IDEAS home Printed from https://ideas.repec.org/p/doj/eagpap/201901.html
   My bibliography  Save this paper

Common Ownership and Airlines: Evaluating an Alternate Ownership Data Source

Author

Listed:
  • Eric Lewis

    (U.S. Department of Justice)

  • Randy Chugh

    (U.S. Department of Justice)

Abstract

Starting with the pioneering work of Azar, Schmalz, and Tecu (2018), a rapidly growing body of empirical evidence on the effect of common ownership on market outcomes has emerged. However, testing the robustness of these results to alternative methods and data sources is just beginning. In this paper, we contribute to this growing body of work by comparing results based on two different data sources on institutional ownership: Thomson Reuters Spectrum (“SP”) and Thomson Reuters Ownership (“OP”). While SP is used by most researchers in this field, we find that OP has several distinct advantages including broader coverage and more convenient data formatting. We replicate the results of Azar, Schmalz, and Tecu (2018) and show that empirical results change dramatically when using OP instead of SP. We also find evidence that MHHI delta measures using OP data are more volatile than those using the SP data.

Suggested Citation

  • Eric Lewis & Randy Chugh, 2019. "Common Ownership and Airlines: Evaluating an Alternate Ownership Data Source," EAG Discussions Papers 201901, Department of Justice, Antitrust Division.
    • Handle: RePEc:doj:eagpap:201901
    as

    Download full text from publisher

    File URL: https://www.justice.gov/atr/abstract-common-ownership-and-airlines-evaluating-alternate-ownership-data-source
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:doj:eagpap:201901. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tung Vu (email available below). General contact details of provider: https://edirc.repec.org/data/atrgvus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.