> granting stronger voting rights to long-term shareholders would make takeovers harder, That sounds like a reasonable idea, but I think it fails to see how c

> granting stronger voting rights to long-term shareholders would make takeovers harder, That sounds like a reasonable idea, but I think it fails to see how capital markets work. The thing is, voting rights can be sold. If you create different voting rights with weights, you will just create different prices for different voting rights. It will make things unnecessarily complicated, and if you try to prohibit some kinds of voting rights to be sold, you will likely just fuel a black market. Can a 10-year voting right be sold? In theory you can't, since as soon as the share changes hands, it would become a 0-year voting right. Except the voter can sell his right in a different way, that is by just agreeing to vote on command in exchange for money. By making every such conceivable transaction transparent and controlled by Law, the market is supposed to avoid these kinds of shady practices.