Small shareholders can be left worse off when companies raise funds. Here's how to protect them
- Written by Kevin Davis, Emeritus Professor of Finance, The University of Melbourne

After the Bank of Queensland agreed to buy ME Bank from Australia’s industry superannuation funds in February, it needed to raise A$1.35 billion quickly.
The way it did it depleted the wealth of quite a few retail shareholders.
Its shares had been trading for $8.41 each. It offered big institutions extra shares for...