A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look...
Using a novel data set, we show that up to one-fifth of America's largest firms had an activist, non-financial blockholder, or insider as their largest...
We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common...
A stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...
Firms have inefficiently low incentives to innovate when other firms benefit from their inventions and the innovating firm therefore does not capture...
The traditional focus of corporate law is on aligning managers’ preferences with the interests of shareholders. We show that this view is premised on...