Conventional wisdom is that diversification weakens governance by spreading an investor too thinly. We show that, when an investor owns multiple firms...
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...
We study the welfare implications of the rise of common ownership in the United States from 1995 to 2021. We build a general equilibrium model with a...
We 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...
We study anti-competitive mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge, which...
The rapid growth in index funds and significant consolidation in the asset-management industry over the past few decades has led to higher levels of...