In this paper, we analyze the relationship between ownership concentration and firm performance, while accounting for the endogeneity of the ownership structure, a potential curvilinearity of the performance effect, differences in corporate governance systems, and alternative performance...

In 1996, Congress increased the limits on how many radio stations one firm can own within a single “radio market.” To enforce these limits, the FCC used an idiosyncratic method of defining radio markets, based on the complex geometry of the signal contour patterns of radio stations’...

We study the incentives of firms that hold partial vertical ownership to foreclose rivals. Compared to a full vertical merger, with partial ownership, a firm may obtain only part of the target's profit but may nevertheless be able to influence the target's strategy significantly. The target may...

Ownership concentration (OC) is important for improving bank stability, but its effect is arguable. Based on a sample of Chinese listed banks, we uncover a positive effect of OC on bank stability captured by Z-score, where the effect can be attributed to higher returns and capital levels of...