Firm ownership is a major determinant for the economic performance of firms, and emissions of pollutants are often by-products of industrial production. We investigate the impact of ownership on pollutant emissions of firms and their in- dustrial facilities in Europe jointly with their output,...

Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within...

We provide new facts about the cross-section and evolution of mergers and acquisitions for U.S. public firms. Using a general equilibrium model with a hedonic demand system and data on institutional ownership, we document that mergers are increasingly concentrated among firm pairs with a high...

I document a novel asset-pricing fact that the expected returns of 7 anomaly factors are lower among stocks with higher ownership share by smart-beta institutional investors who trade according to these anomalies. The factor-oriented demand of smart-beta investors contributes to lower...

This study aims to explore the relationship between the new approach of creditor control rights measurement (introduced by Feldhütter, Hotchkiss, and Karakaş (2016)) and corporate governance as well as firm investments activities. The new measure is constructed from the price difference...

This paper investigates the impact of ETF ownership on seasoned equity offerings (SEOs). We find that increases to firms’ ETF ownership is positively related to their propensity to conduct an SEO. ETF ownership is also associated with less negative SEO announcement returns, smaller discounts,...

This paper empirically tests the bottleneck co-ownership theory presented in Boffa and Panzar (2012) by using data in the US airline industry. We present a structural model of codesharing between major airlines and regional airlines. The empirical evidence in this study supports the bottleneck...