We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … ownership overlap, including mergers in the asset management industry and the growth of indexing, could in fact diminish … possibility that the growth of common ownership has had a significant impact on managerial incentives.Institutional subscribers to …

We derive a measure that captures the extent to which common ownership shifts managers' incentives to internalize … manager's actions benefit the investor's overall portfolio. Empirically, we show that potential drivers of common ownership … analyzing whether the growth of common ownership affects managerial incentives …

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … ownership overlap, including mergers in the asset management industry and the growth of indexing, could in fact diminish … possibility that the growth of common ownership has had a significant impact on managerial incentives …