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The Journal of Finance· 2018Q1

Anticompetitive Effects of Common Ownership

José Azar, Martin C. Schmalz, Isabel Tecu

Short summary

Common ownership by large institutional investors in the U.S. airline industry increases market concentration 10x more than antitrust authorities assume, leading to higher ticket prices.

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Field: General Economics, Econometrics and Finance

General Economics, Econometrics and FinanceEconomics, Econometrics and Finance