Although empirical studies show that common shareholding affects corporate conduct and that common horizontal shareholding lessens competition, critics have argued that the law should not take any action until we have clearer proof on the causal mechanisms. I show that we actually have ample...

Scholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial stakes in competing firms. Their concern rests on empirical evidence that such common concentrated ownership is associated with higher prices and lower...

A phenomenon known as “Common Ownership” arises when shareholders hold substantial stakes in competing firms. Although recent empirical evidence has illustrated how common concentrated owners are associated with higher product market prices and lower output, scholars remain divided as to the...

Minority shareholdings have been on the regulatory agenda of competition authorities for some time. Recent empirical studies, however, draw attention to a new, thought provoking theory of harm: common ownership by institutional investors holding small, parallel equity positions in several...

We present a simple model of common ownership in which an investor chooses its stake in competing firms in light of the effects on firm behavior and firm profits. Two firms compete in Cournot duopoly, and ownership affects a firm’s objective function in the manner posited by Bresnahan & Salop...

Partial ownership of stock in multiple competing firms is an important scholarly and policy topic in both corporate and antitrust law. Until now, the discussion has focused on ownership. This essay shifts the debate from a focus on common ownership to a focus on common control. No prior work has...

The maximization of profit as the main objective of companies is being criticized from different forums, advocating for an economic system in which the achievement of social sustainability will play a leading role. In the banking sector, after the outbreak of the crisis in 2008, financial...

The maximization of profit as the main objective of companies is being criticized from different forums, advocating for an economic system in which the achievement of social sustainability will play a leading role. In the banking sector, after the outbreak of the crisis in 2008, financial...

This PowerPoint deck is used in the classroom to provide a broadly useful framework for value creation. The theme is that we are better equipped to deal with value creation by first gaining insights into how we build knowledge. Part 1 discusses core beliefs critical to a sharpened worldview that...

In recent years, companies have begun to pursue “green business” by taking actions that enhance both the firm’s environmental performance and its competitiveness. This Article describes the green business phenomenon and offers a new theory as to how environmental law and policy can promote...