Tehran Institute for Advanced Studies (TeIAS)

/ Student Seminar #11: Anticompetitive Effects of Common Ownership

Student Seminar #11: Anticompetitive Effects of Common Ownership

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Date Time Presenter Location
Monday, October 07, 2019
(15 Mehr 1398)
12:30 – 13:30 Esmaeil Aliabadi Khatam University (@ 17 Daneshvar), 7th Floor, Seminar Room

“Many natural competitors are jointly held by a small set of large institutional investors. In the U.S. airline industry, taking common ownership into account implies increases in market concentration that are 10 times larger than what is “presumed likely to enhance market power” by antitrust authorities.1 Within‐route changes in common ownership concentration robustly correlate with route‐level changes in ticket prices, even when we only use variation in ownership due to the combination of two large asset managers. We conclude that a hidden social cost—reduced product market competition—accompanies the private benefits of diversification and good governance.”

Required Reading(s)
Anticompetitive Effects of Common Ownership