Common ownership - Wikipedia
Common ownership refers to holding the assets of an organization, enterprise or community indivisibly rather than in the names of the individual members or groups of members as common property. Forms of common ownership exist in every economic system.
The common ownership hypothesis: Theory and evidence - Brookings
2019年2月5日 · The common ownership hypothesis asks: when large investors own shares in many firms within the same industry, do those firms have an incentive to soften competition by producing fewer units,...
Common Ownership: Do Institutional Investors Really Promote Anti ...
2018年12月2日 · Common ownership, sometimes referred to as horizontal shareholding, is a term that reflects the investment practice of many institutional investors (which we define here to be both asset owners and asset managers) to hold investment positions in more than one company competing in the same sector.
Common Ownership, Competition, and Top Management Incentives
2020年12月22日 · The common ownership hypothesis suggests that when large investors own shares in more than one firm within the same industry, those firms may have reduced incentives to compete. Firms can soften competition by raising prices, reducing investment, innovating less, or limiting entry into new markets.
Common ownership refers to situations in which investors own shares in multiple firms that compete in the same product market. Over the past few decades, substantial growth in index funds and consolidation in the asset-management industry has contributed to a substantial rise in common ownership.
common ownership are very likely to reduce competition. This note exposes the alternative talking points the industry and its defendants have brought forward, and contrasts them with empirical facts. * The author is the NBD Bancorp Assistant Professor of Business Administration, Harry H. …
Theory and Measurement of Common Ownership - American …
2020年10月25日 · (May 2020) - The common ownership hypothesis, that the presence of diversified investors with holdings in competing firms distorts behavior away from own-firm profit maximization, has generated substantial controversy. Here, we focus on the problem of measuring common ownership.
The Virtue of Common Ownership in an Era of Corporate Compliance
2018年7月22日 · “Common ownership” describes a structure in which a small group of large institutional investors—such as BlackRock, Vanguard, State Street Advisors and Fidelity—have significant ownership in horizontal competitors. Between 1980 and 2012 common ownership rates increased dramatically.
The theory of common ownership posits that diversified investors, by taking noncontrolling ownership stakes in competing firms, effect a partial merger. Azar, Schmalz, and Tecu (2018) documents empirical evidence for this claim in the US airline sector; a growing and controver-sial empirical literature on common ownership
nascent academic economics literature has attracted significant attention for suggesting that funds owning stakes in competing companies (termed ‘common ownership’) could raise competition concerns.