Antitrust Chronicle – Common Ownership Revisited

Antitrust Chronicle – Common Ownership Revisited

Dear Readers, The June 2017 CPI Antitrust Chronicle was centered on the policy debates around Index Funds as a possible “New Antitrust Frontier.” Since then, an intense debate rages on over common ownership and possible competitive effects. We decided to revisit this topic and get a sense of how the debate is progressing. An important […]

CPI Talks…

CPI Talks…

…with Judge Douglas H. Ginsburg –  In this month’s edition of CPI Talks we have the pleasure of speaking with Judge Douglas H. Ginsburg. Judge Ginsburg is a Senior Judge serving on the United States Court of Appeals for the District of Columbia Circuit, Chairman of the International Board of Advisors of the Global Antitrust […]

Common Ownership and Antitrust: Eight Critical Points to Guide Antitrust Policy

Common Ownership and Antitrust: Eight Critical Points to Guide Antitrust Policy

By Menesh S. Patel –  This article presents eight critical points that can aid the ongoing and early development of antitrust policy relating to common ownership. These points touch on some of the most salient issues concerning the relationship between common ownership and competitive harm and have important implications on how regulators should craft antitrust […]

The Competitive Effects of Common Ownership: Theory, Applications, and Mis-Applications

The Competitive Effects of Common Ownership: Theory, Applications, and Mis-Applications

By Daniel P. O’Brien –  An intense policy debate rages over the competitive effects of common ownership. But the empirical work that sparked the debate is not well tethered to economic theory, and this has led to misconceptions about what the empirical work shows. The purpose of this paper is to take a step back […]

Competition and Common Ownership – A Governance Perspective

Competition and Common Ownership – A Governance Perspective

By Holly J. Gregory –  This article considers the potential anticompetitive effects of common ownership by institutional investors in concentrated industries from a corporate governance perspective and questions the hypothesis that companies in concentrated industries are pressed by institutional investors into anti-competitive conduct. It concludes that restricting institutional investor investment and related governance engagement would […]

Does Common Ownership Increase Incentives for Mergers and Acquisitions?

Does Common Ownership Increase Incentives for Mergers and Acquisitions?

By Miguel Antón, José Azar, Mireia Giné & Luca X. Lin –  Acquisitions are on average value-destroying for acquirer shareholders, while it has been shown that non-merging rivals generally gain after such “bad deals.” Value-destroying acquisitions have been largely attributed to managerial discretion, yet why do shareholders approve such decisions? This article illustrates that acquirer […]

The Common Ownership Boom – Or: How I Learned to Start Worrying and Love Antitrust

The Common Ownership Boom – Or: How I Learned to Start Worrying and Love Antitrust

By Anna Tzanaki –  Is common ownership the Doomsday Machine for the operation of free markets, competition and capitalism as we know it? An observer of cutting-edge law and economics literature may indeed tend to believe that we are approaching a point of ultimate antitrust apocalypse. This article tries to unfold the ongoing antitrust-focused debate […]

Common Ownership: Divergence and Convergence between Research and the Public Policy Debate

Common Ownership: Divergence and Convergence between Research and the Public Policy Debate

By Martin Schmalz –  A significant gap persists between the economic literature on common ownership and the legal and public-policy discussion of the associated antitrust problem. To illustrate this gap and ways to bridge it, this note offers examples of contributions to the debate that deviate from what is known in the literature. Contrary to […]

Are The Remedies for the Common Ownership Problem Worse than the Disease?: Assessing the Likely Decision and Error Costs of Proposed Antitrust Interventions

Are The Remedies for the Common Ownership Problem Worse than the Disease?: Assessing the Likely Decision and Error Costs of Proposed Antitrust Interventions

By Thomas A. Lambert & Michael E. Sykuta –  Antitrust scholars have recently proposed additional interventions — beyond enforcement of traditional rules on hub-and-spoke conspiracies, collusion- facilitating devices, etc. — to police anticompetitive harms purportedly resulting from institutional investors’ common ownership of small stakes in competing firms. They maintain that the current “enforcement passivity” on […]

Antitrust Chronicle – The Healthcare Sector: Transatlantic Views

Antitrust Chronicle – The Healthcare Sector: Transatlantic Views

Dear Readers, The Healthcare Sector continues to be fertile ground for antitrust issues, whether in the case of hospital or pharmaceutical mergers (vertical, cross-market, etc.), pay for delay issues, patent settlements, or parallel exports, etc. CPI is pleased to present out latest Antitrust Chronicle focusing on some of these hotly discussed topics in the Healthcare […]

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