Governance Under Common Ownership
Conventional wisdom is that diversification weakens governance by spreading an investor too thinly. We show that, when an investor owns multiple firms...
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The Conundrum of Common Ownership
The common ownership debate has become one of the most contentious issues in corporate law today. This debate is a by-product of major...
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Emerging ESG-Driven Models of Shareholder Collaborative Engagement
The received view of shareholder engagement from a micro perspective holds that the difficulties of collective action and the resultant rational...
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Endogenous Choice of Stakes Under Common Ownership
We present a simple model of common ownership in which an investor chooses its stake in competing firms in light of the effects on firm behavior and firm...
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Irrelevance of Governance Structure
Does corporate governance structure matter for firm value? We develop a model in which the allocation of control rights between shareholders and...
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Free Entry in a Cournot Market With Overlapping Ownership
We examine the effects of overlapping ownership in a Cournot oligopoly where existing firms with overlapping ownership decide whether to enter a new...
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Does the Potential to Merge Reduce Competition?
We study anti-competitive mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge, which...
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Common Ownership and The Decline of the American Worker
The last forty years have seen two major economic trends: Wages have stalled despite rising productivity, and institutional investors have replaced...
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The Strategies of Anticompetitive Common Ownership
Scholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial...
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Green Energy Depends on Critical Minerals. Who Controls the Supply Chains?
In light of the transition away from fossil fuel–based energy, this paper highlights the importance of understanding who controls vital parts of the...
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Are Investors Aware of Ownership Connections?
We examine the market reactions to earnings announcements within a parent-subsidiary ownership structure. We find that the parents’ investors...
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Does Common Ownership Really Increase Firm Coordination?
A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look...
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