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Anti-Competitive Effects of Common Ownership

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Abstract

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 concentration that are ten times larger than what is ¿presumed likely to enhance market power¿ by antitrust authorities. We find a robust correlation between within-route changes in common ownership concentration and route-level changes in ticket prices, also when we only use variation in ownership due to the combination of two large investors. We conclude that a hidden social cost ¿ reduced product market competition ¿ accompanies the private benefits of diversification and good governance.

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  • Azar, José & Schmalz, Martin & Tecu, Isabel, 2017. "Anti-Competitive Effects of Common Ownership," IESE Research Papers D/1169, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-1169
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Mutual Funds, "Common Ownership" and Ownership Concentration
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2018-08-27 12:24:37

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    More about this item

    Keywords

    Competition; Ownership; Diversification; Pricing; Antitrust; Governance; Product Market;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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