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 …

What is the appropriate objective function for a firm? We analyze this question for the case
where shareholders are prosocial and externalities are not perfectly separable from …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …

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

This paper examines whether common ownership–ie, instances where investors
simultaneously own significant stakes in competing firms–affects voluntary disclosure. We …

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 …

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 …

We investigate the relation between common institutional ownership of the firms in an
industry and product market competition. We find that common ownership is neither robustly …

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 …