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\noindent
April 8, 2017\\
  {  \sc Common Ownership, Competition, and Top
Management Incentives 
}   

\noindent
Miguel Anton,
IESE Business School,
Universidad de Navarra, manton@iese.edu.\\
Florian Ederer,
School of Management,
Yale University,  florian.ederer@yale.edu.\\
Mireia Gine,
IESE Business School,
Universidad de Navarra,  mgine@iese.edu.\\
Martin C. Schmalz,
Stephen M. Ross School of Business,
University of Michigan,  
schmalz@umich.edu.  





 
 
 \noindent 
\underline{Abstract.}  (rewritten)
 If one shareholder owns two competing firms, he will want the firms to compete less with each other. 
 We show theoretically and empirically that if  the ownership of the companies in an industry is  more concentrated in a group of large shareholders, then  industry executives are paid more  but  their pay depends   less on their   firm’s  absolute performance and less on how it does relative to its competitors.  Our conclusion remains the same even when we  instrument for common ownership by using changes resulting from the 2003  mutual fund trading scandal.

 
\noindent 
\underline{The Model.} [here would go the model and notation if I had time to finish this]

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