How big funds can reduce market competition
What happens when the largest shareholder of my company is also the largest shareholder of my competitors? This overlap in ownership (or also called common ownership) is growing, and we need to better understand the implications for markets and the economy. During this breakfast event, we will discuss some implications for market competition and the possible channels through which this happens.
Miguel Antón is Associate Professor in the Department of Financial Management at IESE Business School. He received his undergraduate and master's degrees in economics from the University of Navarra. He holds an MSc in finance and economics from CEMFI, a research institution created by the Bank of Spain. He received his Ph.D. degree in finance from The London School of Economics, and is currently a research affiliate of the Financial Markets Group.
Prof. Antón received the Award of the Best Student in the Bachelor's Degree at the Universidad de Navarra, and the Graduate Teaching Assistant Price in the Department of Finance at the LSE. He was invited to participate with a full scholarship at the Yale Summer School in Behavioral Finance. He is a former Fundación Ramón Areces and Asociación de Amigos de la Universidad de Navarra scholar.
Prof. Antón's principal areas of academic and research activity include empirical asset pricing, the impact of institutional trading in asset prices, mutual fund performance, contagion in credit markets, and determinants of systemic risk.
Prof. Antón has been a visiting fellow at Harvard University, and has presented at international conferences such as the Western Finance Association meetings, the Whitebox Student Conference in Yale University, the Finance Forum in Spain, and the Royal Economic Society Ph.D. Conference in London. He has also given seminars in more than a dozen institutions, including Harvard Business School, the Federal Reserve Bank of New York, the Rotman School of Management in Toronto, HEC Paris, Instituto de Empresa in Madrid, Universidade Nova de Lisboa, and others. He is also a research consultant to private institutions. Prior to his academic career, Prof. Antón worked for The Bank of New York, and for BBVA in the research department.