In this paper, we study the effects of common ownership, the extent to which firms are linked via common owners, on employee earnings in U.S. local labor markets. Between 1999 and 2017, common ownership in local labor markets has more than doubled. Panel regressions show that employee earnings...

Random utility models are widely used to study consumer choice. The vast majority of applications make strong assumptions about the marginal utility of income, which restricts income effects, demand curvature and pass-through. We show that flexibly modeling income effects can be important,...

The present work analyzes the effects of goods and capital market integration on welfare. In an imperfectly competitive industry with unionized labor, openness to competition via exports, the possibility of holding minority stakes into a rival company and undertaking Greenfield Foreign Direct...