| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27515 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w27515 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585189 |
| 推荐引用方式 GB/T 7714 | Lysle Boller,Fiona Scott Morton. Testing the Theory of Common Stock Ownership. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27515.pdf（433KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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