| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23583 |
| 来源ID | Working Paper 23583 |
| Declining Competition and Investment in the U.S. | |
| Germán Gutiérrez; Thomas Philippon | |
| 发表日期 | 2017-07-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The U.S. business sector has under-invested relative to Tobin's Q since the early 2000's. We argue that declining competition is partly responsible for this phenomenon. We use a combination of natural experiments and instrumental variables to establish a causal relationship between competition and investment. Within manufacturing, we show that industry leaders invest and innovate more in response to exogenous changes in Chinese competition. Beyond manufacturing we show that excess entry in the late 1990's, which is orthogonal to demand shocks in the 2000's, predicts higher industry investment given Q. Finally, we provide some evidence that the increase in concentration can be explained by increasing regulations. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w23583 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581257 |
| 推荐引用方式 GB/T 7714 | Germán Gutiérrez,Thomas Philippon. Declining Competition and Investment in the U.S.. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23583.pdf（949KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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