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OCIAN SIGNED

Ownership, competition, innovation, and antitrust

Total Cost €

EC-Contrib. €

Partnership

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OCIAN project word cloud

Explore the words cloud of the OCIAN project. It provides you a very rough idea of what is the project "OCIAN" about.

asset supply aggregate finance network effect intends theoretical output empirical perceived implied firms regulatory tools economies assessments stagnation equilibrium investment decades formidable power macroeconomic time dynamism lack implications welfare rights relationship competition devoted labour innovation institutional occurred integration theory global last cash market raised derive ownership policy final view antitrust fourth novelty organization strands first variations blamed patterns lies profound markets entry technological consists mostly industrial industry perspectives linked flow strand corporate models owners structure spillovers purport exit outcomes secular income incentives of

Project "OCIAN" data sheet

The following table provides information about the project.

Coordinator	UNIVERSIDAD DE NAVARRA Organization address address: CAMPUS UNIVERSITARIO EDIFICIO CENTRAL city: PAMPLONA postcode: 31080 website: www.unav.es contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.
Coordinator Country	Spain [ES]
Total cost	1˙071˙947 €
EC max contribution	1˙071˙947 € (100%)
Programme	1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
Code Call	ERC-2017-ADG
Funding Scheme	ERC-ADG
Starting year	2018
Duration (year-month-day)	from 2018-07-01 to 2023-06-30

Partnership

Take a look of project's partnership.

#	participants	country	role	EC contrib. [€]
1	UNIVERSIDAD DE NAVARRA UNIVERSIDAD DE NAVARRA Organization address address: CAMPUS UNIVERSITARIO EDIFICIO CENTRAL city: PAMPLONA postcode: 31080 website: www.unav.es contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.	ES (PAMPLONA)	coordinator	1˙071˙947.00

Map

Project objective

The project intends to study the effect of the ownership structure of firms on competition in product markets, innovation, and aggregate outcomes, and derive welfare and policy implications. The rise of institutional investment, with the profound changes occurred in the asset management industry in the last decades, has implied important variations in the ownership structure of firms. Among them, there has been a formidable increase in common ownership of firms in the same industry, which has raised antitrust concerns, mostly in the US but also in the EU. At the same time, a lack of dynamism in terms of entry and exit, investment and innovation, linked to potential secular stagnation of advanced economies, has been perceived, and blamed on the rise of market power. The proposed research will develop mostly theoretical models to study the effects of changes in the investment industry and firms’ ownership patterns on product markets and the general equilibrium macroeconomic consequences. The proposal consists of five strands. The first three purport to study the effect of changes of the market structure of the investment industry and ownership structure of firms on: i) market power in product markets; ii) investment and innovation incentives in the presence of technological spillovers among firms; and iii) aggregate output, investment, labour supply and income distribution. The fourth strand aims to develop empirical assessments of the developed theory. The final strand of the proposal will derive the antitrust and regulatory implications of the results. Particular attention will be devoted to the impact of changes in the network of control rights and cash flow rights of firms’ owners. The novelty of the approach lies in the integration of the perspectives and tools of industrial organization, corporate finance, and network theory to provide a global view of the relationship between ownership structure, competition and innovation.

Publications

List of publications.
year	authors and title	journal	last update
2019	JosÃ© Azar and Xavier Vives Common Ownership and the Secular Stagnation Hypothesis published pages: 322-326, ISSN: , DOI:	AEA Papers and Proceedings 2019 109	2020-03-05
2019	Ãngel L. LÃ³pez, Xavier Vives Overlapping Ownership, R&D Spillovers, and Antitrust Policy published pages: 2394-2437, ISSN: 0022-3808, DOI: 10.1086/701811	Journal of Political Economy 127/5	2020-03-05
2019	Xavier Vives Common ownership, market power, and innovation published pages: 102528, ISSN: 0167-7187, DOI: 10.1016/j.ijindorg.2019.102528	International Journal of Industrial Organization	2020-03-05

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The information about "OCIAN" are provided by the European Opendata Portal: CORDIS opendata.