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Albert Banal-Estañol to receive Fundación Ramón Areces granting for research in competition and investment

Albert Banal-Estañol to receive Fundación Ramón Areces granting for research in competition and investment

Albert Banal-Estañol, professor in the UPF Department of Economics and Business, has been selected to receive funding from the Fundación Ramón Areces through its annual scientific patronage of social science research projects.

09.03.2017

Albert Banal-Estañol, professor in the UPF Department of Economics and Business, has been selected to receive funding from the Fundación Ramón Areces through its annual scientific patronage of social science research projects. Prof. Banal-Estañol is programme director of the UPF Master of Science in Corporate Finance and Banking.

The Ramón Areces Foundation holds an annual contest aimed at awarding researchers and professionals under 40, with the goal of stimulating studies that are beneficial to both society and to the international scientific community. Prof. Banal-Estañol's research project, which was among twelve selected from a total of 85 submitted, will last two years and be funded with €36,000. It is entitled "Competition problems of institutional investment" ("Problemas de competencia de la inversión institucional").

Companies that are dominant in their industries have received much attention from competition authorities, both in Spain and in Europe as well as in the United States. Institutional investors, on the other hand, are not usually in focus, but are often the primary owners of many of the world's leading companies. The project will therefore aim to assess the impact on competition between companies in the same sector who share significant presence of institutional investors amongst their major shareholders.

On its own each investment may not create competition risk, but the sum of them may be a cause for concern. Many direct competitors are partly owned by the same investor, thus creating indirect links between competing companies. The dense networks between competitors that are formed through these ownership links may actually be more anti-competitive than even a merger between companies.

Prof. Banal-Estañol explains his project in this video:

 

Another UPF professor selected to receive Ramón Areces granting is Prof. Judit Vall Castelló, from the Centre for Research in Health and Economics (CRES).

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