Is Blockholder Diversity Detrimental?

The authors thank Ian Appel, Alon Brav, Alan Crane, Andrew Ellul, Yaniv Grinstein, Patrick Kelly, Michelle Lowry, Roni Michaely, Ernst Maug, Benjamin Segal, Yishay Yafeh, and participants at the IE HU Workshop, American Finance Association, FIRN virtual seminar series, Financial Management Association, FIRN Annual Conference, Frontiers of Finance, Queensland Corporate Finance Conference, and seminars at the Bank of Israel, Ben Gurion University, Binghamton University, Cornell University, Copenhagen Business School, Emory University, the Hebrew University of Jerusalem, Higher School of Economics, University of Hong Kong, London Business School, University of Melbourne, Michigan State University, New Economic School, and the University of Technology, Sydney, for helpful comments and discussions. A previous version of this paper was circulated under the title “Blockholders Diversity: Effect of Polyphony on the Power of Monitoring.”