Leave Delaware(@LeaveDelaware):This is one of the more interesting data points to come out of the DExit wave. Index funds supported 91% of the shares they voted on Texas reincorporations, versus 21% for Nevada. That suggests the market for corporate law is becoming much more sophisticated than “Delaware vs. everyone else.” Large institutions are clearly distinguishing among the alternatives based on the actual governance framework each state is offering. That’s exactly what state competition is supposed to produce: different models, real tradeoffs, and investors voting on them. The gap is big enough that boards considering reincorporation should pay attention.

2026.09.12 15:45

This is one of the more interesting data points to come out of the DExit wave. Index funds supported 91% of the shares they voted on Texas reincorporations, versus 21% for Nevada. That suggests the market for corporate law is becoming much more sophisticated than “Delaware vs. everyone else.” Large institutions are clearly distinguishing among the alternatives based on the actual governance framework each state is offering. That’s exactly what state competition is supposed to produce: different models, real tradeoffs, and investors voting on them. The gap is big enough that boards considering reincorporation should pay attention.

Shane Goodwin, PhD@ShaneGoodwin

2026.09.05 19:52

Texas or Nevada? Index funds backed 91% of the shares they voted on Texas reincorporations — and 21% on Nevada moves. Every fund vote on 46 reincorporation proposals (2024–2026), from SEC filings. Full deck: #DExit# #CorporateGovernance#