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.
How capacity constraints shape unilateral price effects in horizontal mergers
Examples include hospitals with a fixed number of beds, and hotels with a fixed number of rooms. In the article “Unilateral Price Effects in Horizontal...