@howdy1 - One of the big shortcoming of the study is that it fails to consider the rules and regulations that market makers must comply with. It's entirely possible that FTDs that would increase the size of a float and unfairly skew an outcome would be invalid. According to the study, brokers that have oversold a security will reduce voting results proportionally so that the total number of votes cast does not exceed the underlyings company's outstanding float. Theortically, a vested party could buy enough naked-shorted shares to change the proportion and "fix" the outcome. In cases like this, I'm confident that the regulatory authorities could simply order brokerage houses to cover their FTD's and any influence naked shorts have on voting results disappears.