Corporations undergo growth, maturity and decline, stages which form the corporate life cycle. This study discusses the influence of group, firm and time effects on enterprise performance variation at the different life cycle stages of Taiwan’s electrical and machinery industry. Results...

Has the antitrust arsenal run out of novel theories or weapons? Think again. Recent scholarship has come to challenge conventional wisdom with the latest target of antitrust imagination being institutional investors, including diversified index funds. New economic research suggests that common...

This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the applicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...

This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the ap-plicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...

Prior research on the relationships of institutional ownership and corporate social responsibility has focused on North American (U.S. and Canada) and European companies. With the passage of Indonesian Law No. 40 in 2007, Indonesian companies are now obligated to conduct CSP. As these companies...

This white paper was commissioned by the Council of Institutional Investors for the purpose of educating its members, policymakers, and the general public about important credit rating agency regulation proposals and their potential impact on investors. It offers an institutional investor...

Overlapping institutional ownership in the same industry can have anti-competitive effects but can also elevate product market competition by promoting investments with industry spillovers. Using a text-based product market threat variable, we find that firms with higher common ownership face...

Competition requires that firms have incentives to compete. Common ownership reduces these incentives. There is no known reason or mechanism by which firms are supposed to compete in the absence of incentives to do so. All arguments in the defense of the asset management industry amount to a...

A large number of financial assets are traded in both exchanges and over-the-counter markets (i.e., centralized and decentralized markets, CM and DM hereafter, respectively). Moreover, as documented by Biais and Green (2019), the 20th century has witnessed a secular migration of asset trade from...