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The 2019 Milton Handler Lecture: Horizontal Shareholding

The 2019 Milton Handler Lecture: Horizontal Shareholding
Monday, December 9, 2019 | 6:00 p.m. - 8:00 p.m.
The event will conclude with a cocktail reception.

Program Fee:
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Description:
Institutional investors now cast 93% of shareholder votes at S&P 500 firms and are increasingly diversified in ways that give them shareholdings in horizontal competitors.  Horizontal shareholding levels have risen so much that by 2017 the average weight that an S&P 500 firm put on the profits of other firms in their industry was 75%.  In this talk, Professor Elhauge will review the proofs and numerous empirical studies showing that such horizontal shareholding in concentrated product markets lowers competition, and will detail the causal mechanisms.  He will also explain how such anticompetitive effects help explain longstanding economics puzzles, including executive compensation methods that inefficiently reward executives for industry performance, the sharp rise in the gap between corporate profits and investment, and the growing increase in economic inequality.  Finally, he explains why horizontal shareholding can be directly remedied under antitrust law and why it requires changes in traditional merger analysis.

Speaker:
Professor Einer Elhauge | Carroll and Milton Petrie Professor of Law, Harvard Law School 

Sponsoring Association Committee:
Antitrust & Trade Regulation Committee | Fred T. Isquith, Chair

These lectures are made possible by a generous endowment fund established by Professor Handler and are devoted to developments in antitrust law.


Where
New York City Bar Association 42 West 44th St New York, NY 10036 UNITED STATES

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