Common ownership and competition (Nasse Seminar - June 25, 2021)

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At the Nasse seminar on 25 June 2021, Anne Wachsmann - a partner at Linklaters, and Thomas Philippon - professor of finance at Max L. Heine, New York University, Stern School of Business, discussed the topic of "common ownership and competition". The session was moderated by Stéphane Sorbe - Deputy Director of Sectoral Policies at the French Treasury.

Presentations of speakers Thomas Philippon Research on US data shows that the distribution of institutional and individual ownership has changed over time. While about 80% of US stocks were held by individual shareholders in 1980, the trend reversed in the early 2000s with about 60% of stocks held by institutions. Until very recently, the academic view of this change in ownership was positive: lower costs for investors and lower financing costs for large companies and startups, positive impact on governance. It should be noted that this increase in the share of institutional investors occurred at the same time as the increase in corporate concentration in US industries. Investments have also decreased, mainly in concentrated industries. Studies show a correlation between the

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  • Linklaters (Paris)
  • New York University
  • French Ministry of Economy and Finance (Paris)


Anne Wachsmann, Thomas Philippon, Stéphane Sorbe, Common ownership and competition (Nasse Seminar - June 25, 2021), September 2021, Concurrences N° 3-2021, Art. N° 101421

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