Peer-reviewed study using Orbis ownership data and ISS proxy-vote records. It supports approximately 88%, not 80% ownership; its historical market-share figures concern passive equity funds and ETFs, not every index asset.
When restricted to the pivotal S&P 500 stock index, the Big Three combined constitute the largest owner in 438 of the 500 most important American corporations, or roughly in 88 percent of all member firms.
Peer-reviewed study using Orbis ownership data and ISS proxy-vote records. It supports approximately 88%, not 80% ownership; its historical market-share figures concern passive equity funds and ETFs, not every index asset. Historical dataset; largest combined shareholder is not 88% ownership or proof of control. The paper reports over 90% of passive equity-fund AUM in its historical sample and 71% of ETFs.