学术活动

2025年5月23日（周五）

10:30-12:00

Maurizio Iacopetta教授

SKEMA商学院与巴黎政治学院经济研究中心

This paper studies the macroeconomic consequences of common ownership in a growth model with industry dynamics. Common ownership occurs when financial investors hold stakes in companies that compete in the product market. The paper integrates three widely debated mechanisms through which common ownership affects corporate decisions: corporate governance, business stealing, and industry knowledge spillovers. It examines how these mechanisms influence product quality, firm entry, and firm size, and explores their aggregate consequences.

In an economy with common ownership, the typical firm is less inclined to invest in quality expansion compared to an economy without common ownership, as the firm's majority shareholder holds stakes in rival firms. The dynamic interaction between common ownership, firm size, entry, and quality expansion gives rise to hump-shaped investment patterns.

Quantitative analysis, calibrated to the U.S. economy, suggests that an increase in common ownership---measured by the magnitude assessed by Azar and Vives (2021) for the U.S. between 1985 and 2015---leads to a 1.76% decline in the quality of corporate governance. It also results in a long-run decrease in corporate investment relative to GDP by 0.09%, and a long-run decline in the economy's rate of growth by 0.046%. Although, in the short run, the payout-to-GDP ratio increases by 0.35%, it declines by 0.21% in the long run.

The paper also studies the welfare consequences of these developments.

Keywords: Common Ownership, Industry Dynamics, Agency Problems, Internal Investments, Quantitative Analysis

JEL Codes: O31, O33, C63, L22, G34

Maurizio Iacopetta 目前担任法国巴黎 SKEMA 商学院的经济学教授，同时也是巴黎政治学院经济研究中心（OFCE Sciences Po Paris）的高级经济学家。他曾在美国佐治亚理工学院（Georgia Institute of Technology）、墨西哥经济教学与研究中心（CIDE）和意大利路易斯·圭多·卡利大学（Luiss Guido Carli）任职。他拥有纽约大学经济学博士学位。

Iacopetta的研究领域包括经济增长、创新经济学以及定量宏观经济学。他最近的研究聚焦于企业治理不善对经济增长的影响。其最新研究成果已发表在Economic Journal、European Economic Review以及Journal of Economic Dynamics and Control上。