The rapid growth in index funds and significant consolidation in the asset-management
industry over the past few decades has led to higher levels of common ownership and …

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

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 …

Wages for the vast majority of workers have stagnated since the 1980s while, productivity
has grown. We investigate two coexisting explanations based on rising market power:(1) …

We study markup cyclicality in a granular macroeconomic model with oligopolistic
competition. We characterize the comovement of firm, sectoral, and economy-wide markups …

This paper provides a comprehensive framework to study welfare effects of multiple policy
interventions and other external changes under imperfect competition with emphasis on …

We study the welfare implications of the rise of common ownership in the United States from
1995 to 2021. We build a general equilibrium model with a hedonic demand system in …

In this paper, we investigate the impact of ownership structure on corporate advertising
expenditures. Using mutual fund mergers as an exogenous shock to ownership structure …

Using a novel data set, we show that up to one-fifth of America's largest firms had an activist,
non-financial blockholder, or insider as their largest shareholder in the past 20 years …

Passively managed funds have grown to become some of the largest shareholders in
publicly traded companies, but there is considerable debate about the effects of this growth …