Global Declining Competition

Studies of the evolution of market power since 2000 have focused mostly on publicly traded US firms. This column introduces a new global study that incorporates private firms and decomposes the aggregate effect into intensive and extensive margins. It shows the increase in markups is broad-based across countries and sectors but is driven by a small number of firms.   

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Towards the Giant Three: The Rise and Rise of the Big Three Index Funds

The Big Three index fund managers—BlackRock, Vanguard, and State Street Global Advisors—hold a significant proportion of the stock of US public companies, and they continue to grow steadily. There is a real prospect that index funds will continue to grow, and that voting in most significant public companies will come to be dominated by the future “Giant Three,” write Lucian Bebchuk and Scott Hirst.  

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