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Horizontal Shareholding
Elhauge, Einer - 2016
Horizontal shareholdings exist when a common set of investors own significant shares in corporations that are horizontal competitors in a product market. Economic models show that substantial horizontal shareholdings are likely to anticompetitively raise prices when the owned businesses compete...
Persistent link: https://www.econbiz.de/10013004193
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The Role of Shareholders in the Modern American Corporation
Smith, D. Gordon - 2015
Means (1932) problem of the separation of ownership and control, but notes that the rise of institutional investors has …
Persistent link: https://www.econbiz.de/10013037734
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The Causal Mechanisms of Horizontal Shareholding
Elhauge, Einer - 2020
Although empirical studies show that common shareholding affects corporate conduct and that common horizontal shareholding lessens competition, critics have argued that the law should not take any action until we have clearer proof on the causal mechanisms. I show that we actually have ample...
Persistent link: https://www.econbiz.de/10012849569
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Voice versus Exit : The Causes and Consequence of Increasing Shareholder Concentration
Jahnke, Patrick - 2017
shareholders. Whilst the rise of institutional ownership is nothing new, what has changed is that large economies of scale in the … fund management industry have resulted in ownership concentration amongst a relatively small number of very large … institutions. This ownership concentration has brought down the cost of engagement while at the same time raising the cost of exit …
Persistent link: https://www.econbiz.de/10012948968
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CEO Compensation, Expropriation and Balance of Power Among Large Shareholders
Luo, Yongli - 2013
performance. Firms with more tunneling activities typically have larger controlling ownership, greater evidence of state control … ownership. We empirically address the issues between executive compensation and expropriation of minority shareholders …
Persistent link: https://www.econbiz.de/10013090224
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Three centuries of corporate governance in the UK
Turner, John D. - 2024
years. It makes two principal arguments. First, because the separation of ownership and control was one of the rationales … for the introduction of the corporate form, we should not be surprised that corporate ownership has generally been diffuse … ownership. …
Persistent link: https://www.econbiz.de/10014445783
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Market structure, common ownership and coordinated manager compensation
Neus, Werner; Stadler, Manfred; Unsorg, Maximiliane - 2020
shareholders. Under such an asymmetric ownership structure, the common owners have an incentive to coordinate when designing the …
Persistent link: https://www.econbiz.de/10012179257
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The growing problem of horizontal shareholding
Elhauge, Einer - 2017
Horizontal shareholding exists when significant shareholders have stock in horizontal competitors. (It is often imprecisely called "common shareholding," but that term can also apply when shareholders own stock in two noncompeting corporations. It differs from "cross-shareholding," which...
Persistent link: https://www.econbiz.de/10011685455
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New evidence, proofs, and legal theories on horizontal shareholding
Elhauge, Einer - 2018
This Article shows that new economic proofs and empirical evidence provide powerful confirmation that, even when horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has anticompetitive effects. The new economic proofs show that,...
Persistent link: https://www.econbiz.de/10011810808
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Contracts Between Firms and Shareholders
Schoenfeld, Jordan - 2020
Theory predicts the existence of explicit bilateral contracts between firms and expert shareholders. I assemble and analyze a large-scale data set of these contracts. Using block investments from 1996 to 2018, I find that these contracts involve mainly corporate owners and activist owners, and...
Persistent link: https://www.econbiz.de/10012853669