Common Ownership in America: 1980-2017

MATTHEW BACKUS; CHRISTOPHER CONLON; MICHAEL SINKINSON

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Common Ownership in America: 1980-2017

机译：美国共同所有权：1980-2017

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We empirically assess the implications of the common ownership hypothesis from a historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the dramatic rise in common ownership in the time series is driven primarily by the rise of indexing and diversification and, in the cross section, by investor concentration, which the theory presumes to drive a wedge between cash flow rights and control. We also show that the theory predicts incentives for expropriation of undiversified shareholders via tunneling, even in the Berle and Means (1932) world of the widely held firm.

机译：我们从1980年到2017年的标准普尔500 5份公司的历史角度明确评估了共同所有权假设的影响。我们表明，时间序列中共同所有权的戏剧性上升主要是通过索引和多样化的兴起来驱动。，在横截面，受到投资者的浓度，该理论假定在现金流权和控制之间推出楔形。我们还表明，该理论预测通过隧道征收透明股东的激励，即使在伯勒和意思（1932年）广泛持有公司的世界中也是如此。

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来源
《American economic journal》 |2021年第3期|273-308|共36页
作者
MATTHEW BACKUS; CHRISTOPHER CONLON; MICHAEL SINKINSON;
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作者单位

Columbia University NBER and CEPR;

New York University;

Yale School of Management and NBER;

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正文语种 eng
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Common Ownership in America: 1980-2017

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