scholarly journals Common-Ownership Concentration and Corporate Conduct

2018 ◽  
Vol 10 (1) ◽  
pp. 413-448 ◽  
Author(s):  
Martin C. Schmalz
Keyword(s):  
Asset Management ◽  
Ownership Concentration ◽  
Future Research ◽  
Market Outcomes ◽  
Common Ownership ◽  
Theoretical Inquiry ◽  
Firm Objectives ◽  
Challenges And Opportunities ◽  
And Behavior ◽  
Theoretical Foundations

The question of whether and how partial common-ownership links between strategically interacting firms affect firm objectives and behavior has been the subject of theoretical inquiry for decades. Since then, the growth of intermediated asset management and consolidation in the asset management sector has led to more pronounced common-ownership links at the level at which corporate control is exercised. Recent empirical research has provided evidence consistent with the literature's prediction that common-ownership concentration (CoOCo) can affect product market outcomes. The resulting antitrust concerns have received worldwide attention. However, because CoOCo can change the objective function of a firm, the potential implications span all fields of economics that involve corporate conduct, including corporate governance, strategy, industrial organization, and financial economics. This article connects the papers establishing the theoretical foundations, reviews the empirical and legal literatures, and discusses challenges and opportunities for future research.

Research on the Competitive Consequences of Common Ownership: A Methodological Critique

2021 ◽  
Vol 66 (1) ◽  
pp. 113-122
Author(s):  
José Azar ◽  
Martin C. Schmalz ◽  
Isabel Tecu
Keyword(s):  
Structural Model ◽  
Ownership Concentration ◽  
Estimation Methods ◽  
Future Research ◽  
Panel Regressions ◽  
Common Ownership ◽  
Market Shares ◽  
Negative Effect ◽  
Global Investors ◽  
Positive Effect

This article argues that the evidence presented in several critiques of Azar, Schmalz, and Tecu’s (AST) “airlines” paper does often not back the conclusion these studies draw. Specifically, widely circulated studies claiming that there are no anticompetitive effects of common ownership or that there is no evidence of it either do not attempt to refute AST’s findings of anticompetitive effects in the U.S. airlines industry or in fact confirm the evidence by AST and even dispel valid concerns about AST’s methodology. Focusing on Kennedy, O’Brien, Song, and Waehrer (KOSW), we note that their panel regressions using market-share-free indices of common ownership concentration confirm the positive correlation between common ownership concentration and price, which AST showed with a measure containing potentially endogenous market shares. We then examine the alternative empirical methods KOSW propose: (i) Their conclusion that estimates from a structural model show no evidence of anticompetitive effects is based on an estimation that discards 90% of the available data and therefore, at best, is only valid for that subsample; (ii) their structural model makes no economic sense because it produces a negative effect of route distance on marginal cost; and (iii) they construct an alternative version of the widely used BlackRock- Barclays Global Investors instrument that is arguably invalid. Even absent these methodological concerns, KOSW’s structural estimates are so noisy that they do not in fact reject the hypothesis that common ownership concentration has a positive effect on prices. A more recent structural paper by Park and Seo has shown these concerns to be well-founded: using a different and larger subsample of AST’s data and more standard estimation methods compared to KOSW, they estimate a positive effect of common ownership on prices, as well as a positive effect of route distance on cost. A lesson for future research—and readers of the literature—is to critically evaluate the conclusions drawn by studies in this field, including those that advertise themselves as providing evidence against the existence of anticompetitive effects of common ownership.

scholarly journals Conducting Qualitative Interviews using Virtual Communication Tools amid COVID-19 Pandemic: A Learning Opportunity for Future Research

2020 ◽  
Vol 58 (232) ◽  
Author(s):  
Lalita Sah ◽  
Devendra Raj Singh ◽  
Rajeeb Kumar Sah
Keyword(s):  
Doctoral Students ◽  
Qualitative Interviews ◽  
Alternative Methods ◽  
Future Research ◽  
Communication Tools ◽  
Virtual Communication ◽  
Global Citizens ◽  
Health And Wellbeing ◽  
Challenges And Opportunities ◽  
And Behavior

The COVID-19 pandemic has threatened the health and wellbeing of the global citizens which has led to a significant change in attitude, lifestyle, and behavior of people from diverse professions, including academics and researchers. Doctoral students and funded researchers with the time limit to their research project have experienced stress and anxiety due to the struggle of negotiating and managing the timeline to complete the fieldwork for their research. In the current circumstances, an increasing number of researchers are looking for alternative methods to conduct the fieldwork and complete the data collection. In this context, the aim of this viewpoint is to provide reflections on the challenges and opportunities experienced by the authors while conducting qualitative research fieldwork during the COVID-19 pandemic.

Challenges and Opportunities for Neuroimaging in Young Patients with Traumatic Brain Injury: a Coordinated Effort towards Advancing Discovery from the ENIGMA Pediatric Moderate/Severe TBI Group

2019 ◽  
Author(s):  
Emily L. Dennis ◽  
Karen Caeyenberghs ◽  
Robert F. Asarnow ◽  
Talin Babikian ◽  
Brenda Bartnik-Olson ◽  
...  
Keyword(s):  
Traumatic Brain Injury ◽  
Brain Injury ◽  
Meta Analysis ◽  
Young Patients ◽  
Future Research ◽  
Childhood And Adolescence ◽  
Developmental Issues ◽  
Challenges And Opportunities ◽  
Severe Tbi ◽  
Advance Research

Traumatic brain injury (TBI) is a major cause of death and disability in children in both developed and developing nations. Children and adolescents suffer from TBI at a higher rate than the general population; however, research in this population lags behind research in adults. This may be due, in part, to the smaller number of investigators engaged in research with this population and may also be related to changes in safety laws and clinical practice that have altered length of hospital stays, treatment, and access to this population. Specific developmental issues also warrant attention in studies of children, and the ever-changing context of childhood and adolescence may require larger sample sizes than are commonly available to adequately address remaining questions related to TBI. The ENIGMA (Enhancing NeuroImaging Genetics through Meta-Analysis) Pediatric Moderate-Severe TBI (msTBI) group aims to advance research in this area through global collaborative meta-analysis. In this paper we discuss important challenges in pediatric TBI research and opportunities that we believe the ENIGMA Pediatric msTBI group can provide to address them. We conclude with recommendations for future research in this field of study.

Motivating and Retaining Festival Patronage

2020 ◽  
Vol 24 (4) ◽  
pp. 447-461
Author(s):  
Michelle (Myongjee) Yoo ◽  
Miranda Kitterlin-Lynch ◽  
Bomin Kim
Keyword(s):  
Structural Equation ◽  
Customer Relationship ◽  
Equation Modeling ◽  
Organization And Management ◽  
Customer Relationship Marketing ◽  
Study Results ◽  
And Behavior ◽  
The Relationship ◽  
Self Administered Questionnaire ◽  
Theoretical Foundations

Globally, festivals and host communities face increased competition each year from one another and from the myriad of alternate entertainment options. To remain competitive, festival organizers must fully understand what keeps festival attendees coming back year after year. Festivalscape has been an emerging concept of value in this arena, and previous studies have found that festivalscape has an effect on the attendees' emotion and behavior that influences their overall perceived value of the festival. The purpose of this study is to examine the relationship between festivalscape and the attendees' motivation, satisfaction, and loyalty. A self-administered questionnaire was developed and a structural equation modeling (SEM) was employed to test the proposed hypotheses. Study results support the hypotheses, indicating the importance of using festivalscape factors for festival organization and management and effective customer relationship marketing. Further, this study provides academic contributions to theoretical foundations by confirming the effects of these factors. This study also provides practical implications for managing festivals effectively and successfully.

Conclusion

2017 ◽  
Author(s):  
Harald Schoen ◽  
Sigrid Roßteutscher ◽  
Rüdiger Schmitt-Beck ◽  
Bernhard Weßels ◽  
Christof Wolf
Keyword(s):  
Political Behavior ◽  
Voting Behavior ◽  
Contextual Effects ◽  
Democratic Politics ◽  
Voter Behavior ◽  
Future Research ◽  
Opinion Formation ◽  
Context Sensitive ◽  
Contextual Features ◽  
And Behavior

This concluding chapter summarizes the main findings of the preceding chapters in light of the model of contextual effects on voter behavior. Accordingly, the processes of communication and politicization are of key importance for contextual effects. By implication, we cannot take for granted that contextual features exert sizable effects on voters’ opinion formation and behavior in each and every case. Findings about contextual effects are also context-sensitive and thus do not lend themselves to generalization by default. These observations suggest that context plays a nuanced and conditional role in voting behavior. Exploring it further should be a focal topic of future research on political behavior and democratic politics.

The Interplay of Developing Morality and Gender Attitudes

2020 ◽  
pp. 724-745
Author(s):  
Rebecca S. Bigler ◽  
Lynn S. Liben
Keyword(s):  
Psychological Theory ◽  
The United States ◽  
Gender Nonconformity ◽  
Gender Attitudes ◽  
Future Research ◽  
Policy And Practice ◽  
Ethical Policy ◽  
History Of ◽  
And Gender ◽  
And Behavior

Morality and gender are intersecting realms of human thought and behavior. Reasoning and action at their intersection (e.g., views of women’s rights legislation) carry important consequences for societies, communities, and individual lives. In this chapter, the authors argue that children’s developing views of morality and gender reciprocally shape one another in important and underexplored ways. The chapter begins with a brief history of psychological theory and research at the intersection of morality and gender and suggests reasons for the historical failure to view gender attitudes through moral lenses. The authors then describe reasons for expecting morality to play an important role in shaping children’s developing gender attitudes and, reciprocally, for gender attitudes to play an important role in shaping children’s developing moral values. The authors next illustrate the importance and relevance of these ideas by discussing two topics at the center of contentious debate in the United States concerning ethical policy and practice: treatment of gender nonconformity and gender-segregated schooling. The chapter concludes with suggestions for future research.

scholarly journals Complex System Governance as a Framework for Asset Management

2021 ◽  
Vol 13 (15) ◽  
pp. 8502
Author(s):  
Polinpapilinho F. Katina ◽  
James C. Pyne ◽  
Charles B. Keating ◽  
Dragan Komljenovic
Keyword(s):  
Complex System ◽  
Performance Improvement ◽  
Asset Management ◽  
System Performance ◽  
Future Research ◽  
Complex Organizations ◽  
Potential Relationship ◽  
Structured Approach

Complex system governance (CSG) is an emerging field encompassing a framework for system performance improvement through the purposeful design, execution, and evolution of essential metasystem functions. The goal of this study was to understand how the domain of asset management (AsM) can leverage the capabilities of CSG. AsM emerged from engineering as a structured approach to organizing complex organizations to realize the value of assets while balancing performance, risks, costs, and other opportunities. However, there remains a scarcity of literature discussing the potential relationship between AsM and CSG. To initiate the closure of this gap, this research reviews the basics of AsM and the methods associated with realizing the value of assets. Then, the basics of CSG are provided along with how CSG might be leveraged to support AsM. We conclude the research with the implications for AsM and suggested future research.

scholarly journals Can neuroscience help to understand narcissism? A systematic review of an emerging field

2021 ◽  
Vol 4 ◽  
Author(s):  
Emanuel Jauk ◽  
Philipp Kanske
Keyword(s):  
Systematic Review ◽  
Stress Responses ◽  
Interpersonal Functioning ◽  
Integrative Model ◽  
Experimental Investigations ◽  
Future Research ◽  
Pathological Narcissism ◽  
Ego Threat ◽  
Self Reports ◽  
And Behavior

Abstract Narcissism is a Janusian personality construct, associated with both grandiose self-assuredness and dominance, as well as vulnerable insecurity and reactivity. Central questions of intra- and interpersonal functioning in narcissism are still a matter of debate. Neuroscience could help to understand the paradoxical patterns of experience and behavior beyond the limitations of self-reports. We provide a systematic review of 34 neuroscience studies on grandiose, vulnerable, pathological narcissism, and Narcissistic Personality Disorder (NPD), spanning experimental investigations of intra- and interpersonal mechanisms, research on neurophysiological and neuroendocrine aspects of baseline function, and brain structural correlates. While neuroscience has scarcely directly studied vulnerable narcissism, grandiose narcissism is associated with heightened vigilance to ego threat and stress responses following ego threat, as well as heightened stress indicators in baseline measures. Such responses are not commonly observed in self-reports, highlighting the potential of neuroscience to augment our understanding of self-regulatory dynamics in narcissism. Interpersonal functioning is characterized by deficits in social–affective processes. Both involve altered activity within the salience network, pointing to a double dissociation regarding the expression of narcissism and self/other oriented situational focus. Findings are summarized in an integrative model providing testable hypotheses for future research along with methodological recommendations.

scholarly journals Recent Studies on Common Ownership, Firm Behavior, and Market Outcomes

2021 ◽  
Vol 66 (1) ◽  
pp. 12-38
Author(s):  
Martin C. Schmalz
Keyword(s):  
Firm Behavior ◽  
Fast Rate ◽  
Empirical Work ◽  
Estimation Methods ◽  
Reduced Form ◽  
Market Outcomes ◽  
Competitive Effects ◽  
The Past ◽  
Common Ownership ◽  
Meaningful Research

The literature on competitive effects of common ownership has grown at a fast rate in the past two years. Anticompetitive effects have been confirmed with alternative reduced-form and structural estimation methods, in different industries, geographies, and jurisdictions. Multiple independent studies have disproven early critiques of the literature. Other papers document the heterogeneity of common ownership effects on competition across markets and industries. Important advances were made on the study of the economic mechanisms and governance channels that implement anti-competitive incentives. New theory refines the interpretation of existing empirical work. Access to high-quality ownership and product-market data remains a bottleneck for meaningful research in the area.

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