The rise of financial investment and common ownership in global agrifood firms

References

• Aitken, R. (2007). Performing capital: Toward a cultural economy of popular and global finance. New York, NY: Palgrave Macmillan.
   Google Scholar
• Altieri, M. A. (2018). Agroecology: The science of sustainable agriculture. Boca Raton, FL: CRC Press.
   Google Scholar
• American Antitrust Institute, Food & Water Watch, & National Farmers Union (2016). Letter to U.S. Department of Justice Re: The Proposed Dow-DuPont Merger. Retrieved from: https://www.foodandwaterwatch.org/sites/default/files/aai_fww_nfu_dow-dupont_5.31.16.pdf
   Google Scholar
• Azar, J., Schmalz, M. C., & Tecu, I. (2018). Anti-competitive effects of common ownership. Journal of Finance, 73(4), 1513–1565. doi:10.1111/jofi.12698
   Web of Science ®Google Scholar
• Azar, J., Raina, S., & Schmalz, M. C. (2016). Ultimate ownership and bank competition. Working paper. SSRN Electronic Journal. https://ssrn.com/abstract=2710252 or http://dx.doi.org/10.2139/ssrn.2710252
   Google Scholar
• Baines, J. (2017). Accumulating through food crisis? Farmers, commodity traders and the distributional politics of financialization. Review of International Political Economy, 24(3), 497–537. doi:10.1080/09692290.2017.1304434
   Web of Science ®Google Scholar
• Bayer (2016). Bayer and Monsanto create a global leader in agriculture. Retrieved from: https://media.bayer.com/baynews/baynews.nsf/id/ADSF8F-Bayer-and-Monsanto-to-Create-a-Global-Leader-in-Agriculture
   Google Scholar
• Benbrook, C. M. (2016). Trends in glyphosate herbicide use in the United States and globally. Environmental Sciences Europe, 28(3), 1–15.
   PubMedGoogle Scholar
• BlackRock (2018a). COW – iShares Global Agriculture Index ETF Fact Sheet – As of November 30, 2018. Retrieved from: https://www.blackrock.com/ca/individual/en/products/239548/ishares-global-agriculture-index-fund
   Google Scholar
• BlackRock (2018b). VEGI – iShares MSCI Global Agriculture Producers ETF Fact Sheet– As of September 30, 2018. Retrieved from: https://www.ishares.com/us/products/239652/ishares-msci-global-agriculture-producers-etf
   Google Scholar
• BlackRock (2018c). BlackRock World Agriculture Fund Fact Sheet – As of November 30, 2018. Retrieved from: https://www.blackrock.com/hk/en/products/229904/blackrock-world-agriculture-fund-a2-usd
   Google Scholar
• BlackRock (2018d). BlackRock iShares Core S&P 500 ETF – Key Facts as of September 30, 2018. Retrieved from: https://www.blackrock.com/investing/products/239726/ishares-core-sp-500-etf
   Google Scholar
• BlackRock (2018e). BlackRock iShares Global Consumer Staples ETF Fact Sheet – As of September 30, 2018. Retrieved from: https://www.ishares.com/us/products/239740/ishares-global-consumer-staples-etf
   Google Scholar
• Bronson, K., & Knezevic, I. (2016). Big data in food and agriculture. Big Data & Society, 3(1), 1–5.
   Web of Science ®Google Scholar
• Brooks, C., Chen, Z., & Zeng, Y. (2018). Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions. Journal of Corporate Finance, 48, 187–216. doi:10.1016/j.jcorpfin.2017.11.003
   Web of Science ®Google Scholar
• Buck, T. (2019). Bayer Keen to Shift Attention from Monsanto Woe to Tech Vision. Financial Times. January, 24
   Google Scholar
• Burch, D., & Lawrence, G. (2013). Financialization in agri-food supply chains: Private equity and the transformation of the retail sector. Agriculture and Human Values, 30(2), 247–258. doi:10.1007/s10460-012-9413-7
   Web of Science ®Google Scholar
• Capital Group. (2018). American Mutual Fund Fact Sheet – As of September 30, 2018. Retrieved from: https://www.capitalgroup.com/us/pdf/shareholder/mfaassx-003_amfffs.pdf
   Google Scholar
• Clapp, J., & Isakson, S. R. (2018). Speculative harvests: Financialization, food, and agriculture. Halifax, NS: Fernwood.
   Google Scholar
• Clapp, J. (2018). Mega-mergers on the menu: Corporate concentration and the politics of sustainability in the global food system. Global Environmental Politics, 18(2), 12–33. doi:10.1162/glep_a_00454
   Web of Science ®Google Scholar
• Clapp, J. (2015). Distant agricultural landscapes. Sustainability Science, 10(2), 305–316. doi:10.1007/s11625-014-0278-0
   Web of Science ®Google Scholar
• Clapp, J. (2014). Financialization, distance and global food politics. The Journal of Peasant Studies, 41(5), 797–814. doi:10.1080/03066150.2013.875536
   Web of Science ®Google Scholar
• Cotula, L. (2013). The great African land grab?: Agricultural investments and the global food system. London, UK: Zed Books.
   Google Scholar
• Davis, G. (2008). A new finance capitalism? Mutual funds and ownership re-concentration in the United States. European Management Review, 5(1), 11–21. doi:10.1057/emr.2008.4
   Web of Science ®Google Scholar
• De Schutter, O. (2010). September). Food commodities speculation and food price crises. UN special rapporteur on the right to food briefing note 02. Retrieved from: https://www2.ohchr.org/english/issues/food/docs/briefing_note_02_september_2010_en.pdf
   Google Scholar
• Desmarais, A. A., Qualman, D., Magnan, A., & Wiebe, N. (2017). Investor ownership or social investment? Changing farmland ownership in Saskatchewan, Canada. Agriculture and Human Values, 34(1), 149–166. doi:10.1007/s10460-016-9704-5
   Web of Science ®Google Scholar
• Diez, F., Leigh, D., & Tambunlertchai, S. (2018). Global market power and its macroeconomic implications. IMF Working Papers, 18(137), 1. Retrieved from: https://www.imf.org/en/Publications/WP/Issues/2018/06/15/Global-Market-Power-and-its-Macroeconomic-Implications-45975
   Google Scholar
• Dow and DuPont (2016). Merger of equals update. Retrieved from: https://s2.q4cdn.com/752917794/files/doc_presentations/2016/presentation/DWDP-Investor-Deck-Final.pdf
   Google Scholar
• Drutman, L. (2015). How corporate lobbyists conquered american democracy. The Atlantic. Retrieved from: https://www.theatlantic.com/business/archive/2015/04/how-corporate-lobbyists-conquered-american-democracy/390822/
   Google Scholar
• Elhauge, E. (2018). Horizontal shareholding harms our economy – And why antitrust law can fix it. SSRN Electronic Journal. Retrieved from: https://ssrn.com/abstract=3293822
   Google Scholar
• Elhauge, E. (2016). Horizontal shareholding. Harvard Law Review. 129(5), 1267–1317. Retrieved from: https://harvardlawreview.org/2016/03/horizontal-shareholding/
   Web of Science ®Google Scholar
• Epstein, G. A. (2005). Introduction: Financialization and the world economy. In G. A. Epstein (Ed.), Financialization and the World Economy (pp. 3–16). Cheltenham, UK: Edward Elgar Publishing.
   Google Scholar
• ETC Group. (2015). Breaking bad: Big Ag Mega-Mergers in Play: Dow + DuPont in the Pocket? Next: Demonsanto? Communiqué #115. Retrieved from: http://www.etcgroup.org/sites/www.etcgroup.org/files/files/etc_breakbad_23dec15.pdf
   Google Scholar
• ETFGI (2018). ETFGI ETF/ETP Growth Charts: Global. Retrieved from: https://etfgi.com
   Google Scholar
• European Commission (2017). Case M.7932 Dow/DuPont. Retrieved from: http://ec.europa.eu/competition/mergers/cases/decisions/m7932_13668_3.pdf
   Google Scholar
• Fairbairn, M. (2014). ‘Like gold with yield’: Evolving intersections between farmland and finance. Journal of Peasant Studies, 41(5), 777–795. doi:10.1080/03066150.2013.873977
   Web of Science ®Google Scholar
• Fichtner, J., Heemskerk, E. M., & Garcia-Bernardo, J. (2017). Hidden power of the big three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business and Politics, 19(02), 298–326. doi:10.1017/bap.2017.6
   Google Scholar
• Fidelity Investments. (2018a). Select Consumer Staples Portfolio Mutual Fund FDFAX Fact Sheet – As of November 30, 2018. Retrieved from: https://fundresearch.fidelity.com/mutual-funds/summary/316390848
   Google Scholar
• Fidelity Investments. (2018b). Fidelity MSCI Consumer Staples Index ETF Fact Sheet – As of September, 30, 2018. Retrieved from: https://institutional.fidelity.com/app/funds-and-products/etf/snapshot/FIIS_ETF_FSTA/fidelity-msci-consumer-staples-index-etf.html
   Google Scholar
• Flood, C. (2018). ETF Market Smashes through $5tn Barrier after Record Month. Financial Times. Retrieved from: https://www.ft.com/
   Google Scholar
• Foley, J. A., Ramankutty, N., Brauman, K. A., Cassidy, E. S., Gerber, J. S., Johnston, M., … Zaks, D. P. M. (2011). Solutions for a Cultivated Planet. Nature, 478(7369), 337–342. doi:10.1038/nature10452
   PubMed Web of Science ®Google Scholar
• Food and Agricultural Organization. (2017). Agriculture organization. The future of food and agriculture: Trends and challenges. Rome: FAO.
   Google Scholar
• Friends of the Earth et al. (2017). Sign-on Letter on Agrochemical and Seed Industry Mergers. Retrieved February 13, from https://www.panna.org/sites/default/files/letter-regarding-agricultural-mergers.pdf
   Google Scholar
• Froud, J., Haslam, C., Johal, S., & Williams, K. (2000). Shareholder value and financialization: Consultancy promises, management moves. Economy and Society, 29(1), 80–110. doi:10.1080/030851400360578
   Web of Science ®Google Scholar
• Froud, J., Johal, S., Leaver, A., & Williams, K. (2006). Financialization and strategy: Narrative and numbers. New York, NY: Routledge.
   Google Scholar
• Fuchs, D. (2007). Business power in global governance. Boulder, CO: Lynn Reinner.
   Google Scholar
• Fuglie, K. O., Heisey, P. W., King, J. L., Pray, C. E., Day-Rubenstein, K., Schimmelpfennig, D., L., … Karmarkar-Deshmukh, R. (2011). Research Investments and Market Structure in the Food Processing, Agricultural Input, and Biofuel Industries Worldwide. USDA Economic Research Service. Retrieved from: https://www.ers.usda.gov/webdocs/publications/44951/11777_err130_1_.pdf?v=41499
   Google Scholar
• Fuglie, K. O., Heisey, P., King, J., & Schimmelpfennig, D. (2012). Rising concentration in agricultural input industries influences new farm technologies. USDA economic research service. Amber Waves, Retrieved December 3, from https://www.ers.usda.gov/amber-waves/2012/december/rising-concentration-in-agricultural-input-industries-influences-new-technologies/
   Google Scholar
• Garnett, T. (2013). Food sustainability: Problems, perspectives and solutions. The Proceedings of the Nutrition Society, 72 (1), 29–39. doi:10.1017/S0029665112002947
   PubMed Web of Science ®Google Scholar
• Ghosh, J. (2010). The unnatural coupling: Food and global finance. Journal of Agrarian Change, 10(1), 72–86. doi:10.1111/j.1471-0366.2009.00249.x
   Web of Science ®Google Scholar
• Global, X. (2018). SOIL – Global X Fertilizers/Potash ETF Fact Sheet – As of September, 30, 2018. Retrieved from: https://www.globalxfunds.com/content/files/SOIL-factsheet.pdf
   Google Scholar
• He, J., & Huang, J. (2017). Product market competition in a world of cross-ownership: Evidence from institutional blockholdings. The Review of Financial Studies, 30(8), 2674–2718. doi:10.1093/rfs/hhx028
   Web of Science ®Google Scholar
• Helleiner, E. (2018). Positioning for stronger limits? The politics of regulating commodity derivatives markets. In E. Helleiner, S. Pagliari, & I. Spagna (Eds.), Governing the World’s Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis (pp. 199–225). Oxford, UK: Oxford University Press.
   Google Scholar
• HighQuest Partners, US (2010). Private financial sector investment in farmland and agricultural infrastructure. OECD food, agriculture, and fisheries papers, no. 33. Paris: OECD Publishing.
   Google Scholar
• Howard, P. H. (2016). Concentration and power in the food system: Who controls what we eat? London, UK: Bloomsbury.
   Google Scholar
• Howard, P. H. (2015). Intellectual property and consolidation in the seed industry. Crop Science, 55(6), 2489–2495. doi:10.2135/cropsci2014.09.0669
   Web of Science ®Google Scholar
• International Panel of Experts on Sustainable Food Systems (IPES Food (2017). Too big to feed: The short report. Retrieved from: http://www.etcgroup.org/content/too-big-feed-short-report
   Google Scholar
• Invesco (2018). PBJ – PowerShares Dynamic Food & Beverage Portfolio Fact Sheet – As of September 30, 2018. Retrieved from: https://www.invesco.com/portal/site/us/investors/etfs/product-detail?productId=PBJ
   Google Scholar
• Isakson, S. R. (2015). Derivatives for development? Small‐farmer vulnerability and the financialization of climate risk management. Journal of Agrarian Change, 15(4), 569–580. doi:10.1111/joac.12124
   Web of Science ®Google Scholar
• Kelly, J. (2017). Global assets under management hit all-time high above $80 trillion. Reuters. Retrieved from: https://www.reuters.com/
   Google Scholar
• Khan, L., & Vaheesan, S. (2017). Market power and inequality: The antitrust counterrevolution and its discontents. Harvard Law & Policy Review, 11, 235–294.
   Google Scholar
• Krippner, G. (2011). Capitalizing on crisis: The political origins of the rise of finance. Cambridge, MA: Harvard University Press.
   Google Scholar
• Krouse, S., Benoit, D., & McGinty, T. (2016). Meet the new corporate power brokers. Wall Street Journal. Retrieved October 24, from https://www.wsj.com/
   Google Scholar
• Larder, N., Sippel, S. R., & Argent, N. (2018). The redefined role of finance in Australian agriculture. Australian Geographer, 49(3), 397–418. doi:10.1080/00049182.2017.1388555
   Web of Science ®Google Scholar
• Magnan, A. (2015). The financialization of agri-food in Canada and Australia: Corporate farmland and farm ownership in the grains and oilseed sector. Journal of Rural Studies, 41, 1–12. doi:10.1016/j.jrurstud.2015.06.007
   Web of Science ®Google Scholar
• Margulis, M., & Porter, T. (2013). Governing the global land grab: Multipolarity, ideas, and complexity in transnational governance. Globalizations, 10(1), 65–86. doi:10.1080/14747731.2013.760930
   Web of Science ®Google Scholar
• Martin, R. (2002). The financialization of daily life. Philadelphia, PA: Temple University Press.
   Google Scholar
• McKeon, N. (2013). ‘One does not sell the land upon which the people walk’: Land grabbing, transnational rural social movements, and global governance. Globalizations, 10(1), 105–122. doi:10.1080/14747731.2013.760911
   Web of Science ®Google Scholar
• Mooney, P. (2018). Blocking the chain: Industrial food chain concentration, big data platforms and food sovereignty solutions. Ottawa, ON: ETC Group. Retrieved from: http://www.etcgroup.org/sites/www.etcgroup.org/files/files/blockingthechain_english_web.pdf
   Google Scholar
• Neville, K. J. (2015). The contentious political economy of biofuels. Global Environmental Politics, 15(1), 21–40. doi:10.1162/GLEP_a_00270
   Web of Science ®Google Scholar
• Newham, M., Seldeslacts, J., & Banal-Estañol, A. (2018). Common ownership and market entry: Evidence from the pharmaceutical industry. DIW Berlin Discussion Paper No. 1738. Retrieved from SSRN Electronic Journal: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3194394
   Google Scholar
• Novick, B., Edkins, M., Garvey, G., Madhaven, A., Matthew, S., & Sethi, J. (2017). Viewpoint: Index investing and common ownership theories. BlackRock. Retrieved from: https://www.blackrock.com/corporate/literature/whitepaper/viewpoint-index-investing-and-common-ownership-theories-eng-march.pdf
   Google Scholar
• O’Brien, D. P., & Waehrer, K. (2017). The competitive effects of common ownership: We know less than we think. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2922677
   Google Scholar
• OECD (2018). Concentration in seed markets: Potential effects and policy responses. Paris: OECD. Retrieved from: http://www.oecd.org/publications/concentration-in-seed-markets-9789264308367-en.htm
   Google Scholar
• OECD (2017). Common Ownership by Institutional Investors and its Impact on Competition: Background Note. Directorate for Financial and Enterprise Affairs. DAF/COMP(2017)10. Retrieved from: https://one.oecd.org/document/DAF/COMP(2017)10/en/pdf
   Google Scholar
• Parrish, M. (2016). How the Dow-DuPont Merger Will Impact the Chemicals Industry. Manufacturing.net. Retrieved from: https://www.manufacturing.net/article/2016/03/how-dow-dupont-merger-will-impact-chemicals-industry
   Google Scholar
• Posner, E. A., Morton, F. M. S., & Weyl, E. G. (2017). A proposal to limit the anti-competitive power of institutional investors. Antitrust Law Journal, 81(3), 669–728.
   Web of Science ®Google Scholar
• Princen, T. (2002). Distancing: Consumption and the severing of feedback. In T. Princen, M. Maniates, & K. Conca (Eds.), Confronting Consumption (pp. 103–131). Cambridge, MA: MIT Press.
   Google Scholar
• Ruggie, J. G. (2018). Multinationals as global institution: Power, authority and relative autonomy. Regulation & Governance, 12(3), 317–333. doi:10.1111/rego.12154
   Web of Science ®Google Scholar
• Russi, L. (2013). Hungry capital: The financialization of food. Alresford, UK: John Hunt Publishing.
   Google Scholar
• Schmalz, M. (2018). Common-ownership concentration and corporate conduct. Annual Review of Financial Economics, 10(1), 413–448. doi:10.1146/annurev-financial-110217-022747
   Web of Science ®Google Scholar
• Schmalz, M. (2015). How passive funds prevent competition. Guest Post. Retrieved from Eric Posner’s website: http://ericposner.com/martin-schmalz-how-passive-funds-prevent-competition/
   Google Scholar
• Schmidt, T. P. (2016). The Political Economy of Food and Finance. London, UK: Routledge.
   Google Scholar
• State Street Global Advisors (2018). Consumers Staples Select Sector SPDR Fund Fact Sheet – As of September 30, 2018. Retrieved from: https://us.spdrs.com/public/ETF-XLP_20180930.pdf
   Google Scholar
• The Economist. (2016). Too much of a good thing. The Economist Magazine, March 26.
   Google Scholar
• Thompson, J. (2018a). Asian funds are slow off the mark in global market. Financial Times. Retrieved from: https://www.ft.com/
   Google Scholar
• Thompson, J. (2018b). Index tracking ETFs deny any ‘abdication’ of stewardship role. Financial Times. Retrieved from: https://www.ft.com/
   Google Scholar
• Torshizi, M., & Clapp, J. (2018). Price effects of common ownership in the seed sector. SSRN, Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3338485
   Google Scholar
• Valdez, S., & Molyneux, P. (2015). An introduction to global financial markets. New York, NY: Palgrave Macmillan.
   Google Scholar
• Valoral Advisors (2018a). Global food & agriculture investment outlook. Issue 8. Retrieved from: https://www.valoral.com/wp-content/uploads/2018-Global-Food-Agriculture-Investment-Outlook-Valoral-Advisors.pdf
   Google Scholar
• Valoral Advisors (2018b). Impact investing in the global food and agricultural investing space. Retrieved from: https://www.valoral.com/wp-content/uploads/Valoral-Advisors-Impact-Investing-November-2018.pdf
   Google Scholar
• Valoral Advisors (2015). 2015 global food and agriculture investment outlook. Issue 5. Retrieved from: https://www.valoral.com/wp-content/uploads/2015-Global-Food-Agriculture-Investment-Outlook-Valoral-Advisors.pdf
   Google Scholar
• Valoral Advisors (2010). 2011 global food & agriculture investment outlook. Retrieved from: https://www.valoral.com/wp-content/uploads/2011-Global-Food-Agriculture-Investment-Outlook.pdf
   Google Scholar
• van der Zwan, N. (2014). Making sense of financialization. Socio-Economic Review, 12(1), 99–129. doi:10.1093/ser/mwt020
   Web of Science ®Google Scholar
• VanEck (2018). MOO – VanEck Vectors Agribusiness ETF – Daily Holdings (percent) as of 03/14/2018. Retrieved from: https://www.vaneck.com/etf/equity/moo/holdings/
   Google Scholar
• Vanguard. (2018). Vanguard consumer staples ETF product summary as of July, 10, 2018. Retrieved from: https://investor.vanguard.com/etf/profile/VDC
   Google Scholar
• Walker, O. (2018). Vanguard’s campaign to drive down fees runs out of road. Financial Times. Retrieved from: https://www.ft.com/
   Google Scholar
• Wheaton, B., & Kiernan, W. J. (2012). Farmland: An untapped asset class? Quantifying the opportunity to invest in agriculture. Food for Thought: Macquarie Agricultural Funds Management Newsletter. Retrieved from: http://www.macquarie.com/dafiles/Internet/mgl/com/agriculture/docs/food-for-thought/food-for-thought-dec2012-us.pdf.
   Google Scholar
• White, B., Borras, S. M., Jr., Hall, R., Scoones, I., & Wolford, W. (2012). The new enclosures: Critical perspectives on corporate land deals. Journal of Peasant Studies, 39(3–4), 619–647. doi:10.1080/03066150.2012.691879
   Web of Science ®Google Scholar
• Wigglesworth, R. (2018a). Passive attack: The story of a wall street revolution. Financial Times. Retrieved from: https://www.ft.com/
   Google Scholar
• Wigglesworth, R. (2018b). ETF growth is in danger of devouring capitalism. Financial Times. Retrieved from: https://www.ft.com
   Google Scholar
• Worthy, M. (2011). Broken markets: How financial market regulation can help prevent another global food crisis. World Development Movement (WDM). Retrieved from: http://www.globaljustice.org.uk/sites/default/files/files/resources/broken-markets.pdf
   Google Scholar