...The voting rights associated with each share would be that share times the number of days it has been held by that shareholder...
...A time-based voting system would cumulate the shares from the longest held shares to the shortest and determine the purchase price of the median share. That median purchase price (let's assume $60/share for the above company) would define the share price on which management should feel obligated to earn a return above the cost of equity (let's assume 10%, so $6/share). This definition of shareholder value creation would help keep management from taking extreme and risky action to earn a return on the shareholder who has just purchased the last share at the highest price. This would re-establish the focus of management on creating long-term value for the shareholders who are willing to hold their shares for the long run — a perfect match.
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