Vertical shareholding during supply chain shocks
研究了供应链上的共同持股（垂直持股）是否有助于企业在供应链冲击期间表现更好，发现垂直持股的供应商-客户组合在新冠疫情爆发后月度总回报更高。
The paper examines whether common ownership along supply chains (i.e., vertical shareholding) is associated with better firm performance during supply chain shock. We find that supplier-customer dyads with vertical shareholding report higher combined monthly returns since the outbreak of the COVID-19 pandemic. The dedicated common investors have the most positive effects, followed by the common quasi-indexers.