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...
Read moreConventional wisdom is that diversification weakens governance by spreading an investor too thinly. We show that, when an investor owns multiple firms...
Read moreThe common ownership debate has become one of the most contentious issues in corporate law today. This debate is a by-product of major...
Read moreThe received view of shareholder engagement from a micro perspective holds that the difficulties of collective action and the resultant rational...
Read moreWe 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...
Read moreDoes corporate governance structure matter for firm value? We develop a model in which the allocation of control rights between shareholders and...
Read moreWe examine the effects of overlapping ownership in a Cournot oligopoly where existing firms with overlapping ownership decide whether to enter a new...
Read moreWe study anti-competitive mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge, which...
Read moreThe last forty years have seen two major economic trends: Wages have stalled despite rising productivity, and institutional investors have replaced...
Read moreScholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial...
Read moreIn light of the transition away from fossil fuel–based energy, this paper highlights the importance of understanding who controls vital parts of the...
Read moreWe examine the market reactions to earnings announcements within a parent-subsidiary ownership structure. We find that the parents’ investors...
Read moreA 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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