Common ownership - where two firms are at least partially owned by the same investor - and its impact on product market outcomes has recently drawn a lot of attention from scholars and practitioners alike. Theoretical and empirical researchsuggests that common ownership can lead to higher...

Die Eigentumsverhältnisse von großen Unternehmen sind in den vergangenen Jahren immer komplexer geworden. Häufig halten große institutionelle Investoren Anteile an verschiedenen börsennotierten Unternehmen gleichzeitig, was als Common Ownership oder gemeinsame Eigentümerstrukturen...

We investigate the dimensions through which R&D spillovers are propagated across firms via cooperation through Research Joint Ventures (RJVs). We build on the framework developed by Bloom et al. (2013) which considers the opposing effects of technology spillovers and product market rivalry, and...

We estimate the deterrence effects of U.S. merger policy instruments with respect to the composition and frequency of future merger notifications. Data from the Annual Reports by the U.S. DOJ and FTC allow industry based measures over the 1986-1999 period of the conditional probabilities for...

This paper tests whether upstream R&D cooperation leads to downstream collusion. We consider an oligopolistic setting where firms enter in research joint ventures (RJVs) to lower production costs or coordinate on collusion in the product market.We show that a sufficient condition for identifying...

We estimate the deterrence effects of U.S. merger policy instruments with respect to the composition and frequency of future merger notifications. Data from the Annual Reports by the U.S. Department of Justice and Federal Trade Commission allow industry-based measures over the 1986-1999 period...

Common ownership - where several firms are (partially) owned by the same investors - and its impact on product market competition has recently drawn much attention. This paper focuses on its implications for market entry. Specifically, we consider the entry decisions of generic pharmaceutical...

We investigate patterns in common ownership networks between firms that are active in the US pharmaceutical industry for the period 2004-2014. Our main findings are that “brand firms” — i.e. firms that have R&D capabilities and launch new drugs — exhibit relatively dense common ownership...

This paper tests whether upstream R&D cooperation leads to downstream collusion. We consider an oligopolistic setting where firms enter in research joint ventures (RJVs) to lower production costs or coordinate on collusion in the product market. We show that a sufficient condition for...