McIntire Professor Carola Schenone to Serve as Expert Panelist in Sept. 17 Program on International Financial Systems Event, Address the Effect of Common Ownership on Competition

September 4, 2018

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Carola Schenone

Accepting an invitation to participate as a panelist for a Program on International Financial Systems’ event, “The Debate over Institutional Investors: Competition and Capital Markets,” Finance Professor Carola Schenone will speak about the issue of common ownership and competition, one of her areas of expertise. The event takes place at the Harvard Club in New York Sept. 17, from 10 a.m. to 12:45 p.m.

Schenone, whose data research is sponsored by McIntire’s Center for Investors and Financial Markets, will join a panel of other prominent academics, investors, consumer advocates, and financial leaders. The panel includes David Malpass, Under Secretary for International Affairs, U.S. Department of the Treasury; Barbara Novick, Vice Chairman, BlackRock; and Cliff Asness, Managing and Founding Principal, AQR Capital Management.

The moderated, Socratic-styled panel will focus on the controversial idea that anticompetitive behavior may result when rival firms, such as airlines and banks, are owned by a limited number of large institutions—a subject Schenone has refuted, having researched and written about it at length. Her paper, “Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry,” co-authored with McIntire colleague Patrick Dennis and the Federal Reserve Bank of Atlanta’s Kristopher Gerardi, takes issue with various aspects of the theory. Read more about the paper and the research behind it here.

About the Center for Investors and Financial Markets
The goals of the Center for Investors and Financial Markets are to promote, encourage, and support research and learning in finance at the McIntire School of Commerce. The center strives to meet these goals by facilitating the output of high-quality research by McIntire faculty in the area of financial economics.

About the Program on International Financial Systems
Founded in 1986 by Hal S. Scott, now Professor Emeritus of Harvard Law School, PIFS is a 501(c)(3) organization that hosts international symposia, executive education programs, and special events that foster dialogue and promote education on issues impacting the global financial system. PIFS also supports academic scholarship on these issues.

The organization hosts three annual international symposia, US-Japan (21 years), US-Europe (18 years), and US-China (15 years). Harvard Law School is a non-financial sponsor of PIFS symposia, and PIFS partners with Harvard Law School Executive Education for programs delivered on campus.