This note is concerned with the effects of joint ownership of complements when they are vertically differentiated. We provide strong arguments for the positive nature of network integration among firms, while showing at the same time that, in some circumstances, anti-competitive consequences can...

• When a supplier has multiple uses for its product, its sales-based share in a market may provide more useful first indications of its market power in that market than its production- or capacity-based share.• In particular, the small sales share of a supplier in a market suggests that its...

Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...

General Motors' 1926 acquisition of Fisher Body has long served as a cornerstone of hold-up arguments for vertical integration. This paper utilizes primary historical evidence to make three related claims. First, it shows that GM's initial investment in Fisher occurred primarily to gain access...

This paper derives a concentration measure for markets with multiple vertical segments. The measure is derived using a model of vertical contracting where upstream and downstream firms bargain bilaterally and may be integrated. The resulting vertical Hirschman-Herfindahl Index provides a measure...