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Data and Code for "Diversification, Common Ownership, and Strategic Incentives"

Version
1
Resource Type
Dataset : administrative records data
Creator
  • Banal-Estanol, Albert (Universitat Pompeu Fabra)
  • Seldeslachts, Jo (KU Leuven)
  • Vives, Xavier (IESE Business School)
Publication Date
2020-09-16
Free Keywords
Common Ownership; Strategic Incentives
Description
  • Abstract

    We investigate how changes in firms’ own-ership structures affect their strategic in-centives in product markets. We show thatfirms’ common ownership incentives, i.e.,the profit loads managers should place oncompeting firms, increase if the holdings ofmore diversified investors’ increase relativeto those of less diversified investors.
    We illustrate the above through twoindustry examples, department stores andpublishers. We show graphically that, in thesetwo industries when the holdings of the pas-sive investors increase, then common own-ership incentives increase. On the contrarywhen the holdings of the active investors in-crease, then common ownership incentivesdecrease.
Temporal Coverage
  • 2004-01-01 / 2012-12-31
    Time Period: Thu Jan 01 00:00:00 EST 2004--Mon Dec 31 00:00:00 EST 2012
  • 2013-01-01 / 2018-12-31
    Collection Date(s): Tue Jan 01 00:00:00 EST 2013--Mon Dec 31 00:00:00 EST 2018
Geographic Coverage
  • US
Sampled Universe
Investors and firms in “Department stores” (NAICS 4521) and“Newspaper, Periodical, Book, and Directory Publishers” (NAICS 5111)..
Availability
Download
This study is freely available to the general public via web download.
Relations
  • Is version of
    DOI: 10.3886/E120781
Publications
  • Banal-Estañol, Albert, Jo Seldeslachts, and Xavier Vives. “Diversification, Common Ownership, and Strategic Incentives.” AEA Papers and Proceedings 110 (May 2020): 561–64. https://doi.org/10.1257/pandp.20201026.
    • ID: 10.1257/pandp.20201026 (DOI)

Update Metadata: 2020-09-16 | Issue Number: 1 | Registration Date: 2020-09-16

Banal-Estanol, Albert; Seldeslachts, Jo; Vives, Xavier (2020): Data and Code for "Diversification, Common Ownership, and Strategic Incentives". Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E120781V1