The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Are US Industries Becoming More Concentrated?
Abstract
Since the late 1990s, over 75% of US industries have experienced an increase in concentration levels. We find that firms in industries with the largest increases in product market concentration show higher profit margins and more profitable mergers and acquisitions deals. At the same time, we find no evidence for a significant increase in operational efficiency. Taken together, our results suggest that market power is becoming an important source of value. These findings are robust to the inclusion of (i) private firms; (ii) factors accounting for foreign competition; and (iii) the use of alternative measures of concentration. We also show that the higher profit margins associated with an increase in concentration are reflected in higher returns to shareholders. Overall, our results suggest that the US product markets have undergone a shift that has potentially weakened competition across the majority of industries.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
A five-factor asset pricing model
Fama, E. F., & French, K. R. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.10.010 · Cited by 7,852
Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
Bertrand, M., & Mullainathan, S. (2003) · Journal of Political Economy · doi:10.1086/376950 · Cited by 3,777
Does Academic Research Destroy Stock Return Predictability?
MCLEAN, R. D., & PONTIFF, J. (2016) · The Journal of Finance · doi:10.1111/jofi.12365 · Cited by 1,566 · cited 1×
“For example, Pontiff and MacLean (2016) find that most anomalies tend to disappear over time.”
Import Competition and the Great US Employment Sag of the 2000s
Acemoglu, D., Autor, D., Dorn, D., Hanson, G. H., & Price, B. (2016) · Journal of Labor Economics · doi:10.1086/682384 · Cited by 1,113
Cited by
The rise of market power and the macroeconomic implications
De Loecker, J., Eeckhout, J., & Unger, G. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz041 · Cited by 1,893
Artificial intelligence, firm growth, and product innovation
Babina, T., Fedyk, A., He, A., & Hodson, J. (2024) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.103745 · Cited by 1,460
Overlapping Ownership, R&D Spillovers, and Antitrust Policy
López, Á. L., & Vives, X. (2019) · Journal of Political Economy · doi:10.1086/701811 · Cited by 303
“Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?”
Benmelech, E., Bergman, N., & Kim, H. (2018) · doi:10.3386/w24307 · Cited by 240
Kalemli-Ozcan, S., Sorensen, B. E., Villegas-Sanchez, C., Volosovych, V., & Yesiltas, S. (2015) · doi:10.2139/ssrn.2660191 · Cited by 223
Metadata
- Authors
- Grullon, G., Larkin, Y., & Michaely, R.
- Venue
- Review of Finance
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-04-23
- Volume
- 23
- Issue
- 4
- Pages
- 697-743
- ISSN
- 1382-6662 (ISSN-L)
- 1572-3097
- 1573-692X
- OpenAlex
- W3125574485
- Cited by
- 678
- References
- 6
- FWCI
- 91.02
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Are US Industries Becoming More Concentrated? https://app.cochat.ai/papers/10.1093/rof/rfz007
- The paper
- Grullon, G., Larkin, Y., & Michaely, R. (2019). Are US Industries Becoming More Concentrated? Review of Finance. https://doi.org/10.1093/rof/rfz007
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
