Collective Activism

The authors thank the editor (Will Cong), an associate editor, and two anonymous referees for constructive comments that have significantly improved the paper. The authors also thank Kerry Back, Vyacheslav (Slava) Fos, Itay Goldstein, Xuewen Liu, Zhiyang Luo, Dermot Murphy, Marzena J. Rostek, Eyub Yegen and Yizhou Xiao, and seminar participants at University of Zurich, the 2021 Northern Finance Association (NFA) Annual Meeting, the 2022 Midwest Finance Association (MFA) Annual Meeting, and the 2023 University of Alberta Frontiers of Finance Conference for insightful comments and suggestions. The authors thank Eyub Yegen for sharing data on institutional ownership.