Skip to content ETFs Review Our ETFs Start an ETF 1042 QRP About Firm Team Research Blog “Best Of” Blog Academic Research Books New? Start Here Search Leader-Follower Dynamics in Shareholder Activism Activist investors are often seen as independent players. Each builds a stake, pushes for change, and captures value. But in reality, activism increasingly involves multiple blockholders targeting the same firm. This paper introduces a new perspective. Activists do not need formal coordination to act together. Instead, they use market signals. Trading itself becomes a way to influence other investors. The result is a subtle but powerful mechanism. Activists can shape each other’s behavior and ultimately, the value of the firm. Leader-Follower Dynamics in Shareholder Activism Doruk Cetemen, Gonzalo Cisternas, Aaron Kolb, S. Viswanathan The Journal of Finance, 2026 A version of this paper can be found here Want to read our summaries of academic finance papers?…