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El rentable juego de las participaciones cruzadas 

Date: 28/05/2017 Author(s): Antón, Miguel; Azar, José; Giné, Mireia Document type: Opinion El pasado 10 de abril el mundo se conmovió con la difusión de un vídeo en el que un pasajero de United Airlines era arrastrado a la fuerza de su asiento, por el que había pagado. La compañía aérea necesitaba varios asientos para su tripulación, pero había vendido más billetes que asientos existentes y la compensación en efectivo no había animado a ... More information  

Common Ownership of Competitors Raises Antitrust Concerns 

Date: 04/2017 Author(s): Azar, José; Schmalz, Martin C. Document type: Article in Journal (refereed) Many industry rivals are commonly owned by an overlapping set of (mostly institutional) investors. Recent empirical research on US airlines and banks has pointed to a likely causal link between common ownership and higher product prices. This note summarises the research to date, reactions by legal scholars, and policy responses, and offers some new ... More information  

Portfolio Diversification, Market Power, and the Theory of the Firm 

Date: 21/03/2017 Author(s): Azar, José Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper This paper develops a model of firm behavior in the context of oligopoly and portfolio diversification by shareholders. Competition for shareholder votes among potential managers seeking corporate office leads to internalization and aggregation of shareholder objectives, including shareholdings in other firms, and the fact that shareholders are consumers ... More information  

Anti-Competitive Effects of Common Ownership 

Date: 21/03/2017 Author(s): Azar, José; Schmalz, Martin; Tecu, Isabel Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper 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 concentration that are ten times larger than what is ¿presumed likely to enhance market power¿ by antitrust authorities. We find a robust correlation between within-route ... More information  

The Toxic Side of Mutual Funds 

Date: 16/03/2017 Author(s): Azar, José Document type: Opinion In his classic 1952 paper, "Portfolio Selection," financial economist Harry Markowitz developed what is known as "modern portfolio theory." The success of Markowitz's ideas brings us to our current situation: mutual fund companies -- namely, BlackRock, Vanguard, State Street and Fidelity -- are now the world's largest asset managers; and hence a rise ... More information  

El futuro del comercio internacional de EE UU 

Date: 04/03/2017 Author(s): Azar, José Document type: Opinion En 1945, Estados Unidos era el principal acreedor a nivel mundial, mientras que actualmente es el mayor deudor. Su posición de inversión internacional neta, en continuo declive desde finales de los años setenta, se aproxima a un valor negativo equivalente al 50% de su PIB. ¿Deberían tomarse medidas para volver a conseguir un comercio más equilibrado? ... More information  

Can Changes in the Cost of Carry Explain the Dynamics of Corporate "Cash" Holdings? 

Date: 08/2016 Author(s): Azar, José; Kagy, Jean-François; Schmalz, Martin C. Document type: Article in Journal (refereed) Firms until recently were effectively constrained to hold liquid assets in non-interest-bearing accounts. As a result, the cost of capital of firms' liquid-assets portfolios exceeded the return, especially when the risk-free interest rate was high. The spread between cost and return is the cost of carry. Changes in the cost of carry explain the dynamics ... More information  
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