Common Ownership in the European Energy Sector

Seminar abstract

The debate on common shareholding is currently on the agenda of all major institutions worldwide.

This work presents an empirical analysis of the phenomenon in the European energy sector, with special attention dedicated to the role of the ‘Big Three’.

Novel common ownership indicators are presented, based on balance-sheet and ownership firm-level Orbis data, covering both the firm’s and the investor’s perspectives, between 2007 and 2016.

This work finds that the majority of portfolios hold very little shares. The mean portfolio in the Electricity sector holds about 4-5% shares in its firms; while Oil and Gas shows lower mean levels at around 2.5%.

In the Oil and Gas sector BlackRock, Vanguard, State Street and Norway hold large amounts of market value, since we find that their shares in the held companies amount to about 12.88% of the total assets in 2016. In the Electricity market top common shareholders hold about 7% of the market’s Total Assets. France and China play major roles in this market, together with BlackRock, State Street and Vanguard again

Booking

This event is free to attend.

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Speaker bios

Dr Nicoletta Rosati

Dr Nicoletta Rosati is a statistician with expertise in Statistical and Econometric modelling.

In 2017 she joined the Joint Research Centre (JRC) of the European Commission at the Finance and Economy Unit.

Her current research includes a range of topics in firms finance and firms ownership, including:

• capital markets union;
• SMEs finance;
• common ownership and market competition;
• cross-border investments and financial integration;
• public ownership;
• global value chains and industrial ecosystems.

Before joining the JRC, Nicoletta worked for 17 years as a Researcher and Lecturer in Statistics at University College London and at the Lisbon School of Economics and Management (ISEG). She has been a modelling consultant for institutions (Telcoms Regulatory Agency, Ministry of Health, Bank of Italy, National Bureau of Statistics), corporate clients (Amgen, EGF), and universities (Depts. of Economics, Statistics, Public Health, Medicine, Biomechanics). Since 2003, she is afiliated with CEMAPRE (Center for Applied Mathematics and Forecasting), where she develops research in econometrics and statistics applied to economics, health and social sciences.

Dr Maria Martinez Cillero

Dr Maria Martinez Cillero is an economist at the Joint Research Centre of the European Commission (Finance and Economy Unit) since September 2020.

Her research focuses on quantitative analysis and applied micro econometric modelling in the fields of firm competitiveness and corporate finance.

Her applied research to date has focused in the areas of policy analysis affecting firms‘ productivity and technical efficiency, shareholder structure of companies, cross-border investments, and other financial and economic outcomes at the micro level.

Before joining the Joint Research Centre she held various post-doctoral positions at Teagasc (Irish Agriculture and Food Development Authority) and the Economic and Social Research Institute in Dublin.