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In the wake of the financial crisis, new financial market trends have emerged such as the disconnect between financial signals and the real economy, the accumulation of bargaining power in certain investment arenas, and the impact of shareholder activism on corporate governance and valuations. Although shareholder activism has traditionally been more prolific in the US, the percentage of campaigns launched in Europe has been on the rise, prompting responses by both governments and corporations. More recently, a novel form of shareholder activism has developed, coined ‘populist activism’, which differs from traditional shareholder activism in terms of liquidity and suitability for retail investors. Perhaps the best example of this new investment activity is the purchase of GameStop shares by retail investors coordinating over Reddit. These actions had unforeseen consequences for both the retail investors who may have lacked the knowledge to properly assess their risk-taking as well as for institutional investment funds. While Spanish regulators believe that existing laws would make such collaboration illegal in Spain, there are other areas of potential risk for financial market participants such as an uptick in inflation and pressure on the bond market, which will warrant close attention throughout the second half of this year.

Carbó, S. y F. Rodríguez (2021). «New forms of investor activism and the shift in market outlook». SEFO – Spanish Economic and Financial Outlook 10, n. º 2 (marzo): 51-57.