This paper studies the joint dynamics of oil prices and interest in electric cars, measured as the volume of Google searches for related phrases. The dominant view in the literature is that the main determinants of oil prices are macroeconomic conditions and supply disruptions. I show evidence...

In this paper, I develop a model of oligopoly with shareholder voting. Instead of assuming that firms maximize profits, the objective of the firms is decided by majority voting. This implies that portfolio diversification generates tacit collusion. In the limit, when all shareholders are...

The question of whether and how partial common-ownership links between strategically interacting firms affect firm behavior has been the subject of theoretical inquiry for decades. Since then, consolidation and increasing concentration in the asset-management industry has led to more pronounced...

We show that the main claim in Dennis, Gerardi, and Schenone (JF forthcoming) (DGS), namely “that the documented positive correlation between common ownership and ticket prices stems from the market share component of the common ownership measure, and not the ownership and control...

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...

The question of whether and how partial common-ownership links between strategically interacting firms affect firm objectives and behavior has been the subject of theoretical inquiry for decades. Since then, the growth of intermediated asset management and consolidation in the asset management...

We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits. The discontinuity in the profit distribution is:(i) more pronounced amid greater political or public pressure, the public's receptiveness to more extreme political...

The share of stocks beneficially owned by institutional investors has increased substantially over the last three decades. Together with a high and increasing level of concentration in the asset management industry, this trend implies that a small number of institutional investors now constitute...