This Article addresses an important question in modern antitrust: when large investment funds have holdings across an industry, is competition depressed?The question of the impact of common ownership on competition has gained much attention as the role of institutional shareholding has grown,...

We analyze horizontal mergers when the acquirer holds a passive partial ownership stake (PPO) in the target firm prior to the merger. We show that a PPO reduces the minimal synergy level necessary to make a merger beneficial for consumers. It follows that an antitrust authority ignoring existing...

By the time a young Ronald Coase was composing “The Nature of the Firm” (1937), litigation had already started wending its way through American courts that took up questions that really anticipated Grossman, Hart and Moore on control rights and Simon and Williamson on adaptation, vertical...

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...

Consumers have been left out of the great debate over the mission of the firm, in which advocates of shareholder value maximization face off against advocates of corporate social responsibility, who would allow management leeway to allocate profits to workers and other non-shareholder insiders...

Cartel detection has been an important part of antitrust scholarship and policy for some time. Most of the development of the literature on cartel detection has focused at the firm level. This should not be surprising since industrial organization studies firms and markets. Antitrust scholarship...

Though an acquisition of a minority non-controlling shareholding in a competitor falls outside the scope of the EU merger control provision, the effects on competition of such transactions can be nevertheless vetted on the ground of Articles 101 and 102 TFEU. This approach has been recently...

Competition authorities have a growing interest in assessing the effects of partial ownership arrangements. We show that the effects of such agreements on competition and welfare depend on the intensity of competition in the market and on the firms' governance structure. When assessing the...