The European Corporate Governance Institute (ECGI) featured a Focus Panel on ‘Common Ownership: Antitrust Meets Corporate Governance’ at their Annual Members’ Meeting in Berlin, in May 2018. The research that triggered much of this debate has now been published in the Journal of Finance: J Azar, MC Schmalz and I Tecu, ‘Anticompetitive Effects of Common Ownership’ (2018) 73 Journal of Finance 1513. The publication includes an internet appendix that provides details and a replication package. This should make it possible for anyone with access to Thomson Reuters ownership data and a Stata licence to replicate the results of the paper.

Also last week, a paper with opposing findings (PJ Dennis, K Gerardi and C Schenone, ‘Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry’ (2018)) was awarded the best conference paper prize at the European Finance Association annual meeting in Warsaw, a significant endorsement. The Prize Committee comprised of Alex Edmans, London Business School and ECGI, Alexi Savov, NYU Stern, and Laura Starks, The University of Texas at Austin and ECGI.

ECGI will continue to track the debate through a dedicated common ownership page.


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