A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects that some studies have attributed to common ownership are caused by other factors, such as differential responses of firms (or industries) to the 2008 financial crisis. We propose a modification to one of the previously used empirical approaches that is less sensitive to these issues. Using this to re-evaluate the link between common ownership and firm outcomes, we find little robust evidence that common ownership affects firm behavior.

越来越多的研究表明，共同所有权导致公司之间的合作增加而竞争减少。我们将仔细研究用于识别这些影响的四种方法。我们发现，一些研究归因于共同所有权的影响是由其他因素引起的，例如企业（或行业）对2008年金融危机的不同反应。我们建议对以前使用的经验方法之一进行修改，使其对这些问题不太敏感。用它来重新评估普通所有权和公司结果之间的联系，我们发现很少有有力的证据表明普通所有权会影响公司的行为。