Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/262211 
Year of Publication: 
2022
Series/Report no.: 
SAFE Working Paper No. 354
Publisher: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Abstract: 
This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the applicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data obtained from institutional investors' 13F filings. This type of data is generally not available for EU issuers. Absent 13F filings, researchers have to use ownership records sourced from mutual funds' periodic reports and blockholder disclosures. Constructing a 'reduced dataset' that seeks to capture only ownership information available for both EU and US issuers, I demonstrate that the 'extra' ownership information introduced by 13F filings is substantial. However, even when taking differences in the transparency situation into due account, common ownership among listed EU firms is much less pronounced than among listed US firms by any measure. This is true even if the analysis is limited to non-controlled firms.
Subjects: 
common ownership
profit weights
ownership disclosure
13Ffilings
index funds
passive investors
institutional investors
Big Three
JEL: 
G23
G34
G38
K22
L10
L41
Document Type: 
Working Paper

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