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Common Ownership Around the World

Author

Listed:
  • Miguel Antón
  • Florian Ederer
  • Mireia Giné
  • Guillermo Ramirez-Chiang

Abstract

We study common ownership in 49 countries from 2005 to 2019 and show that it is pervasive and rising around the world. However, despite this global growth, common ownership is still considerably lower in all countries compared to the United States. It is particularly high and growing rapidly among the largest firms, a trend observed across all countries and regions. The rise of common ownership stems not only from increased institutional investment but also from its growing concentration, a development in which the Big Three (BlackRock, Vanguard, State Street) play a dominant role, particularly in the United States. Although non-Big Three institutional investors remain important in other countries, the significant increase in common ownership in many countries is primarily attributable to the breadth, size, and growth of Big Three holdings. We also investigate how common ownership is related to legal, institutional, and market characteristics such as investor protection laws, competition laws, mandatory ESG disclosure, and labor market frictions across firms and countries.

Suggested Citation

  • Miguel Antón & Florian Ederer & Mireia Giné & Guillermo Ramirez-Chiang, 2025. "Common Ownership Around the World," NBER Working Papers 33965, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33965
    Note: CF IO LE
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    More about this item

    JEL classification:

    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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