Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
Author:Schenone, Carola 

Working Paper
Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry

Institutional investors often own significant equity in firms that compete in the same product market. These "common owners" may have an incentive to coordinate the actions of firms that would otherwise be competing rivals, leading to anti-competitive pricing. This paper uses data on airline ticket prices to test whether common owners induce anti-competitive pricing behavior. We find little evidence to support such a hypothesis, and show that the positive relationship between average ticket prices and a commonly used measure of common ownership previously documented in the literature is ...
FRB Atlanta Working Paper , Paper 2019-15

Working Paper
Conflict of interest and certification in the U.S. IPO market

We examine the long-run performance and valuation of IPOs underwritten by relationship banks. We find that over one- to three-year horizons these IPOs do not underperform similar stocks managed by independent institutions. Moreover, our analysis suggests that relationship banks avoid potential conflicts of interest by choosing to underwrite their best clients' IPOs. Consistent with this result, we show that investors value new issues managed by relationship banks higher than similar IPOs managed by outside banks. Our findings support the certification role of relationship banks and suggest ...
Working Paper Series , Paper WP-07-09

Working Paper
A Critical Review of the Common Ownership Literature

The rapid growth in index funds and significant consolidation in the asset-management industry over the past few decades has led to higher levels of common ownership and increased attention on the topic by academic researchers. A consensus has yet to emerge from the literature regarding the consequences of increased common ownership on firm behavior and market outcomes. Given the potential implications for firms and investors alike, it is perhaps not surprising that policymakers, legal scholars, finance and accounting academics, and practitioners have all taken a keen interest in the subject. ...
FRB Atlanta Working Paper , Paper 2023-17

Conference Paper
Lending relationships and information rents: do banks exploit their information advantages

Proceedings , Paper 1080



FILTER BY Content Type


Benzoni, Luca 1 items

Dennis, Patrick 1 items

Gerardi, Kristopher 1 items

Gerardi, Kristopher S. 1 items

Lowry, Michelle 1 items

show more (1)

FILTER BY Jel Classification

G34 2 items

G23 1 items

G32 1 items

G33 1 items

G38 1 items

L11 1 items

show more (3)

FILTER BY Keywords