I appreciate the opportunity to submit a comment in response to the FTC’s Request for Information on Merger Enforcement. This comment focuses on responding to Question 12.h of the Request, which asks whether changes should be made to the guidelines’ approach to common ownership and...

We study in a highly abstract laboratory setting whether and how subjects in the role of shareholders use the stock market to monopolize product markets. We find that shareholders holding stakes in product market rivals choose compensation packages for subjects in the role of managers that...

We present a general equilibrium model in which heterogeneous investors choose among bonds, stocks, and an Index Fund holding the market portfolio. We show that, under standard assumptions, an equilibrium exists. We then derive predictions for equilibrium asset prices, investor behavior, and...