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耶鲁金融系2015年秋季讲座:共同所有权的反竞争效应

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Professor Martin Schmalz, from the University of Michigan, will be the Finance Seminar speaker on Friday, September 11, 2015. Martin will present his paper titled “Anti-Competitive Effects of Common Ownership.”

The seminar will be held at Yale School of Management from 11:35am – 12:55pm in EVANS 4200 located at 165 Whitney Avenue. 

Lunch will be served at 11:30am. We hope you can attend!

 

 

Anti-Competitive Effects Of Common Ownership
 
Jose Azar, Martin C. Schmalz, and Isabel Tecu
 
April 21, 2015
 
Abstract
 
Many natural competitors are jointly held by a small set of large diversi ed institutional investors. In the US airline industry, taking common ownership into account implies increases in market concentration that are 10 times larger than what is “presumed likely to enhance market power”by antitrust authorities. We use within-route variation over time to identify a positive e ect of common ownership on ticket prices. A panel-IV strategy that exploits BlackRock's acquisition of Barclays Global Investors con rms these results. We conclude that a hidden social cost ——reduced product market competition—— accompanies the private bene ts of diversi cation and good governance.
 
JEL Classi cation: L41, L10, G34
 
Keywords: Competition, Ownership, Diversi cation, Pricing, Antitrust, Governance, Product Market

 

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