A product market is concentrated when a few firms dominate the market. Similarly, a labor market is concentrated when a few firms dominate hiring in the market. Using data from the leading employment website CareerBuilder.com, we calculate labor market concentration for over 8,000...

We develop a tractable general equilibrium framework in which firms are large and have market power, with respect to both products and labor, and in which a firm's decisions are affected by its ownership structure. We characterize the Cournot--Walras equilibrium of an economy where each firm...

How much power do employers have to suppress wages below marginal productivity? It depends on the firm-level labor supply elasticity. Leveraging data on job applications from the large job board CareerBuilder.com, we estimate the wage impact on workers' choice among differentiated jobs in the...

This paper argues that it is impossible to achieve the following objectives simultaneously: (i) portfolio diversification, (ii) shareholder representation, and (iii) competition. In an economy where everyone holds the market portfolio, all the companies have the same shareholders. If, in...

Is common ownership in fintech companies an empirically significant phenomenon? What are its impact on competition and innovation in fintech markets and its implications for competition law enforcement? This chapter studies these questions providing evidence and insights on the extent of common...

This paper recovers and extends unpublished results from the oligopoly with the shareholder voting model of Azar (2012). In particular, we generalize the model to allow for managerial entrenchment. The general model nests the worldviews of both the proponents and skeptics of the common ownership...