Not quite sure the reports were correct that the FDIC’s interest in common ownership is the first time the topic got federal scrutiny

Seems pretty significant to me

ftc.gov/news-events/ne…

Justice Department and FTC Submit Joint Comment to FERC Explaining that Common Ownership by Investment Companies Can Raise Competition Concerns

🔗: justice.gov/opa/pr/justice…

So true

I’m not aware of any sensible theory for why “passive institutional ownership” should particularly matter (while ignoring ownership by active and activist investors, institutional or not)

mlexmarketinsight.com/news/insight/b…

This paper has changed a lot through the publication process

Common ownership and creative destruction: evidence from US consumers (Review of Finance) academic.oup.com/rof/article/do…

Important ownership data to use later beyond wrds or Thomson Reuters

Until last week, I believed tech firms had exceptionally low levels of common ownership, because the largest shareholders tend to not hold shares in competitors.

Bernie Sanders continues his rant on the Big 3: 'A relatively small oligarchy of men ... will hold the reins.'

Oh, no, apologies -- that was Berle (1959).

Thank you, Jonathan and Jules, for having me on!

youtube.com/watch?v=7s3NLG…

One person's

'anticompetitive effects of common ownership in the airlines industry'

are another person's

'carbon reductions due to universal investor ownership'

On the point that 'price is usually irrelevant', Uri and my book explain what is relevant in tech mergers.

Why would the Big-3 be 'passive' *in banks* specifically?

On the confusion between passive investment and a passive approach to corporate governance (as well as other misconceptions), consider this 2017 OECD background paper.

papers.ssrn.com/sol3/papers.cf…

WRDS was cutting off large owners' 13-F holdings one digit early.

In addition, 13-F owners are often not the largest -- and definitely not those creating variation.

Time for us all to help create ownership data straight from the source. Here is a start: corporateownershipdata.com

Do swap funds have anticompetitive effects?

Consumers of nursing home products do not benefit from vertical common ownership, says this paper: anderson-review.ucla.edu/nursing-home-i…

My amazing co-authors Miguel Antón and Mireia Giné won another award for our joint paper on common ownership.

'For the First Time, Index Funds Face Federal Scrutiny' says this article morningstar.com/funds/fdic-ind…

Covers the FDIC's recent interest in common ownership of banks.

We wrote a paper about that specifically: onlinelibrary.wiley.com/doi/abs/10.111…