José Azar and Isabel Tecu, with Martin C. Schmalz, wrote a paper entitled “Anti-Competitive Effects of Common Ownership.” In this paper, using the airline industry as a laboratory, the authors provide evidence that common ownership by large diversified institutional investors has adverse effects on product market competition.
Platform-wide agreements and competition for new users
Many companies rely on a supplier to serve their existing and future customers, employees, or users. For example, an employer may contract with a health...