Stamford Advocate– Purdue Pharma is facing questions from a Congressional committee investigating the opioid crisis, opening another round of scrutiny for the embattled maker of OxyContin.
Real Estate Weekly– At 36, Ace Watanasuparp is on top of the world.
A vice president at Citizens Bank, the 12th largest retail bank in the country, he is also a co-owner of eight restaurants in New York City, became president of Douglas Elliman’s DE Capital Mortgage when he was 31, and was the first Asian-American walk-on basketball player at the University of Connecticut in 2000.
Harvard Law School Forum on Corporate Governance and Financial Regulation– In common ownership, the type of the common owner institution matters. Institutional ownership of firms has seen a marked rise in the past few decades, with average institutional ownership share of a firm rising from 20% to 30% in the 1980s to over 65% of the total by the 2010s, with residual retail ownership correspondingly falling from 80% to less than 35% of the firm. (See Borochin, Paul, and Jie Yang (2017). The Effects of Institutional Investor Objectives on Firm Valuation and Governance, Journal of Financial Economics 126.) Over the same period, the fraction of the average firm held by institutions holding blocks of same-industry rivals has risen from 4.5% to 28%. (See He, Jie, J. Huang, 2017, Product Market Competition in a World of Cross Ownership: Evidence from Institutional Blockholdings, The Review of Financial Studies 30.) This not only changes the portfolio properties of the institutional investors, but also has the potential to change the corporate strategies of held firms. Recent studies find opposing effects of common institutional ownership on the competitive behavior of firms: