Replication data for: Ownership, Concentration, and Investment
- Gutiérrez, Germán
- Philippon, Thomas
AbstractThe US business sector has underinvested relative to profits, funding costs, and Tobin's Q since the early 2000s. Building on prior work, we argue that decreasing competition, rising intangibles, and tightening governance explain, respectively, about one-half, one-third, and one-sixth of the investment gap. In particular, quasi-indexer ownership appears to lower investment, and this effect is stronger in noncompetitive industries.
Is supplement to
DOI: 10.1257/pandp.20181010 (Text)
Gutiérrez, Germán, and Thomas Philippon. “Ownership, Concentration, and Investment.” AEA Papers and Proceedings 108 (2018): 432–37. https://doi.org/10.1257/pandp.20181010.
- ID: 10.1257/pandp.20181010 (DOI)
Update Metadata: 2020-06-01 | Issue Number: 3 | Registration Date: 2019-10-13