The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

We present a mechanism based on managerial incentives through which common
ownership affects product market outcomes. Firm-level variation in common ownership …

We derive a measure that captures the extent to which common ownership shifts managers'
incentives to internalize externalities. A key feature of the measure is that it allows for the …

Firms have inefficiently low incentives to innovate when other firms benefit from their
inventions and the innovating firm therefore does not capture the full surplus of its …

We analyze the impact of a merger on firms' incentives to innovate. We show that the
merging parties always decrease their innovation efforts post-merger while the outsiders to …

Motivated by a number of high-profile antitrust cases, we study mergers when firms offer
differentiated products and compete in prices and investments. Since the net effect of the …

Recent empirical research claims to show that the common ownership of competing firms by
institutional investors has anticompetitive effects even when all financial interests are …

Common ownership-where two firms are at least partially owned by the same investor-and
its impact on product market outcomes has recently drawn a lot of attention from scholars …

This paper analyzes the effect of passive investment in rival firms on the setting of uniform
taxes and uniform absolute emission standards by the government. When firms are equal …

This article merges theoretical literature on non-controlling minority shareholdings (NCMS)
in a coherent model to study the effects of NCMS on competition and collusion. The model …