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 …

This study focuses on the impact of common ownership on executive pay-for-performance
sensitivity using a sample of A-share listed firms in China from 2008 to 2020. We find …

This paper presents a theoretical framework for determining the ownership stakes held by
financial investors in companies competing in the same product market, commonly referred …

This paper analyses the impact of common ownership on markups and innovation and adds
to the discussion of the recently observed patterns of a long term rise in market power. Using …

We develop an empirical model of overlapping ownership conduct. The model (i) links firm
conduct parameters to deep parameters of the firm's process of shareholder preference …

We examine the effects of overlapping ownership among existing firms deciding whether to
enter a product market. We show that in most cases—and especially when overlapping …

We study the effects on corporate loan rates of an unexpected change in the Italian
legislation which forbade interlocking directorates between banks. Exploiting multiple firm …

We document novel stylized facts about the effects of overlapping ownership on profits. We
find that overlapping ownership is associated with lower profit margins when corporate …

We link investor ownership to profit loads on rival firms by the managers of a firm. We
propose a theory model in which we distinguish between passive and active investors' …

Overlapping ownership has gained considerable momentum in the last decades, yet little is
known about the role of its sources. We quantify the relative importance of common …