Firms become implicitly “connected” to other firms when they share common owners and investors are “connected” to other investors when they share common investments.
In this talk Ned explores what the resulting structural characteristics of such “ownership networks” mean for the functioning of modern financial markets. Specifically, he draws upon the wisdom of crowds concept to analyze how a firm’s position in the “ownership network” directly influences the way in which new information about the firm is incorporated into the price of its equity.
Presentation held at the RavenPack 4th Annual Research Symposium, New York, June 16th 2016.
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