Using a dataset of public procurement auctions and registered shareholders of all bidding firms in Singapore, we study the effects of ownership networks on prices and efficiency in product markets. We document prevalent identical bidding that is positively correlated with ownership networks...

Institutional investors often own significant equity in firms that compete in the same product market. These "common owners" may have an incentive to coordinate the actions of firms that would otherwise be competing rivals, leading to anti-competitive pricing. This paper uses data on airline...

The influential paper by Azar et al. (2018) presents empirical evidence from the airline industry that institutional investors who own shares in firms that are product-market rivals leads to anti-competitive behavior and higher prices. Dennis et al. (2022) refute this contention and show using a...

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...

We study how common ownership among potential acquirers influences the firm selling process. We find that, when potential acquirers share a common owner, the target firm is more likely to be sold through auction rather than negotiation with a single acquirer. The presence of common owner does...