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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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cites:
The present paper provides a first answer to the question of how anti-competitive shareholder incentives resulting from common ownership are translated into the anti-competitive behavior of firms. Our paper shows that managerial incentives are, at least to some extent, aligned with common shareholders’ anti-competitive incentives. It also supports the view that anti-competitive effects caused by common ownership can obtain without “collusion,†that is, without direct or indirect coordination between firms. This insight informs a vivid debate in the legal literature industry-size firms, evidence is consistent with the use of RPE in CEO compensation. 21 Among those, our theoretical analysis is closest in spirit to Aggarwal and Samwick (1999a) and DeMarzo and Kaniel (2016) who both study moral hazard models with linear RPE contracts. Whereas the former paper focuses on product market competition, the latter investigates the role of relative wealth concerns.
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