Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the difficulty of separating these two effects. We use newly-developed techniques to separately estimate productivity and markups across a wide range of industries using detailed...

This paper explores the role of state-owned enterprises (SOEs) in the low-carbon transition in OECD and G20 countries. It tracks GHG emissions and energy investments by SOEs and analyses the impact of SOEs on investments in renewable electricity. A descriptive analysis of SOEs’ role in the...

I use data on all public firms in the U.S. and their owners to construct a "modified Herfindahl-Hirschman Index" (MHHID) of market concentration that is based on the network of institutional ownership between rival firms. The new feature of my measure is that it uses a locally defined industry...

Product differentiation is well established as being the key source of the cereal industry's high price-cost margins. However, there is little consensus as to whether pricing collusion is also a source of profitability, and indeed, whether price even serves as a strategic variable in this...

I revisit a loss-leader hypothesis to test a previously untested theory within countercyclical pricing where firms target consumers of high shopping basket value. I estimate a model to predict shopping basket values of consumers to then utilize in estimating of the targeting of high valued...

The ownership of competing firms by investment funds, or common ownership, can cause anti-competitive product market outcomes. This paper examines the price effects of common ownership in the Western Australian (WA) retail gasoline market. Using a rich data set of daily, station-level petrol...

In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no increase of concentration of new loans. The...

In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no increase of concentration of new loans. The...

I study the simultaneous ownership of equity of competing companies by the same investor, i.e., common ownership, in 39,867 publicly listed corporations in 125 countries between 2000-2020. I construct a global data set to document the prevalence of common ownership in multiple forms, including...