| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30004 |
| 来源ID | Working Paper 30004 |
| A Tale of Two Networks: Common Ownership and Product Market Rivalry | |
| Florian Ederer; Bruno Pellegrino | |
| 发表日期 | 2022-05-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the welfare implications of the rise of common ownership in the United States from 1994 to 2018. We build a general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are connected through two large networks: the first reflects ownership overlap, the second product market rivalry. In our model, common ownership of competing firms induces unilateral incentives to soften competition. The magnitude of the common ownership effect depends on how much the two networks overlap. We estimate our model for the universe of U.S. public corporations using a combination of firm financials, investor holdings, and text-based product similarity data. We perform counterfactual calculations to evaluate how the efficiency and the distributional impact of common ownership have evolved over time. According to our baseline estimates the welfare cost of common ownership, measured as the ratio of deadweight loss to total surplus, has increased nearly tenfold (from 0.3% to over 4%) between 1994 and 2018. Under alternative assumptions about governance, the deadweight loss ranges between 1.9% and 4.4% of total surplus in 2018. The rise of common ownership has also resulted in a significant reallocation of surplus from consumers to producers. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w30004 |
| 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/587677 |
| 推荐引用方式 GB/T 7714 | Florian Ederer,Bruno Pellegrino. A Tale of Two Networks: Common Ownership and Product Market Rivalry. 2022. |
| 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 | ||
| w30004.pdf（2706KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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