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...

Where do competition, antitrust and private equity intersect? Once antitrust’s favored child compared to strategic buyers, private equity seems to have fallen from competition enforcers’ grace. Interestingly, this is part of a broader trend: financial investors in general, from BlackRock to...

The number of public firms in the United States has halved since the beginning of the twenty-first century, causing consternation among corporate and securities law regulators. The dominant explanations, often advanced by Securities and Exchange commissioners when considering policy initiatives,...

This paper provides a framework for evaluating policy proposals aimed at invigorating competition and improving corporate governance amid a high and increasing level of common ownership of product market competitors. In particular, I propose that any effective proposal must have the effect of...

The spread of minority equity interest by large investors within productive sectors has garnered theattention of major institutions worldwide. This work draws a picture of such “common ownership”in the European energy industry in 2007-2018, by means of novel indicators covering both the...

We show that the main claim in Dennis, Gerardi, and Schenone (JF forthcoming) (DGS), namely "that the documented positive correlation between common ownership and ticket prices stems from the market share component of the common ownership measure, and not the ownership and control components,"...

We examine how relative performance evaluation (RPE) affects industry competition--a question relevant for corporate boards interested in incentivizing executives. Using U.S. airline data, we estimate a dynamic game of competition with heterogenous firms in an oligopolistic market with RPE...

Due to the government-driven mergers of large banks, many competing firms in Japan ended up borrowing from a common lender. Using firm-level data, we find that capital investments of competing firms that share a common lender decrease by 15% of the mean. When a common lender can exercise its...

Weltweit diskutieren Wissenschaftler und Politiker sowie Vertreter von Wettbewerbsbehörden und Finanzmarktregulierern die Bedeutung indirekter Unternehmensverflechtungen über institutionelle Anleger für den Wettbewerb zwischen den verflochtenen Unternehmen. Das Risikopotenzial ergibt sich...

This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the ap-plicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...