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The impact on market outcomes of the portfolio selection of large equity investors

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2021-11-22
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We study a setting in which several large investors select their portfolios of equity of the firms competing in a symmetric duopoly considering the impact of their interests on the managerial incentives. Assuming that investors objective is to maximize the value of their portfolios, we show that equilibrium portfolios will be symmetric, contributing to enhance the anticompetitive impact of the presence of large investors on price mark ups and profits.
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Market Power, Common Ownership, Minority Equity, Portfolio Selection
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