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|Title:||A Multiple-Industry Panel Analysis of the Anti-Competitive Effects of Common Ownership|
|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.|
|Type of Material:||Princeton University Senior Theses|
|Appears in Collections:||Economics, 1927-2016|
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|Economics_Senior_Thesis_Submission_Click_Here_To_Submit_hrex_attempt_2016-04-13-14-28-44_Rex_Hunter.pdf||438.65 kB||Adobe PDF||Request a copy|
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