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

ABSTRACT Research Question/Issue The prominent ownership position of the Big Three
asset management firms (ie, BlackRock, Vanguard, and State Street Global Advisors) in …

The literature on competitive effects of common ownership has grown at a fast rate in the
past two years. Anticompetitive effects have been confirmed with alternative reduced-form …

Exploiting the first default of a state-owned enterprise (SOE) in China, we analyze the role of
implicit government guarantees in credit ratings. We consider two causes of implicit …

Environmental, social, and governance (ESG) ratings are widely used in practice but lack
evidence of their underpinning. We find that firms sharing the same major shareholders with …

This paper investigates the influence of ESG rating confusion on bond spreads, an area of
growing importance in sustainable finance. Despite the recognition of ESG rating confusion …

The UK financial system, now in its fifth edition, provides an up-to-date discussion of the UK
financial system and the changes affecting it. Throughout the world the nature and …

Common ownership exists when investors concurrently hold partial and significant shares in
related firms. In this paper, I compile, document, and taxonomize 30 separate cases of …

The market for the credit ratings of Chinese firms is large and growing. We analyse Chinese
firms that have ratings from both domestic and global agencies. Despite the similar symbols …

Hedge fund activists have ambiguous relationships with the institutional shareholders in
their target firms. While some support their activities, others counter their actions. Due to their …