For too long, students of the political economy of corporate governance have been
enthralled by the language of ownership and control. This language stems from Berle and …

This Article aims to provide a foundation for a form of engagement by large institutional
investors and asset managers with their portfolio companies and with the broader corporate …

The power of finance vis-à-vis the nonfinancial sector is changing. Macroeconomic
developments and financial innovations have reduced financial actors' exit options, thus …

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 …

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 …

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 …

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 …

If you manage a" universal owner"-an asset owner or manager that holds a wide swath of
public companies-should you look at each of your portfolio companies separately and ask …

Empirical findings that common ownership is associated with anticompetitive outcomes
including higher prices raise questions about possible policy responses. This comment …