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来源类型Working Paper
规范类型报告
DOI10.3386/w27515
来源IDWorking Paper 27515
Testing the Theory of Common Stock Ownership
Lysle Boller; Fiona Scott Morton
发表日期2020-07-13
出版年2020
语种英语
摘要We test if an increase in common ownership changes future expected profits with an event study method. We collect instances of a stock entering the S&P 500 index and identify its product market competitors. We measure the change in institutional and common ownership (with product market rivals) and find that entering stocks experience a significant increase in both. We measure the stock returns of the entrant's product market rivals upon the entry news. We find that increases in common ownership (driven by the whole vector of ownership similarity) cause increases in stock returns, consistent with a hypothesis that common ownership raises profits.
主题Financial Economics ; Financial Markets ; Corporate Finance ; Industrial Organization ; Antitrust
URLhttps://www.nber.org/papers/w27515
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585189
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GB/T 7714
Lysle Boller,Fiona Scott Morton. Testing the Theory of Common Stock Ownership. 2020.
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