shank does not change the preload that the fastener will generate for a given torque. The smaller diameter will increase the amount of stretch and the overall stress on the fastener (same torque value assumed). However, the reduced diameter section is most likely the same diameter as the minor diameter of the threads, so in theory the stress is distributed more evenly over more material rather than being concentrated where the threads meet the shank.
What's up with the length difference on your bottom pic?