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Title: A Multiple-Industry Panel Analysis of the Anti-Competitive Effects of Common Ownership
Authors: Rex, Hunter
Advisors: Hong, Harrison
Department: Economics
Class Year: 2016
Abstract: Recent work in the industrial organization literature nds a signi cant relationship between increased levels of institutional ownership among natural competitors and higher product prices in certain industries. We extend this framework to quarterly cross-sections of the U.S. economy using industry-level concentration measures of publicly-traded companies. Panel analyses identify a signi cant positive e ect of both common ownership concentration and its lags on industry average gross pro ts when controlling for xed e ects. We implement a panel-IV strategy using changes in large index funds' industry ownership levels to address endogeneity concerns and suggest a causal link from increased common ownership to higher industry gross pro t margins.
Extent: 50 pages
Type of Material: Princeton University Senior Theses
Language: en_US
Appears in Collections:Economics, 1927-2016

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