Sammanfattning
We analyze how an increase in the degree of common ownership of firms in the same market affects consumption and investment. Such an increase is shown to reduce real investment and therefore intertemporal consumption. Overall, institutional investors’ common ownership of firms competing in the same market serves as a device for weakening market competition. The resulting increase in the price of acquiring shares with institutional investors then crowds out savings directed to real investments.
Originalspråk | Engelska |
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Referentgranskad vetenskaplig tidskrift | Journal of Macroeconomics |
Volym | 62 |
ISSN | 0164-0704 |
DOI | |
Status | Publicerad - 23.08.2019 |
MoE-publikationstyp | A1 Originalartikel i en vetenskaplig tidskrift |
Nyckelord
- 511 Nationalekonomi