Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings
研究发现机构投资者交叉持有同行业公司股份会显著提升这些公司的市场份额增长，并通过促进产品市场合作（如合资、战略联盟）提高创新效率和盈利能力。
We analyze the effects of institutional cross-ownership of same-industry firms on product market performance and behavior. Our results show that cross-held firms experience significantly higher market share growth than do non-cross-held firms. We establish causality by relying on a difference-in-differences approach based on the quasi-natural experiment of financial institution mergers. We also find evidence suggesting that institutional cross-ownership facilitates explicit forms of product market collaboration (such as within-industry joint ventures, strategic alliances, or within-industry acquisitions) and improves innovation productivity and operating profitability. Overall, our evidence indicates that cross-ownership by institutional blockholders offers strategic benefits by fostering product market coordination.Received November 12, 2015; editorial decision December 31, 2016 by Editor Itay Goldstein.