRON cblr-1732 827 19 shareholders shareholder NOUN cblr-1732 827 20 of of ADP cblr-1732 827 21 widely widely ADV cblr-1732 827 22 held hold VERB cblr-1732 827 23 firms firm NOUN cblr-1732 827 24 have have VERB cblr-1732 827 25 . . PUNCT cblr-1732 828 1 it it PRON cblr-1732 828 2 gives give VERB cblr-1732 828 3 hedge hedge NOUN cblr-1732 828 4 funds fund NOUN cblr-1732 828 5 the the DET cblr-1732 828 6 ability ability NOUN cblr-1732 828 7 to to PART cblr-1732 828 8 threaten threaten VERB cblr-1732 828 9 a a DET cblr-1732 828 10 proxy proxy NOUN cblr-1732 828 11 fight fight NOUN cblr-1732 828 12 and and CCONJ cblr-1732 828 13 to to PART cblr-1732 828 14 nominate nominate VERB cblr-1732 828 15 a a DET cblr-1732 828 16 number number NOUN cblr-1732 828 17 of of ADP cblr-1732 828 18 directors director NOUN cblr-1732 828 19 to to ADP cblr-1732 828 20 the the DET cblr-1732 828 21 board board NOUN cblr-1732 828 22 , , PUNCT cblr-1732 828 23 and and CCONJ cblr-1732 828 24 it it PRON cblr-1732 828 25 gives give VERB cblr-1732 828 26 institutional institutional ADJ cblr-1732 828 27 holders holder NOUN cblr-1732 828 28 the the DET cblr-1732 828 29 ability ability NOUN cblr-1732 828 30 to to PART cblr-1732 828 31 vote vote VERB cblr-1732 828 32 against against ADP cblr-1732 828 33 the the DET cblr-1732 828 34 election election NOUN cblr-1732 828 35 of of ADP cblr-1732 828 36 the the DET cblr-1732 828 37 controller controller NOUN cblr-1732 828 38 ’s ’s PART cblr-1732 828 39 director director NOUN cblr-1732 828 40 nominees nominee NOUN cblr-1732 828 41 if if SCONJ cblr-1732 828 42 the the DET cblr-1732 828 43 controller controller NOUN cblr-1732 828 44 ignores ignore VERB cblr-1732 828 45 wellsupported wellsupporte VERB cblr-1732 828 46 shareholder shareholder NOUN cblr-1732 828 47 proposals proposal NOUN cblr-1732 828 48 . . PUNCT cblr-1732 829 1 a a DET cblr-1732 829 2 few few ADJ cblr-1732 829 3 jurisdictions jurisdiction NOUN cblr-1732 829 4 have have AUX cblr-1732 829 5 already already ADV cblr-1732 829 6 implemented implement VERB cblr-1732 829 7 somewhat somewhat ADV cblr-1732 829 8 similar similar ADJ cblr-1732 829 9 solutions solution NOUN cblr-1732 829 10 . . PUNCT cblr-1732 830 1 italy italy PROPN cblr-1732 830 2 ’s ’s PART cblr-1732 830 3 voto voto PROPN cblr-1732 830 4 di di PROPN cblr-1732 830 5 lista lista PROPN cblr-1732 830 6 rule rule NOUN cblr-1732 830 7 adopted adopt VERB cblr-1732 830 8 in in ADP cblr-1732 830 9 2007 2007 NUM cblr-1732 830 10 requires require VERB cblr-1732 830 11 , , PUNCT cblr-1732 830 12 under under ADP cblr-1732 830 13 certain certain ADJ cblr-1732 830 14 conditions condition NOUN cblr-1732 830 15 , , PUNCT cblr-1732 830 16 both both CCONJ cblr-1732 830 17 the the DET cblr-1732 830 18 board board NOUN cblr-1732 830 19 of of ADP cblr-1732 830 20 directors director NOUN cblr-1732 830 21 and and CCONJ cblr-1732 830 22 the the DET cblr-1732 830 23 board board NOUN cblr-1732 830 24 of of ADP cblr-1732 830 25 auditors auditor NOUN cblr-1732 830 26 to to PART cblr-1732 830 27 have have VERB cblr-1732 830 28 at at ADV cblr-1732 830 29 least least ADV cblr-1732 830 30 one one NUM cblr-1732 830 31 member member NOUN cblr-1732 830 32 elected elect VERB cblr-1732 830 33 by by ADP cblr-1732 830 34 minority minority NOUN cblr-1732 830 35 shareholders.216 shareholders.216 VERB cblr-1732 830 36 evidence evidence NOUN cblr-1732 830 37 shows show VERB cblr-1732 830 38 that that SCONJ cblr-1732 830 39 hedge hedge NOUN cblr-1732 830 40 funds fund NOUN cblr-1732 830 41 invest invest VERB cblr-1732 830 42 in in ADP cblr-1732 830 43 italian italian ADJ cblr-1732 830 44 companies company NOUN cblr-1732 830 45 with with ADP cblr-1732 830 46 216 216 NUM cblr-1732 830 47 under under ADP cblr-1732 830 48 italian italian ADJ cblr-1732 830 49 law law NOUN cblr-1732 830 50 , , PUNCT cblr-1732 830 51 the the DET cblr-1732 830 52 shareholding shareholding NOUN cblr-1732 830 53 required require VERB cblr-1732 830 54 for for ADP cblr-1732 830 55 submission submission NOUN cblr-1732 830 56 of of ADP cblr-1732 830 57 a a DET cblr-1732 830 58 minority minority NOUN cblr-1732 830 59 slate slate NOUN cblr-1732 830 60 for for ADP cblr-1732 830 61 the the DET cblr-1732 830 62 election election NOUN cblr-1732 830 63 of of ADP cblr-1732 830 64 the the DET cblr-1732 830 65 board board NOUN cblr-1732 830 66 of of ADP cblr-1732 830 67 directors director NOUN cblr-1732 830 68 varies vary VERB cblr-1732 830 69 from from ADP cblr-1732 830 70 0.5 0.5 NUM cblr-1732 830 71 % % NOUN cblr-1732 830 72 to to PART cblr-1732 830 73 4.5 4.5 NUM cblr-1732 830 74 % % NOUN cblr-1732 830 75 according accord VERB cblr-1732 830 76 to to ADP cblr-1732 830 77 the the DET cblr-1732 830 78 size size NOUN cblr-1732 830 79 of of ADP cblr-1732 830 80 the the DET cblr-1732 830 81 company company NOUN cblr-1732 830 82 ’s ’s PART cblr-1732 830 83 market market NOUN cblr-1732 830 84 capitalization capitalization NOUN cblr-1732 830 85 . . PUNCT cblr-1732 831 1 for for ADP cblr-1732 831 2 additional additional ADJ cblr-1732 831 3 discussion discussion NOUN cblr-1732 831 4 regarding regard VERB cblr-1732 831 5 this this DET cblr-1732 831 6 rule rule NOUN cblr-1732 831 7 , , PUNCT cblr-1732 831 8 see see VERB cblr-1732 831 9 matteo matteo PROPN cblr-1732 831 10 erede erede PROPN cblr-1732 831 11 , , PUNCT cblr-1732 831 12 andrea andrea PROPN cblr-1732 831 13 di di PROPN cblr-1732 831 14 segni segni PROPN cblr-1732 831 15 & & CCONJ cblr-1732 831 16 john john PROPN cblr-1732 831 17 wilcox wilcox PROPN cblr-1732 831 18 , , PUNCT cblr-1732 831 19 italy italy PROPN cblr-1732 831 20 ’s ’s PART cblr-1732 831 21 ‘ ' PUNCT cblr-1732 831 22 vote vote NOUN cblr-1732 831 23 by by ADP cblr-1732 831 24 slate slate NOUN cblr-1732 831 25 ’ ' PUNCT cblr-1732 831 26 – – PUNCT cblr-1732 831 27 an an DET cblr-1732 831 28 innovative innovative ADJ cblr-1732 831 29 method method NOUN cblr-1732 831 30 to to PART cblr-1732 831 31 elect elect VERB cblr-1732 831 32 minority minority NOUN cblr-1732 831 33 directors director NOUN cblr-1732 831 34 , , PUNCT cblr-1732 831 35 int’l int’l PROPN cblr-1732 831 36 corp corp PROPN cblr-1732 831 37 . . PROPN cblr-1732 831 38 governance governance NOUN cblr-1732 831 39 network network NOUN cblr-1732 831 40 54–55 54–55 PROPN cblr-1732 831 41 ( ( PUNCT cblr-1732 831 42 2009 2009 NUM cblr-1732 831 43 ) ) PUNCT cblr-1732 831 44 , , PUNCT cblr-1732 831 45 http://www.sodali.com/static/allegati/c-0016.pdf http://www.sodali.com/static/allegati/c-0016.pdf X cblr-1732 832 1 [ [ X cblr-1732 832 2 http://perma.cc/w4umhex6 http://perma.cc/w4umhex6 X cblr-1732 832 3 ] ] PUNCT cblr-1732 832 4 . . PUNCT cblr-1732 833 1 kastiel kastiel PROPN cblr-1732 833 2 – – PUNCT cblr-1732 833 3 final final ADJ cblr-1732 833 4 no no NOUN cblr-1732 833 5 . . PROPN cblr-1732 833 6 1:60 1:60 NUM cblr-1732 833 7 ] ] PUNCT cblr-1732 833 8 against against ADP cblr-1732 833 9 all all DET cblr-1732 833 10 odds odd NOUN cblr-1732 833 11 129 129 NUM cblr-1732 833 12 concentrated concentrated ADJ cblr-1732 833 13 ownership ownership NOUN cblr-1732 833 14 when when SCONJ cblr-1732 833 15 they they PRON cblr-1732 833 16 are be AUX cblr-1732 833 17 able able ADJ cblr-1732 833 18 to to PART cblr-1732 833 19 take take VERB cblr-1732 833 20 advantage advantage NOUN cblr-1732 833 21 of of ADP cblr-1732 833 22 this this DET cblr-1732 833 23 legal legal ADJ cblr-1732 833 24 tool tool NOUN cblr-1732 833 25 that that PRON cblr-1732 833 26 allows allow VERB cblr-1732 833 27 minority minority NOUN cblr-1732 833 28 shareholders shareholder NOUN cblr-1732 833 29 to to PART cblr-1732 833 30 elect elect VERB cblr-1732 833 31 their their PRON cblr-1732 833 32 representative representative NOUN cblr-1732 833 33 to to ADP cblr-1732 833 34 the the DET cblr-1732 833 35 board board NOUN cblr-1732 833 36 of of ADP cblr-1732 833 37 directors.217 directors.217 PROPN cblr-1732 833 38 in in ADP cblr-1732 833 39 sweden sweden PROPN cblr-1732 833 40 , , PUNCT cblr-1732 833 41 a a DET cblr-1732 833 42 firm firm NOUN cblr-1732 833 43 ’s ’s PART cblr-1732 833 44 three three NUM cblr-1732 833 45 to to PART cblr-1732 833 46 five five NUM cblr-1732 833 47 largest large ADJ cblr-1732 833 48 shareholders shareholder NOUN cblr-1732 833 49 can can AUX cblr-1732 833 50 form form VERB cblr-1732 833 51 a a DET cblr-1732 833 52 nominations nomination NOUN cblr-1732 833 53 committee committee NOUN cblr-1732 833 54 for for ADP cblr-1732 833 55 board board NOUN cblr-1732 833 56 members member NOUN cblr-1732 833 57 , , PUNCT cblr-1732 833 58 and and CCONJ cblr-1732 833 59 any any DET cblr-1732 833 60 shareholder shareholder NOUN cblr-1732 833 61 can can AUX cblr-1732 833 62 nominate nominate VERB cblr-1732 833 63 board board NOUN cblr-1732 833 64 candidates candidate NOUN cblr-1732 833 65 prior prior ADV cblr-1732 833 66 to to ADP cblr-1732 833 67 the the DET cblr-1732 833 68 annual annual ADJ cblr-1732 833 69 meeting.218 meeting.218 NOUN cblr-1732 833 70 when when SCONJ cblr-1732 833 71 the the DET cblr-1732 833 72 company company NOUN cblr-1732 833 73 has have VERB cblr-1732 833 74 a a DET cblr-1732 833 75 dominant dominant ADJ cblr-1732 833 76 shareholder shareholder NOUN cblr-1732 833 77 , , PUNCT cblr-1732 833 78 at at ADP cblr-1732 833 79 least least ADV cblr-1732 833 80 one one NUM cblr-1732 833 81 member member NOUN cblr-1732 833 82 of of ADP cblr-1732 833 83 the the DET cblr-1732 833 84 committee committee NOUN cblr-1732 833 85 must must AUX cblr-1732 833 86 be be AUX cblr-1732 833 87 independent independent ADJ cblr-1732 833 88 of of ADP cblr-1732 833 89 the the DET cblr-1732 833 90 company company NOUN cblr-1732 833 91 ’s ’s PART cblr-1732 833 92 largest large ADJ cblr-1732 833 93 shareholder.219 shareholder.219 PROPN cblr-1732 833 94 marco marco PROPN cblr-1732 833 95 becht becht PROPN cblr-1732 833 96 el el PROPN cblr-1732 833 97 al al PROPN cblr-1732 833 98 . . PROPN cblr-1732 833 99 show show VERB cblr-1732 833 100 that that SCONJ cblr-1732 833 101 when when SCONJ cblr-1732 833 102 activists activist NOUN cblr-1732 833 103 join join VERB cblr-1732 833 104 the the DET cblr-1732 833 105 nominations nomination NOUN cblr-1732 833 106 committee committee NOUN cblr-1732 833 107 , , PUNCT cblr-1732 833 108 they they PRON cblr-1732 833 109 succeed succeed VERB cblr-1732 833 110 in in ADP cblr-1732 833 111 appointing appoint VERB cblr-1732 833 112 directors director NOUN cblr-1732 833 113 sympathetic sympathetic ADJ cblr-1732 833 114 to to ADP cblr-1732 833 115 their their PRON cblr-1732 833 116 goals goal NOUN cblr-1732 833 117 who who PRON cblr-1732 833 118 are be AUX cblr-1732 833 119 able able ADJ cblr-1732 833 120 to to PART cblr-1732 833 121 influence influence VERB cblr-1732 833 122 the the DET cblr-1732 833 123 engagement engagement NOUN cblr-1732 833 124 outcomes.220 outcomes.220 INTJ cblr-1732 833 125 in in ADP cblr-1732 833 126 fact fact NOUN cblr-1732 833 127 , , PUNCT cblr-1732 833 128 the the DET cblr-1732 833 129 proposed propose VERB cblr-1732 833 130 solution solution NOUN cblr-1732 833 131 is be AUX cblr-1732 833 132 not not PART cblr-1732 833 133 new new ADJ cblr-1732 833 134 even even ADV cblr-1732 833 135 in in ADP cblr-1732 833 136 the the DET cblr-1732 833 137 united united PROPN cblr-1732 833 138 states states PROPN cblr-1732 833 139 . . PUNCT cblr-1732 834 1 the the DET cblr-1732 834 2 wang wang PROPN cblr-1732 834 3 formula formula NOUN cblr-1732 834 4 — — PUNCT cblr-1732 834 5 a a DET cblr-1732 834 6 statement statement NOUN cblr-1732 834 7 of of ADP cblr-1732 834 8 policy policy NOUN cblr-1732 834 9 implemented implement VERB cblr-1732 834 10 by by ADP cblr-1732 834 11 the the DET cblr-1732 834 12 amex amex NOUN cblr-1732 834 13 from from ADP cblr-1732 834 14 1976 1976 NUM cblr-1732 834 15 through through ADP cblr-1732 834 16 the the DET cblr-1732 834 17 middle middle NOUN cblr-1732 834 18 of of ADP cblr-1732 834 19 the the DET cblr-1732 834 20 1980s 1980 NOUN cblr-1732 834 21 ( ( PUNCT cblr-1732 834 22 the the DET cblr-1732 834 23 time time NOUN cblr-1732 834 24 when when SCONJ cblr-1732 834 25 major major ADJ cblr-1732 834 26 u.s u.s PROPN cblr-1732 834 27 . . PROPN cblr-1732 834 28 exchanges exchange NOUN cblr-1732 834 29 relaxed relax VERB cblr-1732 834 30 their their PRON cblr-1732 834 31 restrictions restriction NOUN cblr-1732 834 32 on on ADP cblr-1732 834 33 the the DET cblr-1732 834 34 use use NOUN cblr-1732 834 35 of of ADP cblr-1732 834 36 dual dual ADJ cblr-1732 834 37 - - PUNCT cblr-1732 834 38 class class NOUN cblr-1732 834 39 stock)—required stock)—require VERB cblr-1732 834 40 dualclass dualclass NOUN cblr-1732 834 41 firms firm NOUN cblr-1732 834 42 that that PRON cblr-1732 834 43 went go VERB cblr-1732 834 44 public public ADJ cblr-1732 834 45 during during ADP cblr-1732 834 46 that that DET cblr-1732 834 47 period period NOUN cblr-1732 834 48 to to PART cblr-1732 834 49 entitle entitle VERB cblr-1732 834 50 public public ADJ cblr-1732 834 51 holders holder NOUN cblr-1732 834 52 with with ADP cblr-1732 834 53 the the DET cblr-1732 834 54 right right NOUN cblr-1732 834 55 to to PART cblr-1732 834 56 elect elect VERB cblr-1732 834 57 25 25 NUM cblr-1732 834 58 % % NOUN cblr-1732 834 59 of of ADP cblr-1732 834 60 the the DET cblr-1732 834 61 board board NOUN cblr-1732 834 62 of of ADP cblr-1732 834 63 directors.221 directors.221 PROPN cblr-1732 834 64 evidence evidence NOUN cblr-1732 834 65 presented present VERB cblr-1732 834 66 in in ADP cblr-1732 834 67 this this DET cblr-1732 834 68 article article NOUN cblr-1732 834 69 shows show VERB cblr-1732 834 70 that that SCONJ cblr-1732 834 71 such such ADJ cblr-1732 834 72 special special ADJ cblr-1732 834 73 governance governance NOUN cblr-1732 834 74 structure structure NOUN cblr-1732 834 75 has have AUX cblr-1732 834 76 become become VERB cblr-1732 834 77 an an DET cblr-1732 834 78 important important ADJ cblr-1732 834 79 channel channel NOUN cblr-1732 834 80 of of ADP cblr-1732 834 81 activism.222 activism.222 NOUN cblr-1732 834 82 though though SCONJ cblr-1732 834 83 a a DET cblr-1732 834 84 detailed detailed ADJ cblr-1732 834 85 analysis analysis NOUN cblr-1732 834 86 of of ADP cblr-1732 834 87 all all DET cblr-1732 834 88 the the DET cblr-1732 834 89 costs cost NOUN cblr-1732 834 90 and and CCONJ cblr-1732 834 91 benefits benefit NOUN cblr-1732 834 92 of of ADP cblr-1732 834 93 the the DET cblr-1732 834 94 proposal proposal NOUN cblr-1732 834 95 to to PART cblr-1732 834 96 entitle entitle VERB cblr-1732 834 97 public public ADJ cblr-1732 834 98 shareholders shareholder NOUN cblr-1732 834 99 with with ADP cblr-1732 834 100 the the DET cblr-1732 834 101 right right NOUN cblr-1732 834 102 to to PART cblr-1732 834 103 nominate nominate VERB cblr-1732 834 104 minority minority NOUN cblr-1732 834 105 directors director NOUN cblr-1732 834 106 is be AUX cblr-1732 834 107 beyond beyond ADP cblr-1732 834 108 the the DET cblr-1732 834 109 scope scope NOUN cblr-1732 834 110 of of ADP cblr-1732 834 111 this this DET cblr-1732 834 112 217 217 NUM cblr-1732 834 113 see see NOUN cblr-1732 834 114 erede erede NOUN cblr-1732 834 115 , , PUNCT cblr-1732 834 116 supra supra PROPN cblr-1732 834 117 note note PROPN cblr-1732 834 118 65 65 NUM cblr-1732 834 119 , , PUNCT cblr-1732 834 120 at at ADP cblr-1732 834 121 359 359 NUM cblr-1732 834 122 ; ; PUNCT cblr-1732 834 123 belcredi belcredi PROPN cblr-1732 834 124 & & CCONJ cblr-1732 834 125 enriques enrique NOUN cblr-1732 834 126 , , PUNCT cblr-1732 834 127 supra supra PROPN cblr-1732 834 128 note note NOUN cblr-1732 834 129 64 64 NUM cblr-1732 834 130 . . NOUN cblr-1732 835 1 218 218 NUM cblr-1732 835 2 becht becht NOUN cblr-1732 835 3 et et NOUN cblr-1732 835 4 al al PROPN cblr-1732 835 5 . . PROPN cblr-1732 835 6 , , PUNCT cblr-1732 835 7 supra supra PROPN cblr-1732 835 8 note note PROPN cblr-1732 835 9 60 60 NUM cblr-1732 835 10 , , PUNCT cblr-1732 835 11 at at ADP cblr-1732 835 12 15–16 15–16 NUM cblr-1732 835 13 . . PUNCT cblr-1732 836 1 see see VERB cblr-1732 836 2 also also ADV cblr-1732 836 3 rolf rolf PROPN cblr-1732 836 4 skog skog PROPN cblr-1732 836 5 & & CCONJ cblr-1732 836 6 erik erik PROPN cblr-1732 836 7 sjöman sjöman PROPN cblr-1732 836 8 , , PUNCT cblr-1732 836 9 corporate corporate ADJ cblr-1732 836 10 governance governance NOUN cblr-1732 836 11 in in ADP cblr-1732 836 12 sweden sweden PROPN cblr-1732 836 13 , , PUNCT cblr-1732 836 14 in in ADP cblr-1732 836 15 the the DET cblr-1732 836 16 nordic nordic ADJ cblr-1732 836 17 corporate corporate ADJ cblr-1732 836 18 governance governance NOUN cblr-1732 836 19 model model NOUN cblr-1732 836 20 247 247 NUM cblr-1732 836 21 , , PUNCT cblr-1732 836 22 260–62 260–62 PROPN cblr-1732 836 23 ( ( PUNCT cblr-1732 836 24 per per ADP cblr-1732 836 25 lekvall lekvall NOUN cblr-1732 836 26 ed ed NOUN cblr-1732 836 27 . . PROPN cblr-1732 836 28 , , PUNCT cblr-1732 836 29 2014 2014 NUM cblr-1732 836 30 ) ) PUNCT cblr-1732 836 31 ; ; PUNCT cblr-1732 836 32 rolf rolf PROPN cblr-1732 836 33 h. h. PROPN cblr-1732 836 34 carlsson carlsson PROPN cblr-1732 836 35 , , PUNCT cblr-1732 836 36 swedish swedish ADJ cblr-1732 836 37 corporate corporate ADJ cblr-1732 836 38 governance governance NOUN cblr-1732 836 39 and and CCONJ cblr-1732 836 40 value value NOUN cblr-1732 836 41 creation creation NOUN cblr-1732 836 42 : : PUNCT cblr-1732 836 43 owners owner NOUN cblr-1732 836 44 still still ADV cblr-1732 836 45 in in ADP cblr-1732 836 46 the the DET cblr-1732 836 47 driver driver NOUN cblr-1732 836 48 ’s ’s PART cblr-1732 836 49 seat seat NOUN cblr-1732 836 50 , , PUNCT cblr-1732 836 51 15 15 NUM cblr-1732 836 52 corp corp PROPN cblr-1732 836 53 . . PROPN cblr-1732 836 54 governance governance PROPN cblr-1732 836 55 1038 1038 NUM cblr-1732 836 56 , , PUNCT cblr-1732 836 57 1049–50 1049–50 NUM cblr-1732 836 58 ( ( PUNCT cblr-1732 836 59 2007 2007 NUM cblr-1732 836 60 ) ) PUNCT cblr-1732 836 61 . . PUNCT cblr-1732 837 1 219 219 NUM cblr-1732 837 2 skog skog NOUN cblr-1732 837 3 & & CCONJ cblr-1732 837 4 sjöman sjöman PROPN cblr-1732 837 5 , , PUNCT cblr-1732 837 6 supra supra PROPN cblr-1732 837 7 note note NOUN cblr-1732 837 8 218 218 NUM cblr-1732 837 9 , , PUNCT cblr-1732 837 10 at at ADP cblr-1732 837 11 261 261 NUM cblr-1732 837 12 . . PUNCT cblr-1732 838 1 also also ADV cblr-1732 838 2 , , PUNCT cblr-1732 838 3 when when SCONJ cblr-1732 838 4 the the DET cblr-1732 838 5 dominant dominant ADJ cblr-1732 838 6 shareholder shareholder NOUN cblr-1732 838 7 owns own VERB cblr-1732 838 8 less less ADJ cblr-1732 838 9 than than ADP cblr-1732 838 10 50 50 NUM cblr-1732 838 11 % % NOUN cblr-1732 838 12 of of ADP cblr-1732 838 13 the the DET cblr-1732 838 14 voting voting NOUN cblr-1732 838 15 power power NOUN cblr-1732 838 16 , , PUNCT cblr-1732 838 17 such such ADJ cblr-1732 838 18 shareholder shareholder NOUN cblr-1732 838 19 has have VERB cblr-1732 838 20 to to PART cblr-1732 838 21 cooperate cooperate VERB cblr-1732 838 22 with with ADP cblr-1732 838 23 other other ADJ cblr-1732 838 24 public public ADJ cblr-1732 838 25 shareholders shareholder NOUN cblr-1732 838 26 in in ADP cblr-1732 838 27 order order NOUN cblr-1732 838 28 to to PART cblr-1732 838 29 secure secure VERB cblr-1732 838 30 a a DET cblr-1732 838 31 majority majority NOUN cblr-1732 838 32 vote vote NOUN cblr-1732 838 33 at at ADP cblr-1732 838 34 the the DET cblr-1732 838 35 annual annual ADJ cblr-1732 838 36 general general ADJ cblr-1732 838 37 meeting meeting NOUN cblr-1732 838 38 . . PUNCT cblr-1732 839 1 220 220 NUM cblr-1732 839 2 becht becht NOUN cblr-1732 839 3 et et NOUN cblr-1732 839 4 al al PROPN cblr-1732 839 5 . . PROPN cblr-1732 839 6 , , PUNCT cblr-1732 839 7 supra supra PROPN cblr-1732 839 8 note note PROPN cblr-1732 839 9 60 60 NUM cblr-1732 839 10 , , PUNCT cblr-1732 839 11 at at ADP cblr-1732 839 12 15–16 15–16 NUM cblr-1732 839 13 . . PUNCT cblr-1732 840 1 221 221 NUM cblr-1732 840 2 see see VERB cblr-1732 840 3 supra supra PROPN cblr-1732 840 4 notes note NOUN cblr-1732 840 5 108–14 108–14 PROPN cblr-1732 840 6 . . PROPN cblr-1732 840 7 222 222 NUM cblr-1732 840 8 see see VERB cblr-1732 840 9 supra supra PROPN cblr-1732 840 10 notes note NOUN cblr-1732 840 11 114–15 114–15 PROPN cblr-1732 840 12 . . PUNCT cblr-1732 841 1 kastiel kastiel PROPN cblr-1732 841 2 – – PUNCT cblr-1732 841 3 final final ADJ cblr-1732 841 4 130 130 NUM cblr-1732 841 5 columbia columbia PROPN cblr-1732 841 6 business business NOUN cblr-1732 841 7 law law PROPN cblr-1732 841 8 review review NOUN cblr-1732 842 1 [ [ X cblr-1732 842 2 vol vol NOUN cblr-1732 842 3 . . NOUN cblr-1732 842 4 2016 2016 NUM cblr-1732 842 5 article article NOUN cblr-1732 842 6 , , PUNCT cblr-1732 842 7 it it PRON cblr-1732 842 8 certainly certainly ADV cblr-1732 842 9 merits merit VERB cblr-1732 842 10 additional additional ADJ cblr-1732 842 11 exploration exploration NOUN cblr-1732 842 12 . . PUNCT cblr-1732 843 1 recently recently ADV cblr-1732 843 2 , , PUNCT cblr-1732 843 3 lucian lucian PROPN cblr-1732 843 4 bebchuk bebchuk PROPN cblr-1732 843 5 and and CCONJ cblr-1732 843 6 assaf assaf PROPN cblr-1732 843 7 hamdani hamdani PROPN cblr-1732 843 8 called call VERB cblr-1732 843 9 for for ADP cblr-1732 843 10 granting grant VERB cblr-1732 843 11 public public ADJ cblr-1732 843 12 investors investor NOUN cblr-1732 843 13 certain certain ADJ cblr-1732 843 14 say say VERB cblr-1732 843 15 in in ADP cblr-1732 843 16 the the DET cblr-1732 843 17 elections election NOUN cblr-1732 843 18 and and CCONJ cblr-1732 843 19 terminations termination NOUN cblr-1732 843 20 of of ADP cblr-1732 843 21 some some DET cblr-1732 843 22 independent independent ADJ cblr-1732 843 23 directions direction NOUN cblr-1732 843 24 in in ADP cblr-1732 843 25 order order NOUN cblr-1732 843 26 to to PART cblr-1732 843 27 make make VERB cblr-1732 843 28 those those DET cblr-1732 843 29 directors director NOUN cblr-1732 843 30 effective effective ADJ cblr-1732 843 31 monitors monitor NOUN cblr-1732 843 32 of of ADP cblr-1732 843 33 controlling control VERB cblr-1732 843 34 shareholders shareholder NOUN cblr-1732 843 35 . . PUNCT cblr-1732 844 1 they they PRON cblr-1732 844 2 provided provide VERB cblr-1732 844 3 a a DET cblr-1732 844 4 comprehensive comprehensive ADJ cblr-1732 844 5 analysis analysis NOUN cblr-1732 844 6 of of ADP cblr-1732 844 7 such such ADJ cblr-1732 844 8 solution.223 solution.223 NOUN cblr-1732 844 9 this this DET cblr-1732 844 10 article article NOUN cblr-1732 844 11 highlights highlight VERB cblr-1732 844 12 another another DET cblr-1732 844 13 important important ADJ cblr-1732 844 14 aspect aspect NOUN cblr-1732 844 15 of of ADP cblr-1732 844 16 any any DET cblr-1732 844 17 proposal proposal NOUN cblr-1732 844 18 to to PART cblr-1732 844 19 empower empower VERB cblr-1732 844 20 public public ADJ cblr-1732 844 21 shareholders shareholder NOUN cblr-1732 844 22 to to PART cblr-1732 844 23 appoint appoint VERB cblr-1732 844 24 minority minority NOUN cblr-1732 844 25 directors director NOUN cblr-1732 844 26 , , PUNCT cblr-1732 844 27 showing show VERB cblr-1732 844 28 that that SCONJ cblr-1732 844 29 such such ADJ cblr-1732 844 30 right right NOUN cblr-1732 844 31 plays play VERB cblr-1732 844 32 a a DET cblr-1732 844 33 crucial crucial ADJ cblr-1732 844 34 role role NOUN cblr-1732 844 35 in in ADP cblr-1732 844 36 encouraging encourage VERB cblr-1732 844 37 activism activism NOUN cblr-1732 844 38 in in ADP cblr-1732 844 39 controlled control VERB cblr-1732 844 40 companies company NOUN cblr-1732 844 41 and and CCONJ cblr-1732 844 42 reducing reduce VERB cblr-1732 844 43 the the DET cblr-1732 844 44 insulation insulation NOUN cblr-1732 844 45 of of ADP cblr-1732 844 46 controllers controller NOUN cblr-1732 844 47 from from ADP cblr-1732 844 48 external external ADJ cblr-1732 844 49 monitoring monitoring NOUN cblr-1732 844 50 . . PUNCT cblr-1732 845 1 viii viii PROPN cblr-1732 845 2 . . PUNCT cblr-1732 846 1 conclusion conclusion NOUN cblr-1732 846 2 “ " PUNCT cblr-1732 846 3 i i PRON cblr-1732 846 4 have have AUX cblr-1732 846 5 seen see VERB cblr-1732 846 6 the the DET cblr-1732 846 7 future future NOUN cblr-1732 846 8 and and CCONJ cblr-1732 846 9 it it PRON cblr-1732 846 10 is be AUX cblr-1732 846 11 very very ADV cblr-1732 846 12 much much ADV cblr-1732 846 13 like like ADP cblr-1732 846 14 the the DET cblr-1732 846 15 present present NOUN cblr-1732 846 16 , , PUNCT cblr-1732 846 17 only only ADV cblr-1732 846 18 longer long ADV cblr-1732 846 19 . . PUNCT cblr-1732 846 20 ” " PUNCT cblr-1732 847 1 — — PUNCT cblr-1732 847 2 kehlog kehlog VERB cblr-1732 847 3 albran albran ADJ cblr-1732 847 4 , , PUNCT cblr-1732 847 5 the the DET cblr-1732 847 6 profit profit NOUN cblr-1732 847 7 if if SCONJ cblr-1732 847 8 one one PRON cblr-1732 847 9 had have VERB cblr-1732 847 10 to to PART cblr-1732 847 11 predict predict VERB cblr-1732 847 12 the the DET cblr-1732 847 13 future future NOUN cblr-1732 847 14 of of ADP cblr-1732 847 15 u.s u.s PROPN cblr-1732 847 16 . . PROPN cblr-1732 847 17 corporate corporate ADJ cblr-1732 847 18 governance governance NOUN cblr-1732 847 19 , , PUNCT cblr-1732 847 20 then then ADV cblr-1732 847 21 based base VERB cblr-1732 847 22 on on ADP cblr-1732 847 23 this this DET cblr-1732 847 24 quote quote NOUN cblr-1732 847 25 , , PUNCT cblr-1732 847 26 the the DET cblr-1732 847 27 safest safe ADJ cblr-1732 847 28 prediction prediction NOUN cblr-1732 847 29 would would AUX cblr-1732 847 30 be be AUX cblr-1732 847 31 that that SCONJ cblr-1732 847 32 the the DET cblr-1732 847 33 two two NUM cblr-1732 847 34 major major ADJ cblr-1732 847 35 governance governance NOUN cblr-1732 847 36 developments development NOUN cblr-1732 847 37 in in ADP cblr-1732 847 38 recent recent ADJ cblr-1732 847 39 years year NOUN cblr-1732 847 40 — — PUNCT cblr-1732 847 41 the the DET cblr-1732 847 42 rise rise NOUN cblr-1732 847 43 in in ADP cblr-1732 847 44 shareholder shareholder NOUN cblr-1732 847 45 activism activism NOUN cblr-1732 847 46 and and CCONJ cblr-1732 847 47 the the DET cblr-1732 847 48 increased increase VERB cblr-1732 847 49 use use NOUN cblr-1732 847 50 of of ADP cblr-1732 847 51 concentrated concentrate VERB cblr-1732 847 52 ownership ownership NOUN cblr-1732 847 53 — — PUNCT cblr-1732 847 54 will will AUX cblr-1732 847 55 continue continue VERB cblr-1732 847 56 to to PART cblr-1732 847 57 gain gain VERB cblr-1732 847 58 importance importance NOUN cblr-1732 847 59 . . PUNCT cblr-1732 848 1 activists activist NOUN cblr-1732 848 2 are be AUX cblr-1732 848 3 here here ADV cblr-1732 848 4 to to PART cblr-1732 848 5 stay stay VERB cblr-1732 848 6 as as ADV cblr-1732 848 7 long long ADV cblr-1732 848 8 as as SCONJ cblr-1732 848 9 agency agency NOUN cblr-1732 848 10 problems problem NOUN cblr-1732 848 11 exist exist VERB cblr-1732 848 12 , , PUNCT cblr-1732 848 13 and and CCONJ cblr-1732 848 14 as as ADV cblr-1732 848 15 long long ADV cblr-1732 848 16 as as SCONJ cblr-1732 848 17 the the DET cblr-1732 848 18 corporate corporate ADJ cblr-1732 848 19 law law NOUN cblr-1732 848 20 regime regime NOUN cblr-1732 848 21 does do AUX cblr-1732 848 22 not not PART cblr-1732 848 23 impede impede VERB cblr-1732 848 24 their their PRON cblr-1732 848 25 ability ability NOUN cblr-1732 848 26 to to PART cblr-1732 848 27 initiate initiate VERB cblr-1732 848 28 governance governance NOUN cblr-1732 848 29 and and CCONJ cblr-1732 848 30 strategic strategic ADJ cblr-1732 848 31 changes change NOUN cblr-1732 848 32 in in ADP cblr-1732 848 33 underperforming underperform VERB cblr-1732 848 34 firms firm NOUN cblr-1732 848 35 . . PUNCT cblr-1732 849 1 similarly similarly ADV cblr-1732 849 2 , , PUNCT cblr-1732 849 3 certain certain ADJ cblr-1732 849 4 entrepreneurs entrepreneur NOUN cblr-1732 849 5 are be AUX cblr-1732 849 6 expected expect VERB cblr-1732 849 7 to to PART cblr-1732 849 8 continue continue VERB cblr-1732 849 9 going go VERB cblr-1732 849 10 public public ADJ cblr-1732 849 11 while while SCONJ cblr-1732 849 12 retaining retain VERB cblr-1732 849 13 control control NOUN cblr-1732 849 14 over over ADP cblr-1732 849 15 their their PRON cblr-1732 849 16 firms firm NOUN cblr-1732 849 17 , , PUNCT cblr-1732 849 18 often often ADV cblr-1732 849 19 through through ADP cblr-1732 849 20 the the DET cblr-1732 849 21 use use NOUN cblr-1732 849 22 of of ADP cblr-1732 849 23 dual dual ADJ cblr-1732 849 24 - - PUNCT cblr-1732 849 25 class class NOUN cblr-1732 849 26 structures structure NOUN cblr-1732 849 27 ( ( PUNCT cblr-1732 849 28 unless unless SCONJ cblr-1732 849 29 such such DET cblr-1732 849 30 a a DET cblr-1732 849 31 structure structure NOUN cblr-1732 849 32 is be AUX cblr-1732 849 33 limited limit VERB cblr-1732 849 34 by by ADP cblr-1732 849 35 regulators regulator NOUN cblr-1732 849 36 ) ) PUNCT cblr-1732 849 37 . . PUNCT cblr-1732 850 1 these these DET cblr-1732 850 2 two two NUM cblr-1732 850 3 major major ADJ cblr-1732 850 4 governance governance NOUN cblr-1732 850 5 developments development NOUN cblr-1732 850 6 do do AUX cblr-1732 850 7 not not PART cblr-1732 850 8 progress progress VERB cblr-1732 850 9 along along ADP cblr-1732 850 10 parallel parallel ADJ cblr-1732 850 11 lines line NOUN cblr-1732 850 12 . . PUNCT cblr-1732 851 1 it it PRON cblr-1732 851 2 is be AUX cblr-1732 851 3 the the DET cblr-1732 851 4 first first ADJ cblr-1732 851 5 development development NOUN cblr-1732 851 6 ( ( PUNCT cblr-1732 851 7 the the DET cblr-1732 851 8 rise rise NOUN cblr-1732 851 9 in in ADP cblr-1732 851 10 activism activism NOUN cblr-1732 851 11 ) ) PUNCT cblr-1732 851 12 that that PRON cblr-1732 851 13 could could AUX cblr-1732 851 14 further far ADV cblr-1732 851 15 enhance enhance VERB cblr-1732 851 16 the the DET cblr-1732 851 17 second second ADJ cblr-1732 851 18 development development NOUN cblr-1732 851 19 ( ( PUNCT cblr-1732 851 20 increased increase VERB cblr-1732 851 21 concentrated concentrate VERB cblr-1732 851 22 ownership ownership NOUN cblr-1732 851 23 ) ) PUNCT cblr-1732 851 24 by by ADP cblr-1732 851 25 fortifying fortify VERB cblr-1732 851 26 the the DET cblr-1732 851 27 incentives incentive NOUN cblr-1732 851 28 of of ADP cblr-1732 851 29 entrepreneurs entrepreneur NOUN cblr-1732 851 30 to to PART cblr-1732 851 31 retain retain VERB cblr-1732 851 32 control control NOUN cblr-1732 851 33 in in ADP cblr-1732 851 34 order order NOUN cblr-1732 851 35 to to PART cblr-1732 851 36 insulate insulate VERB cblr-1732 851 37 themselves themselves PRON cblr-1732 851 38 from from ADP cblr-1732 851 39 the the DET cblr-1732 851 40 market market NOUN cblr-1732 851 41 for for ADP cblr-1732 851 42 corporate corporate ADJ cblr-1732 851 43 influence influence NOUN cblr-1732 851 44 . . PUNCT cblr-1732 852 1 indeed indeed ADV cblr-1732 852 2 , , PUNCT cblr-1732 852 3 recent recent ADJ cblr-1732 852 4 evidence evidence NOUN cblr-1732 852 5 shows show VERB cblr-1732 852 6 that that SCONJ cblr-1732 852 7 there there PRON cblr-1732 852 8 is be VERB cblr-1732 852 9 a a DET cblr-1732 852 10 223 223 NUM cblr-1732 852 11 lucian lucian ADJ cblr-1732 852 12 a. a. NOUN cblr-1732 852 13 bebchuk bebchuk PROPN cblr-1732 852 14 & & CCONJ cblr-1732 852 15 assaf assaf PROPN cblr-1732 852 16 hamdani hamdani PROPN cblr-1732 852 17 , , PUNCT cblr-1732 852 18 making make VERB cblr-1732 852 19 independent independent ADJ cblr-1732 852 20 directors director NOUN cblr-1732 852 21 work work VERB cblr-1732 852 22 , , PUNCT cblr-1732 852 23 164 164 NUM cblr-1732 852 24 u. u. PROPN cblr-1732 852 25 pa pa PROPN cblr-1732 852 26 . . PUNCT cblr-1732 852 27 l. l. PROPN cblr-1732 852 28 rev rev PROPN cblr-1732 852 29 . . PUNCT cblr-1732 853 1 ( ( PUNCT cblr-1732 853 2 forthcoming forthcoming ADJ cblr-1732 853 3 mar mar PROPN cblr-1732 853 4 . . PROPN cblr-1732 853 5 2016 2016 NUM cblr-1732 853 6 ) ) PUNCT cblr-1732 853 7 . . PUNCT cblr-1732 854 1 kastiel kastiel PROPN cblr-1732 854 2 – – PUNCT cblr-1732 854 3 final final ADJ cblr-1732 854 4 no no NOUN cblr-1732 854 5 . . PROPN cblr-1732 854 6 1:60 1:60 NUM cblr-1732 854 7 ] ] PUNCT cblr-1732 854 8 against against ADP cblr-1732 854 9 all all DET cblr-1732 854 10 odds odd NOUN cblr-1732 854 11 131 131 NUM cblr-1732 854 12 general general ADJ cblr-1732 854 13 upward upward ADJ cblr-1732 854 14 trend trend NOUN cblr-1732 854 15 in in ADP cblr-1732 854 16 the the DET cblr-1732 854 17 adoption adoption NOUN cblr-1732 854 18 of of ADP cblr-1732 854 19 dual dual ADJ cblr-1732 854 20 - - PUNCT cblr-1732 854 21 class class NOUN cblr-1732 854 22 stock stock NOUN cblr-1732 854 23 , , PUNCT cblr-1732 854 24 and and CCONJ cblr-1732 854 25 this this DET cblr-1732 854 26 structure structure NOUN cblr-1732 854 27 is be AUX cblr-1732 854 28 becoming become VERB cblr-1732 854 29 “ " PUNCT cblr-1732 854 30 the the DET cblr-1732 854 31 current current ADJ cblr-1732 854 32 flavor flavor NOUN cblr-1732 854 33 . . PUNCT cblr-1732 855 1 ”224 ”224 PUNCT cblr-1732 855 2 this this DET cblr-1732 855 3 article article NOUN cblr-1732 855 4 is be AUX cblr-1732 855 5 the the DET cblr-1732 855 6 first first ADJ cblr-1732 855 7 endeavor endeavor NOUN cblr-1732 855 8 to to PART cblr-1732 855 9 explore explore VERB cblr-1732 855 10 the the DET cblr-1732 855 11 interaction interaction NOUN cblr-1732 855 12 between between ADP cblr-1732 855 13 these these DET cblr-1732 855 14 two two NUM cblr-1732 855 15 major major ADJ cblr-1732 855 16 governance governance NOUN cblr-1732 855 17 developments development NOUN cblr-1732 855 18 — — PUNCT cblr-1732 855 19 that that ADV cblr-1732 855 20 is is ADV cblr-1732 855 21 , , PUNCT cblr-1732 855 22 how how SCONJ cblr-1732 855 23 shareholder shareholder NOUN cblr-1732 855 24 activism activism NOUN cblr-1732 855 25 impacts impact NOUN cblr-1732 855 26 controlled control VERB cblr-1732 855 27 u.s u.s PROPN cblr-1732 855 28 . . PROPN cblr-1732 855 29 companies company NOUN cblr-1732 855 30 . . PUNCT cblr-1732 856 1 somewhat somewhat ADV cblr-1732 856 2 counter counter VERB cblr-1732 856 3 - - ADJ cblr-1732 856 4 intuitively intuitively ADV cblr-1732 856 5 , , PUNCT cblr-1732 856 6 this this DET cblr-1732 856 7 article article NOUN cblr-1732 856 8 documents document VERB cblr-1732 856 9 a a DET cblr-1732 856 10 non non ADJ cblr-1732 856 11 - - ADJ cblr-1732 856 12 negligible negligible ADJ cblr-1732 856 13 number number NOUN cblr-1732 856 14 of of ADP cblr-1732 856 15 shareholder shareholder NOUN cblr-1732 856 16 engagements engagement NOUN cblr-1732 856 17 with with ADP cblr-1732 856 18 controlled control VERB cblr-1732 856 19 firms firm NOUN cblr-1732 856 20 , , PUNCT cblr-1732 856 21 and and CCONJ cblr-1732 856 22 it it PRON cblr-1732 856 23 shows show VERB cblr-1732 856 24 that that SCONJ cblr-1732 856 25 activists activist NOUN cblr-1732 856 26 ’ ’ PART cblr-1732 856 27 bargaining bargaining NOUN cblr-1732 856 28 power power NOUN cblr-1732 856 29 vis vis X cblr-1732 856 30 - - PUNCT cblr-1732 856 31 à à X cblr-1732 856 32 - - PUNCT cblr-1732 856 33 vis vis X cblr-1732 856 34 controllers controller NOUN cblr-1732 856 35 is be AUX cblr-1732 856 36 not not PART cblr-1732 856 37 always always ADV cblr-1732 856 38 as as ADV cblr-1732 856 39 limited limit VERB cblr-1732 856 40 as as SCONJ cblr-1732 856 41 initially initially ADV cblr-1732 856 42 predicted predict VERB cblr-1732 856 43 . . PUNCT cblr-1732 857 1 it it PRON cblr-1732 857 2 also also ADV cblr-1732 857 3 highlights highlight VERB cblr-1732 857 4 a a DET cblr-1732 857 5 few few ADJ cblr-1732 857 6 motivating motivating NOUN cblr-1732 857 7 forces force NOUN cblr-1732 857 8 that that PRON cblr-1732 857 9 facilitate facilitate VERB cblr-1732 857 10 activism activism NOUN cblr-1732 857 11 against against ADP cblr-1732 857 12 controlled control VERB cblr-1732 857 13 companies company NOUN cblr-1732 857 14 , , PUNCT cblr-1732 857 15 including include VERB cblr-1732 857 16 the the DET cblr-1732 857 17 right right NOUN cblr-1732 857 18 to to PART cblr-1732 857 19 nominate nominate VERB cblr-1732 857 20 and and CCONJ cblr-1732 857 21 elect elect VERB cblr-1732 857 22 minority minority NOUN cblr-1732 857 23 directors director NOUN cblr-1732 857 24 , , PUNCT cblr-1732 857 25 the the DET cblr-1732 857 26 right right NOUN cblr-1732 857 27 to to PART cblr-1732 857 28 veto veto VERB cblr-1732 857 29 going go VERB cblr-1732 857 30 - - PUNCT cblr-1732 857 31 private private ADJ cblr-1732 857 32 transactions transaction NOUN cblr-1732 857 33 , , PUNCT cblr-1732 857 34 and and CCONJ cblr-1732 857 35 the the DET cblr-1732 857 36 use use NOUN cblr-1732 857 37 of of ADP cblr-1732 857 38 litigation litigation NOUN cblr-1732 857 39 as as ADP cblr-1732 857 40 a a DET cblr-1732 857 41 means means NOUN cblr-1732 857 42 to to PART cblr-1732 857 43 put put VERB cblr-1732 857 44 pressure pressure NOUN cblr-1732 857 45 on on ADP cblr-1732 857 46 controllers controller NOUN cblr-1732 857 47 . . PUNCT cblr-1732 858 1 finally finally ADV cblr-1732 858 2 , , PUNCT cblr-1732 858 3 this this DET cblr-1732 858 4 article article NOUN cblr-1732 858 5 also also ADV cblr-1732 858 6 provides provide VERB cblr-1732 858 7 some some DET cblr-1732 858 8 anecdotal anecdotal ADJ cblr-1732 858 9 evidence evidence NOUN cblr-1732 858 10 showing show VERB cblr-1732 858 11 that that SCONJ cblr-1732 858 12 controllers controller NOUN cblr-1732 858 13 ’ ' PUNCT cblr-1732 858 14 reputational reputational ADJ cblr-1732 858 15 concerns concern NOUN cblr-1732 858 16 also also ADV cblr-1732 858 17 play play VERB cblr-1732 858 18 a a DET cblr-1732 858 19 role role NOUN cblr-1732 858 20 in in ADP cblr-1732 858 21 encouraging encourage VERB cblr-1732 858 22 activism activism NOUN cblr-1732 858 23 and and CCONJ cblr-1732 858 24 disciplining discipline VERB cblr-1732 858 25 controllers controller NOUN cblr-1732 858 26 when when SCONJ cblr-1732 858 27 these these DET cblr-1732 858 28 forces force NOUN cblr-1732 858 29 operate operate VERB cblr-1732 858 30 in in ADP cblr-1732 858 31 conjunction conjunction NOUN cblr-1732 858 32 with with ADP cblr-1732 858 33 other other ADJ cblr-1732 858 34 legal legal ADJ cblr-1732 858 35 and and CCONJ cblr-1732 858 36 formal formal ADJ cblr-1732 858 37 bargaining bargaining NOUN cblr-1732 858 38 mechanisms mechanism NOUN cblr-1732 858 39 . . PUNCT cblr-1732 859 1 however however ADV cblr-1732 859 2 , , PUNCT cblr-1732 859 3 regulators regulator NOUN cblr-1732 859 4 and and CCONJ cblr-1732 859 5 institutional institutional ADJ cblr-1732 859 6 investors investor NOUN cblr-1732 859 7 who who PRON cblr-1732 859 8 view view VERB cblr-1732 859 9 activism activism NOUN cblr-1732 859 10 as as ADP cblr-1732 859 11 an an DET cblr-1732 859 12 important important ADJ cblr-1732 859 13 disciplinary disciplinary ADJ cblr-1732 859 14 mechanism mechanism NOUN cblr-1732 859 15 should should AUX cblr-1732 859 16 not not PART cblr-1732 859 17 rely rely VERB cblr-1732 859 18 solely solely ADV cblr-1732 859 19 on on ADP cblr-1732 859 20 the the DET cblr-1732 859 21 current current ADJ cblr-1732 859 22 regulatory regulatory ADJ cblr-1732 859 23 framework framework NOUN cblr-1732 859 24 or or CCONJ cblr-1732 859 25 reputation reputation NOUN cblr-1732 859 26 markets market NOUN cblr-1732 859 27 to to PART cblr-1732 859 28 continue continue VERB cblr-1732 859 29 facilitating facilitate VERB cblr-1732 859 30 this this DET cblr-1732 859 31 activity activity NOUN cblr-1732 859 32 . . PUNCT cblr-1732 860 1 the the DET cblr-1732 860 2 increasing increase VERB cblr-1732 860 3 use use NOUN cblr-1732 860 4 of of ADP cblr-1732 860 5 dual dual ADJ cblr-1732 860 6 - - PUNCT cblr-1732 860 7 class class NOUN cblr-1732 860 8 structures structure NOUN cblr-1732 860 9 , , PUNCT cblr-1732 860 10 which which PRON cblr-1732 860 11 allows allow VERB cblr-1732 860 12 issuers issuer NOUN cblr-1732 860 13 to to PART cblr-1732 860 14 maintain maintain VERB cblr-1732 860 15 full full ADJ cblr-1732 860 16 control control NOUN cblr-1732 860 17 over over ADP cblr-1732 860 18 their their PRON cblr-1732 860 19 companies company NOUN cblr-1732 860 20 for for ADP cblr-1732 860 21 indefinite indefinite ADJ cblr-1732 860 22 periods period NOUN cblr-1732 860 23 of of ADP cblr-1732 860 24 time time NOUN cblr-1732 860 25 , , PUNCT cblr-1732 860 26 along along ADP cblr-1732 860 27 with with ADP cblr-1732 860 28 issuers issuer NOUN cblr-1732 860 29 ’ ' PUNCT cblr-1732 860 30 recent recent ADJ cblr-1732 860 31 tendency tendency NOUN cblr-1732 860 32 not not PART cblr-1732 860 33 to to PART cblr-1732 860 34 adopt adopt VERB cblr-1732 860 35 arrangements arrangement NOUN cblr-1732 860 36 that that PRON cblr-1732 860 37 provide provide VERB cblr-1732 860 38 public public ADJ cblr-1732 860 39 shareholders shareholder NOUN cblr-1732 860 40 with with ADP cblr-1732 860 41 the the DET cblr-1732 860 42 right right NOUN cblr-1732 860 43 to to PART cblr-1732 860 44 nominate nominate VERB cblr-1732 860 45 and and CCONJ cblr-1732 860 46 elect elect VERB cblr-1732 860 47 minority minority NOUN cblr-1732 860 48 directors director NOUN cblr-1732 860 49 substantially substantially ADV cblr-1732 860 50 weaken weaken VERB cblr-1732 860 51 the the DET cblr-1732 860 52 most most ADV cblr-1732 860 53 common common ADJ cblr-1732 860 54 channel channel NOUN cblr-1732 860 55 of of ADP cblr-1732 860 56 224 224 NUM cblr-1732 860 57 see see VERB cblr-1732 860 58 green green PROPN cblr-1732 860 59 & & CCONJ cblr-1732 860 60 levy levy PROPN cblr-1732 860 61 , , PUNCT cblr-1732 860 62 supra supra PROPN cblr-1732 860 63 note note NOUN cblr-1732 860 64 48 48 NUM cblr-1732 860 65 . . PUNCT cblr-1732 861 1 a a DET cblr-1732 861 2 senior senior ADJ cblr-1732 861 3 practitioner practitioner NOUN cblr-1732 861 4 who who PRON cblr-1732 861 5 has have AUX cblr-1732 861 6 been be AUX cblr-1732 861 7 involved involve VERB cblr-1732 861 8 in in ADP cblr-1732 861 9 more more ADJ cblr-1732 861 10 than than ADP cblr-1732 861 11 100 100 NUM cblr-1732 861 12 ipos ipos NOUN cblr-1732 861 13 has have AUX cblr-1732 861 14 stated state VERB cblr-1732 861 15 : : PUNCT cblr-1732 861 16 “ " PUNCT cblr-1732 861 17 this this DET cblr-1732 861 18 [ [ X cblr-1732 861 19 dual dual ADJ cblr-1732 861 20 - - PUNCT cblr-1732 861 21 class class NOUN cblr-1732 861 22 structure structure NOUN cblr-1732 861 23 ] ] PUNCT cblr-1732 861 24 is be AUX cblr-1732 861 25 the the DET cblr-1732 861 26 current current ADJ cblr-1732 861 27 flavor flavor NOUN cblr-1732 861 28 . . PUNCT cblr-1732 861 29 . . PUNCT cblr-1732 861 30 . . PUNCT cblr-1732 862 1 . . PUNCT cblr-1732 863 1 five five NUM cblr-1732 863 2 years year NOUN cblr-1732 863 3 ago ago ADV cblr-1732 863 4 , , PUNCT cblr-1732 863 5 people people NOUN cblr-1732 863 6 were be AUX cblr-1732 863 7 n’t not PART cblr-1732 863 8 asking ask VERB cblr-1732 863 9 about about ADP cblr-1732 863 10 them they PRON cblr-1732 863 11 . . PUNCT cblr-1732 864 1 now now ADV cblr-1732 864 2 everyone everyone PRON cblr-1732 864 3 is be AUX cblr-1732 864 4 asking ask VERB cblr-1732 864 5 about about ADP cblr-1732 864 6 it it PRON cblr-1732 864 7 right right ADV cblr-1732 864 8 away away ADV cblr-1732 864 9 . . PUNCT cblr-1732 864 10 ” " PUNCT cblr-1732 865 1 i i PRON cblr-1732 865 2 d. d. VERB cblr-1732 865 3 another another DET cblr-1732 865 4 senior senior ADJ cblr-1732 865 5 partner partner NOUN cblr-1732 865 6 , , PUNCT cblr-1732 865 7 who who PRON cblr-1732 865 8 helped help VERB cblr-1732 865 9 facebook facebook VERB cblr-1732 865 10 set set VERB cblr-1732 865 11 up up ADP cblr-1732 865 12 its its PRON cblr-1732 865 13 initial initial ADJ cblr-1732 865 14 corporategovernance corporategovernance NOUN cblr-1732 865 15 structure structure NOUN cblr-1732 865 16 , , PUNCT cblr-1732 865 17 said say VERB cblr-1732 865 18 : : PUNCT cblr-1732 865 19 “ " PUNCT cblr-1732 865 20 people people NOUN cblr-1732 865 21 look look VERB cblr-1732 865 22 at at ADP cblr-1732 865 23 facebook facebook NOUN cblr-1732 865 24 and and CCONJ cblr-1732 865 25 see see VERB cblr-1732 865 26 what what PRON cblr-1732 865 27 they they PRON cblr-1732 865 28 have have AUX cblr-1732 865 29 done do VERB cblr-1732 865 30 . . PUNCT cblr-1732 865 31 . . PUNCT cblr-1732 865 32 . . PUNCT cblr-1732 865 33 . . PUNCT cblr-1732 866 1 it it PRON cblr-1732 866 2 ’s ’s AUX cblr-1732 866 3 become become VERB cblr-1732 866 4 a a DET cblr-1732 866 5 much much ADV cblr-1732 866 6 more more ADV cblr-1732 866 7 common common ADJ cblr-1732 866 8 thing thing NOUN cblr-1732 866 9 to to PART cblr-1732 866 10 implement implement VERB cblr-1732 866 11 dualclass dualclass NOUN cblr-1732 866 12 capital capital NOUN cblr-1732 866 13 structures structure NOUN cblr-1732 866 14 in in ADP cblr-1732 866 15 silicon silicon NOUN cblr-1732 866 16 valley valley NOUN cblr-1732 866 17 companies company NOUN cblr-1732 866 18 . . PUNCT cblr-1732 866 19 ” " PUNCT cblr-1732 867 1 i i PRON cblr-1732 867 2 d. d. PROPN cblr-1732 867 3 see see VERB cblr-1732 867 4 also also ADV cblr-1732 867 5 supra supra ADJ cblr-1732 867 6 note note NOUN cblr-1732 867 7 206 206 NUM cblr-1732 867 8 . . PUNCT cblr-1732 868 1 kastiel kastiel PROPN cblr-1732 868 2 – – PUNCT cblr-1732 868 3 final final ADJ cblr-1732 868 4 132 132 NUM cblr-1732 868 5 columbia columbia PROPN cblr-1732 868 6 business business NOUN cblr-1732 868 7 law law PROPN cblr-1732 868 8 review review NOUN cblr-1732 868 9 [ [ X cblr-1732 868 10 vol vol NOUN cblr-1732 868 11 . . NOUN cblr-1732 869 1 2016 2016 NUM cblr-1732 869 2 activism.225 activism.225 ADV cblr-1732 869 3 moreover moreover ADV cblr-1732 869 4 , , PUNCT cblr-1732 869 5 as as SCONJ cblr-1732 869 6 shown show VERB cblr-1732 869 7 in in ADP cblr-1732 869 8 this this DET cblr-1732 869 9 article article NOUN cblr-1732 869 10 , , PUNCT cblr-1732 869 11 when when SCONJ cblr-1732 869 12 activists activist NOUN cblr-1732 869 13 have have VERB cblr-1732 869 14 no no DET cblr-1732 869 15 other other ADJ cblr-1732 869 16 apparent apparent ADJ cblr-1732 869 17 formal formal ADJ cblr-1732 869 18 bargaining bargaining NOUN cblr-1732 869 19 mechanisms mechanism NOUN cblr-1732 869 20 , , PUNCT cblr-1732 869 21 controllers controller NOUN cblr-1732 869 22 are be AUX cblr-1732 869 23 more more ADV cblr-1732 869 24 likely likely ADJ cblr-1732 869 25 to to PART cblr-1732 869 26 ignore ignore VERB cblr-1732 869 27 their their PRON cblr-1732 869 28 demands demand NOUN cblr-1732 869 29 , , PUNCT cblr-1732 869 30 and and CCONJ cblr-1732 869 31 reputational reputational ADJ cblr-1732 869 32 markets market NOUN cblr-1732 869 33 alone alone ADV cblr-1732 869 34 have have VERB cblr-1732 869 35 a a DET cblr-1732 869 36 mild mild ADJ cblr-1732 869 37 disciplinary disciplinary ADJ cblr-1732 869 38 effect effect NOUN cblr-1732 869 39 , , PUNCT cblr-1732 869 40 at at ADP cblr-1732 869 41 best good ADJ cblr-1732 869 42 . . PUNCT cblr-1732 870 1 for for ADP cblr-1732 870 2 these these DET cblr-1732 870 3 reasons reason NOUN cblr-1732 870 4 , , PUNCT cblr-1732 870 5 regulators regulator NOUN cblr-1732 870 6 and and CCONJ cblr-1732 870 7 institutional institutional ADJ cblr-1732 870 8 investors investor NOUN cblr-1732 870 9 , , PUNCT cblr-1732 870 10 who who PRON cblr-1732 870 11 are be AUX cblr-1732 870 12 interested interested ADJ cblr-1732 870 13 in in ADP cblr-1732 870 14 encouraging encourage VERB cblr-1732 870 15 activism activism NOUN cblr-1732 870 16 in in ADP cblr-1732 870 17 controlled control VERB cblr-1732 870 18 companies company NOUN cblr-1732 870 19 , , PUNCT cblr-1732 870 20 are be AUX cblr-1732 870 21 urged urge VERB cblr-1732 870 22 to to PART cblr-1732 870 23 require require VERB cblr-1732 870 24 issuers issuer NOUN cblr-1732 870 25 to to PART cblr-1732 870 26 grant grant VERB cblr-1732 870 27 shareholders shareholder NOUN cblr-1732 870 28 unaffiliated unaffiliate VERB cblr-1732 870 29 with with ADP cblr-1732 870 30 the the DET cblr-1732 870 31 controllers controller NOUN cblr-1732 870 32 the the DET cblr-1732 870 33 right right NOUN cblr-1732 870 34 to to PART cblr-1732 870 35 elect elect VERB cblr-1732 870 36 minority minority NOUN cblr-1732 870 37 directors director NOUN cblr-1732 870 38 . . PUNCT cblr-1732 871 1 this this DET cblr-1732 871 2 solution solution NOUN cblr-1732 871 3 , , PUNCT cblr-1732 871 4 which which PRON cblr-1732 871 5 needs need VERB cblr-1732 871 6 to to PART cblr-1732 871 7 be be AUX cblr-1732 871 8 further far ADV cblr-1732 871 9 fleshed flesh VERB cblr-1732 871 10 out out ADP cblr-1732 871 11 , , PUNCT cblr-1732 871 12 may may AUX cblr-1732 871 13 not not PART cblr-1732 871 14 solve solve VERB cblr-1732 871 15 all all DET cblr-1732 871 16 the the DET cblr-1732 871 17 governance governance NOUN cblr-1732 871 18 problems problem NOUN cblr-1732 871 19 in in ADP cblr-1732 871 20 controlled control VERB cblr-1732 871 21 companies company NOUN cblr-1732 871 22 , , PUNCT cblr-1732 871 23 but but CCONJ cblr-1732 871 24 it it PRON cblr-1732 871 25 certainly certainly ADV cblr-1732 871 26 has have VERB cblr-1732 871 27 the the DET cblr-1732 871 28 potential potential NOUN cblr-1732 871 29 to to PART cblr-1732 871 30 make make VERB cblr-1732 871 31 controlling control VERB cblr-1732 871 32 shareholders shareholder NOUN cblr-1732 871 33 more more ADV cblr-1732 871 34 accountable accountable ADJ cblr-1732 871 35 to to ADP cblr-1732 871 36 other other ADJ cblr-1732 871 37 public public ADJ cblr-1732 871 38 shareholders shareholder NOUN cblr-1732 871 39 by by ADP cblr-1732 871 40 creating create VERB cblr-1732 871 41 an an DET cblr-1732 871 42 effective effective ADJ cblr-1732 871 43 platform platform NOUN cblr-1732 871 44 for for ADP cblr-1732 871 45 activist activist ADJ cblr-1732 871 46 involvement involvement NOUN cblr-1732 871 47 . . PUNCT cblr-1732 872 1 225 225 NUM cblr-1732 872 2 supra supra PROPN cblr-1732 872 3 note note NOUN cblr-1732 872 4 213 213 NUM cblr-1732 872 5 . . PUNCT