Common Ownership, Competition, and Top Management Incentives

We thank Anat Admati, John Asker, José Azar, Matt Backus, Ian Ball, Heski Bar-Isaac, Bo Becker, Dirk Bergemann, Barbara Biasi, Patrick Bolton, Jennifer Brown, Ryan Bubb, Lorenzo Caliendo, Naibin Chen, Chris Conlon, Judith Chevalier, Vicente Cuñat, Jan De Loecker, Peter DeMarzo, Wouter Dessein, Alex Edmans, Daniel Ferreira, Vyacheslav Fos, Xavier Gabaix, Xavier Giroud, Will Goetzmann, Paul Goldsmith-Pinkham, Todd Gormley, Gary Gorton, Jillian Grennan, Phil Haile, Sabrina Howell, Robert Jensen, Jay Kahn, Lisa Kahn, Al Klevorick, Augustin Landier, Song Ma, Gregor Matvos, Meg Meyer, Holger Mueller, Kevin Murphy, Barry Nalebuff, Martin Oehmke, Michael Ostrovsky, Paul Oyer, Paul Pfleiderer, Thomas Philippon, Michael Raith, Raffaella Sadun, Fiona Scott Morton, Kelly Shue, Mike Sinkinson, Jeremy Stein, Chad Syverson, Eric Talley, John Van Reenen, Jidong Zhou, Josef Zechner, Anthony Zhang, Luigi Zingales, and seminar participants at Berlin, Bocconi, Bonn, BU, Cambridge, Case Western, Cass, Cologne, Columbia, Dartmouth, ECGI Tokyo & Stockholm, EWFS, FRB San Francisco, Georgetown, Haverford, HBS, HKUST, IIOC, LBS, NBER, NBIM, NHH, Northwestern, Notre Dame, U Michigan, U Oslo, Oslo Met, Oxford, Simon Fraser University, UBC, UCLA, UCSD, USC, Utah, WFA, WUSTL CFC, WU Vienna, and Yale for helpful comments. We are grateful to Andreas Klümper, Weicheng Min, Regina Seibel, and Nathan Shekita for outstanding research assistance. We acknowledge financial support from the Department of Economy and Knowledge of the Generalitat de Catalunya (Ref. 2014 SGR 1496), the Ministry of Science, Innovation, and Universities (Ref. PGC2018-097335-A-I00), the Deutsche Forschungsgemeinschaft under Germany’s Excellence Strategy – EXC 2126/1–390838866, and the Washington Center for Equitable Growth. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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