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Interventions by Common Owners
[The Tax Acrobatics in the Dow-DuPont Deal]

Author

Listed:
  • Nathan Shekita

Abstract

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 intervention to demonstrate how common owners influence firm behavior. Although previous literature has identified a link between common ownership and product market outcomes, critics have questioned a common owner’s ability and incentive to alter the behavior of portfolio firms. Missing from the debate are observable interventions from common owners and the mechanisms through which common owners exercise their influence. This paper compiles relevant case studies from media coverage, regulatory proceedings, policy groups, and annual stewardship reports to uncover these channels.

Suggested Citation

  • Nathan Shekita, 2022. "Interventions by Common Owners [The Tax Acrobatics in the Dow-DuPont Deal]," Journal of Competition Law and Economics, Oxford University Press, vol. 18(1), pages 99-134.
    • Handle: RePEc:oup:jcomle:v:18:y:2022:i:1:p:99-134.
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    File URL: http://hdl.handle.net/10.1093/joclec/nhab006
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    Citations

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    Cited by:

    1. Zhang, Linghao & Jin, Xinwei & Wu, Kai, 2025. "How do common institutional investors adapt to early technology adoption?," Journal of Business Research, Elsevier, vol. 199(C).
    2. Albert Banal-Estanol & Jo Seldeslachts & Xavier Vives, 2022. "Ownership Diversification and Product Market Pricing Incentives," Discussion Papers of DIW Berlin 2023, DIW Berlin, German Institute for Economic Research.
    3. Jie (Jack) He & Lantian Liang & Hui (Grace) Wang & Han Xia, 2024. "Networking Behind the Scenes: Institutional Cross-Industry Holdings and Corporate Loan Markets," Management Science, INFORMS, vol. 70(7), pages 4932-4952, July.
    4. Geng, Heng & Hau, Harald & Lai, Sandy & Liu, Pengfei, 2025. "Does shareholder overlap alleviate patent holdup?," Research Policy, Elsevier, vol. 54(2).
    5. repec:bge:wpaper:1371 is not listed on IDEAS
    6. Miguel Antón & Florian Ederer & Mireia Giné & Martin Schmalz, 2025. "Innovation: The Bright Side of Common Ownership?," Management Science, INFORMS, vol. 71(5), pages 3713-3733, May.
    7. Geng, Heng & Hau, Harald & Michaely, Roni & Nguyen, Binh Hoang, 2025. "Common institutional investors and board representation in rival firms," Journal of Corporate Finance, Elsevier, vol. 94(C).
    8. Gibbon, Alexandra J. & Schain, Jan Philip, 2023. "Rising markups, common ownership, and technological capacities," International Journal of Industrial Organization, Elsevier, vol. 89(C).
    9. Hutschenreiter, Dennis & Liu, Qianshuo, 2025. "From rivals to allies? CEO connections in an era of common ownership," IWH Discussion Papers 7/2025, Halle Institute for Economic Research (IWH).
    10. Hutschenreiter, Dennis, 2023. "Common Ownership and the Market for Technology," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277640, Verein für Socialpolitik / German Economic Association.
    11. De Giovanni, Domenico & Ruble, Richard & Zormpas, Dimitrios, 2025. "Strategic capacity investment with common ownership," European Journal of Operational Research, Elsevier, vol. 327(1), pages 340-351.

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