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Florian, Ederer ; Martin, Schmalz ; Miguel, Anton ; Mireia, Gine ; Florian, Ederer ; Martin, Schmalz. (2016) Common Ownership, Competition, and Top Management Incentives.
In: Cowles Foundation Discussion Papers. RePEc:cwl:cwldpp:2046.
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The most closely related paper is Aggarwal and Samwick (1999a) (henceforth AS), who examine theoretically and empirically how the (optimal) use of RPE is related to product market competition, as measured by the HHI index of market concentration. By contrast, we are interested in how RPE relates to common ownership concentration in the industry (measured by O’Brien and Salop (2000)’s MHHI delta (MHHID), whereas total market concentration is MHHI = HHI + MHHID), holding fixed the traditional HHI measure of concentration. The key differences from AS are as follows. First, theoretically, AS show that the relation between HHI and RPE depends on whether firms compete à la Bertrand or Cournot.14 By contrast, we show that the effect of common ownership on the use of RPE is unambiguously negative.
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