Common Ownership

Working Paper

11 September 2018

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive...

Erik P. Gilje | Todd Gormley | Doron Levit
03 July 2017

Common Ownership, Competition, and Top Management Incentives

We present a firm-level mechanism through which common ownership can affect product market outcomes consistent with empirical evidence. Our theoretical framework embeds a canonical managerial incentive design problem in a model of...

Miguel Anton | Florian Ederer | Mireia Giné | Martin Schmalz