I study the simultaneous ownership of equity of competing companies by the same investor, i.e., common ownership, in 39,867 publicly listed corporations in 125 countries between 2000-2020. I construct a global data set to document the prevalence of common ownership in multiple forms, including...

A key issue in antitrust economics is how overlapping ownership affects firm behavior and consumer welfare. This paper studies how horizontal ownership among downstream firms affects the input prices set by an upstream supplier. Using a general consumer demand function, I provide precise...

If securities regulation curbs greenwashing, institutional shareholders catering to climate-conscious beneficiaries are profit-seeking, Socially Responsible (SR) investors with a mandate to ameliorate climate change. SR investors can contribute to sustainable corporate governance making...

This study examines the effect of common institutional ownership on corporate pension funding. We posit that a common owner’s incentive to maximize shareholder value may come at the cost of employee welfare. Consistent with this prediction, we find robust evidence that firms with common...

The increasing use of dual class voting structures in public companies, and the frequency with which such structures contain sunset provisions, raises the issue of when and how such sunset provisions should be modified, extending the company’s use of the dual class structure. Recent decisions...

In this study, we examine the effectiveness of the China Securities Investor Services Center (CSISC), a new minority shareholder protection mechanism promoted by the China Securities Regulatory Commission (CRSC), in promoting the high-quality development of listed companies. Based on the...

The shareholders are the owners of the corporation. The corporation has a separate legal existence independent of the shareholder-owners and a shareholder is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were...

This paper studies how the banking system was affected during the crisis by investigating risk transmission and shock impact mechanisms. After classifying the sample banks in China into state-owned commercial banks (SOCBs), joint-stock commercial banks (JSCBs), and city commercial banks (CCBs),...

Our paper examines how large shareholders manage goodwill impairment to inflate earnings as well as the role of audit functions in this setting. The influence of large shareholders on corporate decisions is well documented, however, overlooked in goodwill literature. Using data from China, we...