The current debate on the competitive risks of common ownership has focused on whether passive index investments soften competition among portfolio companies. However, even if one concedes, in arguendo, that this is the case, it remains unclear in what way this bears on the analysis of...

We challenge the view that the presence of powerful buyers stifles suppliers ́incentives to innovate. Following Katz (1987), we model buyer power as buyers ́ability to substitute away from a given supplier and isolate several effects that support the opposite view, namely that the presence of...

The potentially anticompetitive effects of common ownership are being discussed controversially. While the US agencies still display reluctance, the Commission has already invoked common ownership has part of a theory of harm in Dow/DuPont and Bayer/Monsanto. In our paper we focus on how common...