This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …

incentive alignment between shareholders and creditors plays an important role in lowering loan yield spreads …

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 …

horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has … were the core target of antitrust law were horizontal shareholders. I further show that anticompetitive horizontal …

We find that large shareholders of Moody's (affiliated investors) abnormally decrease their stock ownerships in a firm …, significant only after Moody's initial public offering when affiliated investors become Moody's shareholders, and insignificant … among Moody's small shareholders and for rating upgrades that are not expected to impact stock prices. Affiliated investors …