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The practice of common ownership has become far more common in recent decades to the extent that the same top 5 shareholders control the 6 largest US airlines. In this video, YULIYAN MITKOV analyzes the effects of common ownership and its potential anti competitive impact. Employing a theoretical model which is then tested with data, Mitkov’s research shows that common ownership is likely to have anti competitive effects when corporate governance is weak. The model developed is of significant interest to antitrust authorities. Future work will explore how the observed effects vary under different styles of common ownership and with other types of agency cost.


Yuliyan Mitkov is a Junior Professor of Finance at the University of Bonn. He completed his PhD at Rutgers University. Mitkov’s main research interests include banking, financial economics and corporate finance. Among the awards that Mitkov has received have been the Sidney Brown Prize in Economics (2014) and the Bevier Fellowship (2016-17).


University of Bonn (Rheinische Friedrich-Wilhelms-Universität Bonn)

Bonn is one of the large universities in Germany, with around 36,000 students, 550 professors, 6,500 other staff staff. It offers a wide disciplinary spectrum comprising some 200 different degree programmes, from Agricultural Science to Tibetan Studies. This diversity is what characterizes Bonn as a full-range university with a strong international orientation. In many international university rankings Bonn is placed among the 100 best universities in the world.Its academic and research profile features internationally renowned specializations in the fields of Mathematics, Physics/Astronomy, Economics, Chemistry, Pharma Research, Biosciences, Genetic Medicine, Neurosciences and Philosophy/Ethics. Other disciplines, such as Geography and Law, are of outstanding importance within the German research scene. The Rheinische Friedrich-Wilhelms-Universität Bonn is rooted in a long tradition going back almost 200 years. It was founded in 1818 by Friedrich-Wilhelm III, the Prussian king whose name it bears. Imbued with the spirit of Wilhelm von Humboldt, the university quickly joined the circle of Germany's most distinguished universities and became a major pole of attraction for leading scholars as well as students.The list of famous professors ranges from the astronomer Friedrich Wilhelm Argelander (1799-1875), through the chemist August Kekulé von Stradonitz (1829–1896) and political economist Josef Schumpeter (1883–1950) to the philologist Ernst Robert Curtius (1886–1956) and the theologists Karl Barth (1886–1968) and Joseph Ratzinger (born 1927), now Pope Benedict XVI. Bonn's best-known students include Heinrich Heine, Karl Marx, Friedrich Nietzsche, and Konrad Adenauer. The university is proud of a long list of award-winning scientists and scholars, with about twenty Leibniz Prize winners and around thirty ERC grantees. In the last three decades two professors have received the Nobel Prize: Wolfgang Paul (for Physics, 1989) and Reinhard Selten (for Economics, 1994). (Source: University of Bonn)
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Original publication

When do common owners facilitate collusion? The role of agency frictions and repeated interaction

Adler Konrad and Mitkov Yuliyan
Published in 2021