Common Ownership Does Not Have Anticompetitive Effects in the Airline Industry
نویسندگان
چکیده
Institutions often own equity in multiple firms that compete the same product market. Prior research has shown these institutional “common owners” induce anticompetitive pricing behavior airline industry. This paper reevaluates this evidence and shows documented positive correlation between common ownership ticket prices stems from market share component of measure, not control components. We further show results are sensitive to measures investor assumptions about holders' during bankruptcy.
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ژورنال
عنوان ژورنال: Journal of Finance
سال: 2022
ISSN: ['0022-1082', '1540-6261']
DOI: https://doi.org/10.1111/jofi.13176