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 …

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 …

This paper presents direct measures of capital costs, equal to the product of the required
rate of return on capital and the value of the capital stock. The capital share, equal to the …

Financial economics and corporate governance have long focused on the agency problems
between corporate managers and shareholders that result from the dispersion of ownership …

We analyze private fixed investment in the US over the past 30 years. We show that
investment is weak relative to measures of profitability and valuation–particularly Tobin's Q …

Corporate customers are an important stakeholder in global supply chains. We employ
several unique international databases to test whether socially responsible corporate …

Since 2008, a massive shift has occurred from active toward passive investment strategies.
The passive index fund industry is dominated by BlackRock, Vanguard, and State Street …

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 empirically assess the implications of the common ownership hypothesis from a
historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the …

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