摘要: This paper examines the large, steady, and continuing growth of Big Three index fund managers—BlackRock, Vanguard, State Street Global Advisors. We show that there is a real prospect funds will continue to grow, voting in most significant public companies come be dominated by future “Giant Three.” begin analyzing drivers rise Three, including structural factors are leading heavy concentration sector. then provide empirical evidence about past current status their likely into Giant Three. Among other things, we document have almost quadrupled collective ownership stake SP they captured overwhelming majority inflows asset management industry over decade; each them now manages 5% or more shares vast number companies; collectively cast an average 25% votes at S&P 500 companies. extrapolate from trends estimate could well as much 40% within two decades. Policymakers others must recognize—and take seriously—the scenario. The plausibility this scenario makes it important understand incentives managers, topic study work.
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