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- W3157485727 abstract "This paper analyses the impact of common ownership on markups and innovation andadds to the discussion of the recently observed patterns of a long term rise in marketpower. Using a rich panel of European manufacturing firms from 2005 to 2016, westructurally infer markups and construct a measure of common ownership. We use apropensity score reweighting estimator to eliminate biases due to observational characteristicsand find an increase of firm markups ranging up to 3.4% in industries withhigh technological spillovers after the first exposure to common ownership. For companiesdirectly held by common institutional investors, we also measure a positive effecton citation-weighted patents of up to 9.5% in high-spillover industries. Both findingsare consistent with recent theoretical findings in Lopez and Vives (2019). We furtherexploit industry technology classifications by the European Commission to shed somelight on the heterogeneity of the effect of common ownership across the sample." @default.
- W3157485727 created "2021-05-10" @default.
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- W3157485727 date "2020-01-01" @default.
- W3157485727 modified "2023-09-25" @default.
- W3157485727 title "Rising Markups, Common Ownership, and Technological Capacities" @default.
- W3157485727 doi "https://doi.org/10.2139/ssrn.3622912" @default.
- W3157485727 hasPublicationYear "2020" @default.
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