By investing clients' 401(k)s and other investments, BlackRock is a top shareholder in many competing publicly traded companies.[53][54][55] For example, see the percentage of shares held by BlackRock in: Apple (NasdaqGS: 6.34%)[56] and Microsoft (NasdaqGS: 6.77%),[57] Wells Fargo & Co (NYSE: 4.30%)[58] and JPMorgan Chase & Co (NYSE: 4.41%).[59] This concentration of ownership has raised concerns of possible anticompetitive behavior.[60][61] A 2014 study titled "Anticompetitive Effects of Common Ownership" analyzed the effects of this type of common ownership on airline ticket prices.[62] The study found that "Prices go up and quantity goes down when the airlines competing on a given route are more commonly owned by the same set of investors."[63] The authors note that this price increase does not necessarily imply conscious collusion among the common owners, but could perhaps be that these firms are now "too lazy to compete" with themselves.