Paper by Prof. Florian Ederer Honored at Conference of Society for Institutional & Organizational Economics

A paper by Florian Ederer, assistant professor of economics at Yale SOM, and three co-authors examining the effects of common stock ownerships on competition within industries won the Oliver Williamson Best Conference Paper Award at the annual conference of the Society for Institutional & Organizational Economics earlier this month.

The paper, “Common Ownership, Competition, and Top Management Incentives,” shows that when large investors own multiple companies in the same industry, executive compensation is less sensitive to firm performance.

Ederer’s co-authors were Miguel Antón of IESE Business School; Mireia Giné of IESE Business School; and Martin C. Schmalz of the Stephen M. Ross School of Business at the University of Michigan.

“We are honored to receive this prize,” Ederer said, “and hope that our paper will generate further interest in understanding the effects of common ownership.”

Related: Watch a Yale Insights interview with Florian Ederer about his research on common ownership.