Data and Code for "Diversification, Common Ownership, and Strategic Incentives"

Principal Investigator(s):  View help for Principal Investigator(s) Albert Banal-Estanol, Universitat Pompeu Fabra ; Jo Seldeslachts, KU Leuven ; Xavier Vives, IESE Business School

Version:  View help for Version V1

Name File Type Size Last Modified
  code 08/26/2020 04:53:AM
  data 08/26/2020 04:54:AM
  output 08/26/2020 04:55:AM
readme_f.pdf application/pdf 183.7 KB 08/26/2020 12:48:AM

Project Citation: 

Banal-Estanol, Albert , Seldeslachts, Jo , and Vives, Xavier . Data and Code for “Diversification, Common Ownership, and Strategic Incentives.” Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-09-16. https://doi.org/10.3886/E120781V1

Project Description

Summary:  View help for Summary
We investigate how changes in firms’ own-
ership structures affect their strategic in-
centives in product markets. We show that
firms’ common ownership incentives, i.e.,
the profit loads managers should place on
competing firms, increase if the holdings of
more diversified investors’ increase relative
to those of less diversified investors.
We illustrate the above through two
industry examples, department stores and
publishers. We show graphically that, in these
two industries when the holdings of the pas-
sive investors increase, then common own-
ership incentives increase. On the contrary
when the holdings of the active investors in-
crease, then common ownership incentives
decrease.


Scope of Project

Subject Terms:  View help for Subject Terms Common Ownership; Strategic Incentives
JEL Classification:  View help for JEL Classification
      G23 Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
      L21 Business Objectives of the Firm
      L22 Firm Organization and Market Structure
Geographic Coverage:  View help for Geographic Coverage US
Time Period(s):  View help for Time Period(s) 2004 – 2012
Collection Date(s):  View help for Collection Date(s) 2013 – 2018
Universe:  View help for Universe Investors and firms in “Department stores” (NAICS 4521) and
“Newspaper, Periodical, Book, and Directory Publishers” (NAICS 5111).
Data Type(s):  View help for Data Type(s) administrative records data


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V1 [2020-09-16]

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