These scholars—including Harvard Law School Professor Einer Elhauge—argue that mutual funds, by holding shares in competing firms, such as the largest banks and the major airlines, cause those firms to compete with each other less aggressively. They also insinuate that mutual funds may pass competitively sensitive information between firms in which they are invested.
On the other side stand an array of skeptics who question whether the legal theory is sound and the proffered empirical evidence sufficient. See, e. Several of these scholars note that prohibiting common ownership would be poor public policy because it would deprive investors of the ability to spread risk across a diversified financial portfolio with very low transaction costs. A third group has been willing simply to assume the legal theory and economic evidence establish antitrust liability and proceeded to propose far-reaching remedies.
As the debate goes on, U. Several prominent enforcers appear to share this lack of conviction. See coverage here. In our article my co-author Keith Klovers and I offer four observations that should significantly narrow the focus of the legal debate.
First, it is important to distinguish between investment management and economic ownership. The investment manager is only the nominal owner, acting as a fiduciary for the investors, who are the real parties in interest. Even when an institutional investor does vote all the shares it manages the same way, as is usually the case, that does not justify aggregating all the shares held by all the funds of a particular institutional investor.
Indeed, there is good reason to think these funds would vote differently, for they have diverse stock positions and therefore different competitive incentives. So an investor in the former Fidelity fund would benefit if Bank of America takes sales from Valley National, whereas an investor in the latter Fidelity fund likely would not.
Second, the current empirical evidence that common ownership causes anticompetitive harm is limited and hotly disputed. Indeed, only a minority of the economic studies find a correlation between the degree of common ownership and higher prices, and even those do not establish causation. Although the mechanism of harm, if any, is unknown, most proponents nonetheless assume a causal relationship, which supports finding an antitrust violation and imposing a sweeping remedy.
To name one prominent example, so say Scott Morton and Hovenkamp. This approach puts the legal cart before the economic horse; indeed, not all practices with anticompetitive effects are unlawful. It is at best simply premature, based upon the empirical evidence available today, to declare common ownership an antitrust violation and thereby to force the reorganization of trillions of dollars in mutual fund assets. As the U. Fourth, common ownership does not require antitrust enforcers to apply an entirely new analytic framework to the purported problem; traditional antitrust principles suffice and remain applicable.
The evidence cited by proponents suggests their underlying concern is with conventional types of conduct that may lessen competition, whether a hub-and-spoke conspiracy, the exchange of competitively sensitive information, or conscious parallelism in oligopoly markets. It has also created a system where getting into politics is a business venture, with business plans and an expected rate of return on investment.
From the Cambridge English Corpus. If the project generates financial revenues, but they are lower than for purely commercial investments, then perhaps an interest rate subsidy would be most appropriate. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. Shareholders expect returns on investments in pharmaceutical and biotechnologic companies.
The reduction in collateral relative to debt raises the costs of lending and reduces the return on investment and the aggregate rate of growth. Finally, at the new steady state, investment ceases, capital, and, hence, output are reduced. This reduces the costs of financial intermediation and raises the overall return on investment. For example, sometimes it will be in the interests of the effectiveness of the relationship that both parties make asset-specific investments.
But investment in human rights is not only a moral and quasi-legal salvation from things that are still going depressingly wrong. External benefits and costs that may be related to such investments are ignored since rational farmers are unlikely to be concerned about off-site effects.
Apparently, these types of pension funds are able to manage their investment more efficiently than the other categories : industry funds have lower costs. Most of the women were casual workers working, typically, with low capital investment in tools and technology. It is only reasonable to require an investment to yield a return at least as high as that on the alternative use of funds.
It is, of course, difficult to predict how these and future changes in the investment opportunity set will influence surplus distribution in the future. As pointed out earlier, higher priority may be given to directing commercial credit to non-environmental investments. Until then heavy capital investment in scientific research had been mainly limited to state-corporate sponsorship of chemistry, where the practical dividends were very apparent.
Collocations with investment. Click on a collocation to see more examples of it. See all collocations with investment. Translations of investment in Chinese Traditional. Need a translator? Translator tool. What is the pronunciation of investment? Browse investigative journalist. Test your vocabulary with our fun image quizzes. Image credits. Word of the Day economical. About this. Read More. New Words genetic scissors.
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