Early Papers Advancing the Common Ownership Hypothesis or Offering Policy Measures Based on This Hypothesis

» Einer Elhauge, Horizontal Shareholding, 129 Harv. L. Rev. 1267 (2016). This paper argues that common ownership can help explain fundamental economic puzzles, including why corporate executives are rewarded for industry performance rather than individual corporate performance alone, why corporations have not used recent high profits to expand output and employment, and why economic inequality has risen in recent decades. The paper also argues that common ownership that creates anticompetitive effects is illegal under current antitrust law and recommends antitrust enforcement actions to reduce this type of common ownership.