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.
Trends in competition in the United States: what does the evidence show?
Has the United States economy become less competitive in recent decades? One might think so based on a body of research that has rapidly become influential for...