Corporate venture capital (CVC) activity is strongly correlated with past activity and is increasingly more permanent among U.S. public firms: the average number of years a firm invests in ventures relative to the number of years passed since its first investment neared 0.25 in 2019 from 0.05 in...

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in...

We provide a simple model to investigate decisions about vertical separation. The key feature of this model is that more than one input is required for the final product of the downstream monopolist. We show that as the bargaining powers of independent complementary input suppliers grow larger,...

The United States spends twice as much per person on pharmaceuticals as European countries, in large part because prices are much higher in the US. This fact has led policymakers to consider legislation for price controls. This paper assesses the effects of a US international reference pricing...

I study the pricing behavior of legacy airlines before and after the American Airlines-US Airways merger. Results are consistent with an increase in price coordination between legacy airlines after the merger. Descriptive evidence suggests the merger facilitated the observed increase in price...

This paper evaluates the recent literature claiming that the US economy has generally become less competitive causing the US economy to perform poorly and that lax antitrust policy is one important reason for the decline in economic performance. Although there certainly are empirical facts...

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 corporations. It differs from "cross-shareholding," which...

This Article shows that new economic proofs and empirical evidence provide powerful confirmation that, even when horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has anticompetitive effects. The new economic proofs show that,...

Vertical integration (ownership and contracts) is an integral part of the structural changes that are occurring in the U.S. food system. Because of its potential adverse effect on competition, vertical integration draws attention from public policy makers, industry and academia. We measure the...