One result, some analysts argue, could be pressure on profits for many utilities, slowing or preventing dividend growth and hurting shareholders.

But it said that it would try to avoid hurting shareholders.

Q. And won't that eventually hurt shareholders?

First, they dilute per-share earnings at the companies that dispense them, hurting existing shareholders.

The practice can hurt small shareholders by inflating administrative costs and disrupting investment portfolios.

But such an alignment could hurt shareholders by discouraging a buyer from paying top dollar for Gatorade.

But it will not easily be able to sell new equity without hurting existing shareholders, because its stock price is depressed.

Those can be a drag on the entire economy, but even if that doesn't matter to you, remember: it hurts shareholders, including you.

The practice is discouraged by most major fund companies, however, as it can hurt shareholders by adding to costs and disrupting investment portfolios.

Crane contends that such "lock-up agreements" hurt shareholders because they can eliminate more lucrative counteroffers.