We use granular data sets – merged across the UK government bond, interest rate swap, options and futures markets – to estimate exposures to interest rate risk at the sector level and for individual funds within the same sector. We focus on non-bank financial intermediaries (NBFIs) such as...

This paper explores how different margins of market share are related to markups. Usingmerged microdata on producers and consumers, we document that a firm’s market share ismainly related to its number of customers, while its price-cost markup is associated only withits average sales per...

This paper discusses concentration in consumer credit markets with a focus on fintech lenders and residential mortgages. We present evidence that shows that concentration among fintech lenders is significantly higher than that for bank lenders and other nonbank lenders. The data also show that...

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019. Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion, which can be attributed to the...

In this paper, we study a large sample of Spanish firms acquired by private equity funds in leveraged buyout transactions. Leveraged buyouts are controversial in the U.S., yet European researchers link leveraged buyouts and growth. We argue that growth is merely industry consolidation, not...

Nearly 60\% of the money raised in venture capital financing rounds in the U.S. comes from investors in the top decile by money invested. Despite several advantages that these investors enjoy, they are remarkably less efficient in financing successful ventures, obtaining fewer IPOs and...

Recent research has documented that industry concentration has increased significantly over the past 25 years, with potentially negative consequences for competition, productivity, and social welfare. Some have suggested that greater corporate tax planning by industry leaders, which can provide...

Concentration of economic power is usually frowned upon because its social and political effects are substantial and undesirable. On the flip side one can argue that concentration provides the necessary scale to compete in international markets. Researchers use concentration measures like the...

Using moderation and mediation analyses, we examine when and how a concentrated ownership structure might be beneficial for minority shareholders in China's stock markets. Our findings suggest that a median level of ownership concentration in Chinese private companies enhances earnings...