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A Welfare Function for Shareholder Engagement: Recognizing Profit for What It Is

August 2021

Citation: 51 ELR 10666

Issue: 8

Author: Frederick Alexander

Madison Condon’s Externalities and the Common Owner (ECO) plays an important role in the growing literature around shareholder activism aimed at increasing portfolio returns, regardless of individual firm effects. The article raises important questions of political economy, power distribution, and anticompetitive activity. In this Comment, I introduce key terminology for discussing these issues, and then reframe several issues raised by the article.

Frederick Alexander is the Chief Executive Officer of The Shareholder Commons.

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