Corporate cross-ownership results in double counting of assets in the market's valuation of total equity. This paper is the first to use firm-specific data to measure the resulting bias in market capitalization, market portfolio return, capital structure, and the P/E ratio. Based on the...

Using a broad panel of NYSE-, AMEX-, or NASDAQ-listed stocks, this paper studies the relation between institutional ownership concentration and stock price informativeness. One channel through which ownership concentration affects price informativeness is competition among institutional...