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 moreMarket concentration and weak competition do not just lead to lower efficiency, but also result in corporate profits flowing primarily to wealthy...
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 link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and...
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 moreUsing textual analysis of earnings conference calls, we quantify firms’ supply chain risk and its sources. Our proxy for supply chain risk exhibits...
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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