José Azar

University of Navarra, IESE Business School

Avenida Pearson 21

Barcelona, 08034

Spain

CEPR

London

United Kingdom

http://https://sites.google.com/site/joseazar/

ECGI

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

29

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48,948

SSRN CITATIONS
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Top 2,221

in Total Papers Citations

644

CROSSREF CITATIONS

91

Scholarly Papers (29)

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1.

Anticompetitive Effects of Common Ownership

Journal of Finance, 73(4), 2018
Number of pages: 79 Posted: 22 Apr 2014 Last Revised: 13 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 17,262 (361)
Citation 50

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

2.

Ultimate Ownership and Bank Competition

Number of pages: 87 Posted: 03 Jan 2016 Last Revised: 08 May 2019
José Azar, Sahil Raina, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, University of Alberta - School of Business and CEPRUniversity of Oxford - Finance
Downloads 5,753 (2,477)
Citation 84

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market, Bank Competition

3.

Labor Market Concentration

Downloads 3,543 ( 5,703)
Citation 49

Labor Market Concentration

Number of pages: 41 Posted: 19 Dec 2017 Last Revised: 07 Feb 2019
José Azar, Ioana Elena Marinescu and Marshall Steinbaum
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice and University of Utah Department of Economics
Downloads 3,251 (6,452)
Citation 7

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Monopsony, Oligopsony, Labor Markets, Competition Policy

Labor Market Concentration

IZA Discussion Paper No. 11254
Number of pages: 35 Posted: 08 Jan 2018
José Azar, Ioana Elena Marinescu and Marshall Steinbaum
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice and University of Utah Department of Economics
Downloads 204 (255,096)
Citation 4

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monopsony, oligopsony, labor markets, competition policy

Labor Market Concentration

NBER Working Paper No. w24147
Number of pages: 42 Posted: 28 Dec 2017 Last Revised: 25 Jun 2023
José Azar, Ioana Elena Marinescu and Marshall Steinbaum
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice and University of Utah Department of Economics
Downloads 88 (498,707)
Citation 37

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4.

Estimating Labor Market Power

Downloads 2,759 ( 8,425)
Citation 16

Estimating Labor Market Power

Number of pages: 58 Posted: 30 Sep 2019 Last Revised: 26 Jul 2022
José Azar, Steven Berry and Ioana Elena Marinescu
University of Navarra, IESE Business School, Yale University - Department of Economics and University of Pennsylvania - School of Social Policy & Practice
Downloads 2,734 (8,412)
Citation 8

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labor supply, monopsony, nested logit

Estimating Labor Market Power

NBER Working Paper No. w30365
Number of pages: 59 Posted: 22 Aug 2022 Last Revised: 21 Jun 2023
José Azar, Steven Berry and Ioana Elena Marinescu
University of Navarra, IESE Business School, Yale University - Department of Economics and University of Pennsylvania - School of Social Policy & Practice
Downloads 25 (864,280)
Citation 8
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5.

Minimum Wage Employment Effects and Labor Market Concentration

Downloads 2,434 (10,298)
Citation 3

Minimum Wage Employment Effects and Labor Market Concentration

Number of pages: 39 Posted: 10 Jul 2019
José Azar, Emiliano Huet-Vaughn, Ioana Elena Marinescu, Bledi Taska and Till Von Wachter
University of Navarra, IESE Business School, UCLA, University of Pennsylvania - School of Social Policy & Practice, Lightcast and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 2,344 (10,764)
Citation 4

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minimum wage, monopsony, oligopsony, labor markets

Minimum Wage Employment Effects and Labor Market Concentration

NBER Working Paper No. w26101
Number of pages: 42 Posted: 02 Aug 2019 Last Revised: 27 Apr 2023
José Azar, Emiliano Huet-Vaughn, Ioana Elena Marinescu, Bledi Taska and Till Von Wachter
University of Navarra, IESE Business School, UCLA, University of Pennsylvania - School of Social Policy & Practice, Lightcast and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 90 (488,034)

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6.

The Big Three and Corporate Carbon Emissions Around the World

Journal of Financial Economics (JFE), Forthcoming, Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC, European Corporate Governance Institute – Finance Working Paper 715/2020
Number of pages: 78 Posted: 03 Apr 2020 Last Revised: 06 Dec 2020
José Azar, Miguel Duro, Igor Kadach and Gaizka Ormazabal
University of Navarra, IESE Business School, IESE Business School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 2,252 (11,740)
Citation 20

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Climate change, ESG, Carbon emissions, Big Three, Shareholder Activism, Institutional Ownership

7.

Portfolio Diversification, Market Power, and the Theory of the Firm

Number of pages: 43 Posted: 20 Jul 2016 Last Revised: 03 Sep 2017
José Azar
University of Navarra, IESE Business School
Downloads 1,713 (18,089)
Citation 25

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Common Ownership, Theory of the Firm, MHHI, Oligopoly, Stakeholder Theory, Firm Boundaries

8.

Concentration in US Labor Markets: Evidence from Online Vacancy Data

Downloads 1,519 (21,715)
Citation 27

Concentration in US Labor Markets: Evidence from Online Vacancy Data

Number of pages: 37 Posted: 09 Mar 2018 Last Revised: 07 Feb 2019
José Azar, Ioana Elena Marinescu, Marshall Steinbaum and Bledi Taska
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice, University of Utah Department of Economics and Lightcast
Downloads 1,366 (24,983)
Citation 12

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Monopsony, Oligopsony, Labor Markets, Competition Policy

Concentration in Us Labor Markets: Evidence from Online Vacancy Data

NBER Working Paper No. w24395
Number of pages: 38 Posted: 12 Mar 2018 Last Revised: 27 Feb 2022
José Azar, Ioana Elena Marinescu, Marshall Steinbaum and Bledi Taska
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice, University of Utah Department of Economics and Lightcast
Downloads 91 (484,707)
Citation 18

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Concentration in US Labor Markets: Evidence from Online Vacancy Data

IZA Discussion Paper No. 11379
Number of pages: 30 Posted: 02 Apr 2018
José Azar, Ioana Elena Marinescu, Marshall Steinbaum and Bledi Taska
University of Navarra, IESE Business School, University of Pennsylvania - School of Social Policy & Practice, University of Utah Department of Economics and Lightcast
Downloads 62 (606,620)

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monopsony, oligopsony, labor markets, competition policy

9.

Beyond the Target: M&A Decisions and Rival Ownership

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 62 Posted: 18 Aug 2018 Last Revised: 20 Dec 2021
Miguel Anton, José Azar, Mireia Gine and Luca X. Lin
University of Navarra, IESE Business School, University of Navarra, IESE Business School, IESE Business School, University of Navarra and HEC Montreal - Department of Finance
Downloads 1,383 (24,968)
Citation 8

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Common Ownership, Mergers and Acquisitions, Synergies, Institutional Investors

10.

The Demand for AI Skills in the Labor Market

Downloads 1,210 (30,447)
Citation 11

The Demand for AI Skills in the Labor Market

Labour Economics, Forthcoming
Number of pages: 60 Posted: 25 Oct 2019 Last Revised: 10 May 2021
Liudmila Alekseeva, José Azar, Mireia Gine, Sampsa Samila and Bledi Taska
KU Leuven, University of Navarra, IESE Business School, IESE Business School, University of Navarra, University of Navarra, IESE Business School and Lightcast
Downloads 1,210 (29,991)
Citation 3

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artificial intelligence, machine learning, wage premium, technology diffusion

11.

Reply to: 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

Number of pages: 12 Posted: 10 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 1,119 (33,921)
Citation 6

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

12.

Can Changes in the Cost of Carry Explain the Dynamics of Corporate 'Cash' Holdings?

Review of Financial Studies, April 2016, Ross School of Business Working Paper No. 1216
Number of pages: 55 Posted: 14 Dec 2013 Last Revised: 30 Sep 2017
José Azar, Jean-François Kagy, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Cornerstone Research, Inc. and CEPRUniversity of Oxford - Finance
Downloads 1,100 (34,716)
Citation 48

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corporate cash, cash hoarding, money demand

13.

Oligopoly, Macroeconomic Performance, and Competition Policy

Downloads 970 (41,553)
Citation 13

Oligopoly, Macroeconomic Performance, and Competition Policy

Number of pages: 56 Posted: 23 May 2018 Last Revised: 20 Dec 2018
José Azar and Xavier Vives
University of Navarra, IESE Business School and University of Navarra - IESE Business School
Downloads 833 (50,581)
Citation 13

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ownership, portfolio diversification, labor share, market power, oligopsony, antitrust policy

Oligopoly, Macroeconomic Performance, and Competition Policy

CESifo Working Paper Series No. 7189
Number of pages: 64 Posted: 06 Nov 2018
José Azar and Xavier Vives
University of Navarra, IESE Business School and University of Navarra - IESE Business School
Downloads 137 (359,496)
Citation 4

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ownership, portfolio diversification, labor share, market power, oligopsony, antitrust policy

14.

The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence: Reply

Number of pages: 8 Posted: 30 Sep 2017 Last Revised: 27 Sep 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 962 (42,072)
Citation 16

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

15.

The Common Ownership Trilemma

Number of pages: 30 Posted: 19 Sep 2019
José Azar
University of Navarra, IESE Business School
Downloads 684 (66,673)
Citation 4

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Portfolio Diversification, Shareholder Value Maximization, Competition, Trilemma, Common Ownership

16.

Revisiting the Anticompetitive Effects of Common Ownership

IESE Business School Working Paper , European Corporate Governance Institute – Finance Working Paper No. 827/2022
Number of pages: 49 Posted: 22 Mar 2021 Last Revised: 10 Jun 2022
José Azar and Xavier Vives
University of Navarra, IESE Business School and University of Navarra - IESE Business School
Downloads 669 (68,693)

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Common Ownership, Antitrust, Competition Policy, General Equilibrium

17.

Why Common Ownership Creates Antitrust Risks

CPI Antitrust Chronicle June 2017
Number of pages: 8 Posted: 20 Jun 2017
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 666 (69,082)

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Competition, Ownership, Pricing, Antitrust, Governance, Product Market

18.

Internet Appendix for: 'Anticompetitive Effects of Common Ownership'

Journal of Finance, Vol. 73, No. 4, 2018
Number of pages: 25 Posted: 23 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 511 (96,003)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

19.

Common Ownership and Merger Control Enforcement

Ioannis Kokkoris and Claudia Lemus (eds.) Research Handbook on the Law and Economics of Competition Enforcement (Edward Elgar Publishing, 2022), IESE Business School Working Paper
Number of pages: 37 Posted: 09 Apr 2021 Last Revised: 07 Nov 2022
José Azar and Anna Tzanaki
University of Navarra, IESE Business School and University of Leeds School of Law
Downloads 395 (130,811)
Citation 2

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common ownership, horizontal shareholding, merger control, antitrust, competition, institutional investors

20.

General Equilibrium Oligopoly and Ownership Structure

Number of pages: 56 Posted: 31 Dec 2019 Last Revised: 15 May 2020
José Azar and Xavier Vives
University of Navarra, IESE Business School and University of Navarra - IESE Business School
Downloads 354 (147,337)
Citation 4

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common ownership, portfolio diversification, macroeconomy, corporate governance, labor share, market power, oligopsony, antitrust policy

21.

A Refutation of 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

European Corporate Governance Institute – Finance Working Paper No. 837/2022
Number of pages: 19 Posted: 27 Jul 2022 Last Revised: 19 Aug 2022
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 326 (160,528)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

22.

Research on the Competitive Consequences of Common Ownership: A Methodological Critique

Number of pages: 12 Posted: 11 Jan 2021
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 313 (167,598)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

23.

Common Ownership in Labor Markets

Number of pages: 72 Posted: 22 Jul 2022 Last Revised: 31 Oct 2023
José Azar, Xin Dai, Yue Qiu and Aaron Sojourner
University of Navarra, IESE Business School, Drexel University, Temple University and W.E. Upjohn Institute for Employment Research
Downloads 298 (178,332)

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Monopsony, Oligopsony, Labor Markets, Competition Policy, Common Ownership

24.

Did the MillerCoors Joint Venture Strengthen the Craft Beer Revolution?

International Journal of Industrial Organization, Forthcoming
Number of pages: 21 Posted: 22 Jul 2021 Last Revised: 27 Aug 2023
José Azar and Xabier Barriola
University of Navarra, IESE Business School and INSEAD
Downloads 226 (232,376)
Citation 1

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mergers, product policies, competitive strategies

25.

Estimating Oligopoly with Shareholder Voting Models

IESE Business School Working Paper
Number of pages: 39 Posted: 20 Dec 2021 Last Revised: 23 Mar 2022
José Azar and Ricardo M. Ribeiro
University of Navarra, IESE Business School and Universidade Católica Portuguesa, Católica Porto Business School
Downloads 220 (238,428)

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Market Power, Overlapping Ownership, Structural Estimation, Antitrust Policy, Managerial Entrenchment, Airline Industry

26.

Common Ownership in Fintech Markets

Konstantinos Stylianou, Marios Iacovides, and Björn Lundqvist (eds.) Fintech Competition: Law, Policy, and Market Organisation (Hart Publishing, 2023), George J. Stigler Center for the Study of the Economy & the State Working Paper No. 329
Number of pages: 47 Posted: 02 Oct 2023 Last Revised: 13 Oct 2023
Anna Tzanaki, Liudmila Alekseeva and José Azar
University of Leeds School of Law, KU Leuven and University of Navarra, IESE Business School
Downloads 161 (314,601)

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common ownership, horizontal shareholding, institutional investors, venture capital, startups, competition, innovation, antitrust, competition law enforcement, fintech

27.

Monopsony and Automation

Max Planck Institute for Innovation & Competition Research Paper No. 23-21
Number of pages: 34 Posted: 16 Oct 2023
José Azar, Marina Chugunova, Klaus Keller and Sampsa Samila
University of Navarra, IESE Business School, Max Planck Institute for Innovation and Competition, Max Planck Institute for Innovation and Competition and University of Navarra, IESE Business School
Downloads 70 (564,786)

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automation, employment, labor market concentration, industrial robots, wage setting

28.

Oligopoly with Shareholder Voting

Number of pages: 42 Posted: 29 Jul 2022
José Azar and Carlos Viché
University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 60 (606,575)
Citation 1

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29.

A Refutation of "Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry"

CESifo Working Paper No. 9937
Number of pages: 18 Posted: 19 Sep 2022
José Azar, Martin Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford and CRA International
Downloads 16 (922,427)

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common ownership, airlines, invalid placebos