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Does Common Ownership Increase Incentives for Mergers and Acquisitions? 

Fecha: 21/05/2019 Autor / es: Antón, Miguel; Azar, José; Giné, Mireia; Lin, Luca Xianran Tipo de documento: Artículo en otra publicación Diversified acquirer shareholders can profit from value-destroying acquisitions not only through their target stakes, but also through their stakes in non-merging rival firms. Más información

Common Ownership and the Secular Stagnation Hypothesis 

Fecha: 05/2019 Autor / es: Azar, José; Vives, Xavier Tipo de documento: Proceeding We extend the model in Azar and Vives (2018) to allow for investment and show that higher effective market concentration (augmented by common ownership) leads to lower equilibrium wages, real interest rates, lower output, lower labor share, and lower capital share as well (under a mild condition). We calibrate a multisector sector model of the US ... Más información

Acquisitions, Common Ownership, and the Cournot Merger Paradox 

Fecha: 18/01/2019 Autor / es: Antón, Miguel; Azar, José; Giné, Mireia; Xianran Lin, Luca Tipo de documento: Documento de investigación Diversified acquirer shareholders can profit from value-destroying acquisitions not only due to their target stakes, but mostly from their stakes in non-merging rival firms. Theoretically we show that the ?Cournot Merger Paradox? still applies under such common ownership, that is, all the gains from a merger are captured by non-merging rivals in the ... Más información

Concentration in US Labor Markets: Evidence from Online Vacancy Data 

Fecha: 10/08/2018 Autor / es: Azar, José; Marinescu, Ioana; Steinbaum, Marshall; Taska, Bledi Tipo de documento: Documento de investigación Using data on the near-universe of online US job vacancies collected by Burning Glass Technologies in 2016, we calculate labor market concentration using the Herfindahl-Hirschman index (HHI) for each commuting zone by 6-digit SOC occupation. The average market has an HHI of 4,378, or the equivalent of 2.3 recruiting employers. 60% of labor markets ... Más información

Oligopoly, Macroeconomic Performance, and Competition Policy 

Fecha: 02/08/2018 Autor / es: Azar, José; Vives, Xavier Tipo de documento: Documento de investigación We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns to scale are non-increasing, then an increase in ?effective? ... Más información

Labor Market Concentration 

Fecha: 19/12/2017 Autor / es: Azar, José; Marinescu, Ioana; Steinbaum, Marshall Editor/es: PPSRC - Public-Private Sector Research Center Tipo de documento: Documento de investigación A product market is concentrated when a few firms dominate the market. Similarly, a labor market is concentrated when a few firms dominate hiring in the market. Using data from the leading employment website CareerBuilder.com, we calculate labor market concentration for over 8,000 geographic-occupational labor markets in the US. Based on the DOJ-FTC ... Más información Leer artículo relacionado

Why Common Ownership Creates Antitrust Risks 

Fecha: 14/06/2017 Autor / es: Azar, José; Schmalz, Martin C.; Tecu, Isabel Tipo de documento: Artículo en otra publicación This article illustrates the extent of present-day common ownership and discusses the economic logic of why common ownership leads to reduced incentives to compete and may cause anticompetitive outcomes. The authors then review some of the empirical evidence to date, discuss critiques of the same and explain the conceptual problems inherent with all ... Más información

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

Fecha: 21/03/2017 Autor / es: Azar, José Editor/es: PPSRC - Public-Private Sector Research Center Tipo de documento: Documento de investigación 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 ... Más información

Anti-Competitive Effects of Common Ownership 

Fecha: 21/03/2017 Autor / es: Azar, José; Schmalz, Martin; Tecu, Isabel Editor/es: PPSRC - Public-Private Sector Research Center Tipo de documento: Documento de investigación 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 ... Más información

Ultimate Ownership and Bank Competition 

Fecha: 23/07/2016 Autor / es: Azar, José; Raina, Sahil; Schmalz, Martin C. Tipo de documento: Documento de investigación We use a uniquely extensive branch-level dataset on deposit account interest rates, maintenance fees, and fee thresholds, and document substantial time-series and cross-sectional variation in these prices. We then examine whether variation in bank concentration helps explain the variation in prices. The standard measure of concentration, the HHI, is ... Más información
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