The Common Ownership Boom - Or: How I Learned to Start Worrying and Love Antitrust

Competition Policy International - CPI Antitrust Chronicle on "Common Ownership Revisited", May 2019

11 Pages Posted: 18 Jun 2019

See all articles by Anna Tzanaki

Anna Tzanaki

European University Institute; University College London - Centre for Law, Economics and Society

Date Written: May 21, 2019

Abstract

Is common ownership the Doomsday Machine for the operation of free markets, competition and capitalism as we know it? An observer of cutting-edge law and economics literature may indeed tend to believe that we are approaching a point of ultimate antitrust apocalypse. This article tries to unfold the ongoing antitrust-focused debate by exploring a series of questions: i) who is a common owner; ii) what are the negative externalities of common ownership; iii) which are the potential anticompetitive mechanisms and theories of harm; iv) what are the appropriate legal solutions to any competition concerns. While there is so much we do not know, common ownership forces us, with some urgency, to revisit and review whether our existing antitrust tools, methods and policies are well fit for purpose.

Keywords: common ownership, antitrust, competition policy, corporate governance, institutional investors, index funds, passive investment, diversification, overlapping ownership, horizontal shareholding, agency costs, theory of the firm, comparative law

JEL Classification: D21, D43, G11, G20, G23, G30, G32, G34, K21, K22, L10, L13, L21, L22, L40, L41, O16

Suggested Citation

Tzanaki, Anna, The Common Ownership Boom - Or: How I Learned to Start Worrying and Love Antitrust (May 21, 2019). Competition Policy International - CPI Antitrust Chronicle on "Common Ownership Revisited", May 2019. Available at SSRN: https://ssrn.com/abstract=3401209

Anna Tzanaki (Contact Author)

European University Institute ( email )

Via Bolognese 156 (Villa Salviati)
Florence
Italy

University College London - Centre for Law, Economics and Society ( email )

Bentham House
Endsleigh Gardens
London, WC1H 0EG
United Kingdom

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