The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

The rapid growth in index funds and significant consolidation in the asset-management
industry over the past few decades has led to higher levels of common ownership and …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …

Financial economics and corporate governance have long focused on the agency problems
between corporate managers and shareholders that result from the dispersion of ownership …

Many blame today's economic inequality, stagnation, and political instability on the free
market. The solution is to rein in the market, right? Radical Markets turns this thinking--and …

We seek to contribute to understanding index fund stewardship by providing a
comprehensive theoretical, empirical, and policy analysis of such stewardship. We put …

Due to the embrace of modern portfolio theory, most of the stock market is controlled by
institutional investors holding broadly diversified economy-mirroring portfolios. Recent …

In the past few years, millions of investors have abandoned actively managed mutual funds
(active funds) in favor of passively managed funds (passive funds). This past year alone …

Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

We empirically assess the implications of the common ownership hypothesis from a
historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the …