(Bloomberg) -- The world’s largest asset managers are muscling into an academic debate, attempting to rebut research into their market power before lawmakers latch onto it to support investing curbs.
In a paper set for release this week, BlackRock executives led by Vice Chairman Barbara Novick question the methodology and conclusions of academic work that finds that asset managers’ ownership stakes in rival companies can undermine competition and lead to higher prices for consumers. The firm’s executives said it’s too early for government officials to take action based on the studies.
Researchers at the University of Chicago and Yale University have proposed curtailing big asset managers’ investments in a given industry. Another study sets out possible changes to voting rules.
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