note: Those planning to attend events in this series should read the
paper that will be posted on the CES website before the seminar.**
The re-concentration of US corporate ownership, a slow but steady process unfolding over several decades, has greatly accelerated since the bursting of the early 2000s. This has led to a situation in which corporate ownership is highly concentrated in the hands of a few, very large asset management companies, which, at the same time, are fully diversified across the entire stock market. This institutional configuration – asset manager capitalism – is without precedent in American history. The paper explores the dimensions and effects of this phenomenon.