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Cited by 420

The DOI matches its Crossref record; 60 of the 60 references it cites were found in a registry or an index.

Declining Competition and Investment in the U.S.

Open access
Gutiérrez, Germán, Philippon, Thomas·2017·National Bureau of Economic Research
DOI 10.3386/w23583
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Abstract

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.

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Metadata

Authors
Gutiérrez, G., & Philippon, T.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2017-07
DOI
10.3386/w23583
OpenAlex
W2738454884
Cited by
420
References
60
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: Declining Competition and Investment in the U.S. https://app.cochat.ai/papers/10.3386/w23583
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Gutiérrez, G., & Philippon, T. (2017). Declining Competition and Investment in the U.S. National Bureau of Economic Research. https://doi.org/10.3386/w23583

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