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#Imf spectre cast drivers#

The plausibility of this scenario makes it important to understand the incentives of index fund managers, a topic that we study in other work. Policymakers and others must recognize-and must take seriously-the prospect of a Giant Three scenario. We estimate that the Big Three could well cast as much as 40% of the votes in S&P 500 companies within two decades. We then extrapolate from past trends to estimate the future growth of the Big Three. Among other things, we document that the Big Three have almost quadrupled their collective ownership stake in S&P 500 companies over the past two decades that they have captured the overwhelming majority of the inflows into the asset management industry over the past decade that each of them now manages 5% or more of the shares in a vast number of public companies and that they collectively cast an average of about 25% of the votes at S&P 500 companies. We then provide empirical evidence about the past growth and current status of the Big Three, and their likely growth into the Giant Three.

#Imf spectre cast drivers#

We begin by analyzing the drivers of the rise of the Big Three, including the structural factors that are leading to the heavy concentration of the index funds sector. We show that there is a real prospect that index funds will continue to grow, and that voting in most significant public companies will come to be dominated by the future “Giant Three.” This paper examines the large, steady, and continuing growth of the Big Three index fund managers-BlackRock, Vanguard, and State Street Global Advisors.

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