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Resources:
Barriers to Competition through Common Ownership by Institutional Investors (May 2020) | European Parliament
Academic Papers:
Schmalz, Martin C., Recent studies on common ownership, firm behavior, and market outcomes (November 17, 2020). Antitrust Bulletin 66 (1), 2021, Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3725305
Azar, José and Schmalz, Martin C. and Tecu, Isabel "Anticompetitive Effects of Common Ownership” (Journal of Finance, Volume 73, Issue 4, Pages: 1513-1565, First Published: 25 May 2018
Schmalz, Martin C., Common-Ownership Concentration and Corporate Conduct (May 10, 2018). Annual Review of Financial Economics, Vol. 10, December 2018; CESifo Working Paper Series No. 6908. Available at SSRN:
https://ssrn.com/abstract=3046829
Melissa Newham & Jo Seldeslachts & Albert Banal-Estanol, 2018. "Common Ownership and Market Entry: Evidence from Pharmaceutical Industry," Discussion Papers of DIW Berlin 1738, DIW Berlin, German Institute for Economic Research.
Hemphill, C. Scott and Kahan, Marcel, The Strategies of Anticompetitive Common Ownership (August 1, 2018). NYU Law and Economics Research Paper No. 18-29; European Corporate Governance Institute (ECGI) - Law Working Paper No. 423/2018. Available at SSRN:
https://ssrn.com/abstract=3210373Bebchuk, Lucian A. and Hirst, Scott, Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy (June 12, 2018). Available at SSRN: https://ssrn.com/abstract=3282794 or http://dx.doi.org/10.2139/ssrn.3282794
Gramlich, Jacob and Grundl, Serafin, The Effect of Common Ownership on Profits: Evidence from the U.S. Banking Industry (2018-10-03). FEDS Working Paper No. 2018-069. Available at SSRN: https://ssrn.com/abstract=3269120 or http://dx.doi.org/10.17016/FEDS.2018.069
Backus, Conlon et al. (2018), Common Ownership and Competition in the Ready-To-Eat Cereal Industry, Mimeo http://www.law.northwestern.edu/research-faculty/searlecenter/events/antitrust/documents/sinkinson_cereal.pdf
Policy papers, reports, viewpoints and speeches:
Monopolies Commission (2016), Competitive Significance of Institutional Investors’ Minority Shareholdings, Excerpt from Chapter III of the Twenty-First Biennial Report of the Monopolies Commission
BlackRock, Index Investing and Common Ownership Theories, Viewpoint, March 2017
DIW, Common ownership of German companies, DIW Economic Bulletin 30, 2017
OECD Roundtable, Common ownership by institutional investors and its impact on competition, Paris, 6 December 2017
Committee on Capital Markets Regulation (FTC): Common Ownership and Antitrust Concerns, November 2017
Noah Joshua Phillips Commissioner, Taking Stock: Assessing Common Ownership, U.S. Federal Trade Commission, June 1, 2018
Concurrences Review and NYU Stern: The Global Antitrust Economics Conference New York City, New York
European Commission, CASE M.7932 – DOW/DUPONT ANNEX 5 TO THE COMMISSION DECISION
ASSESSMENT OF THE EFFECTS OF COMMON SHAREHOLDING ON MARKET SHARES AND CONCENTRATION MEASURES
Biennial Report of the Monopolies Commission under § 44(1) ARC, 3 July 2018 (full report only in German)
FTC Hearing (6 December 2018):
Blog posts and articles:
Blogpost:
Index Fund Stewardship (Harvard Law Blog June 12, 2018) Lucian Bebchuk, Alma Cohen, and Scott Hirst (Harvard Law School)
WSJ article (29 November 2018): John Bogle Sounds a Warning on Index Funds The father of the index fund says it’s probably only a matter of time before they own half of all U.S. stocks; ‘I do not believe that such concentration would serve the national interest’