We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections ...
Innovation has recently come to the attention of Antitrust Authorities, even though the effect of mergers on innovation is still hotly debated. I study how the activity of Antitrust Authorities impacts future innovation of merging firms. Exploiting a change in notification rules I build an event study comparing mergers notified to the authorities with non-notified ones. I develop a new methodology...
Venture capital (VC) is often seen as an instrumental tool that allows many start-ups to pursue innovation with the potential to shake-up current markets and/or to replace incumbents. Using a highly granular, project-level dataset from preclinical diabetes R&D, this paper shows that VCs actively steer the direction of R&D and streamline activities of research focused firms (pipeline firms)...
This year’s online conference is focusing on the Digital Markets Act (DMA), the EU legislative proposal to regulate digital markets in order to prevent abuses of market power. This regulatory tool contains behavioral obligations for large online platforms (‘gatekeepers’) aimed at reducing entry barriers and ensuring fairness in the relationship between digital platforms and their different user...
Tomaso Duso was appointed as one of the four members of the steering committee of the newly founded CEPR Competition Policy Research & Policy Network. The purpose of the CEPR Competition Policy RPN is to become a leading platform for the critical discussion of competition policy design and outcomes. The RPN seeks to create a network of academics and enforcers to evaluate both influential decisions ...
The European Commission commissioned an international consortium including the DIW Berlin with a background study on State aid in the field of environmental protection and energy. The results of the study are meant to support the Commission in the revision of the EU Guidelines on State aid for environmental protection and energy (EEAG). One key focus of the study was to assess the current rules...
Germany is leading in green competitiveness of its product exports. Deploying the green economic complexity methodology using German AFiD firm-level micro data, this study seeks to analyze explanatory variables for this trend such as green R&D subsidies and subnational density of related green technologies in the light of path dependencies in firms accumulation of green capabilities. It...
We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of block holdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led...
Common ownership - when an investor holds shares in two companies - has recently attracted significant attention from policy-makers and researchers, studying mainly US firms. European firms, however, are different as top investors with large stakes, like governments, founding families and foundations are much more prevalent. This paper takes a well-known common ownership measure derived from...
Since the start of the century, particularly in urban centres, housing markets worldwide have experienced stark price and rent increases. As a consequence urban agglomerations have experienced strong changes in their neighbourhood composition with originally poorer, central areas gentrifying quickly. Governments have reacted by raising the topic of affordable housing on the...