Now showing items 1-3 of 3

  • Competition and monopoly in the U.S. economy: What do the industrial concentration data show? 

    Authors:Davis, Leila; Orhangazi, Özgür
    Publisher and Date:(Sage Publications, 2021)
    A recent series of academic studies, think-tank reports, and news articles shows widespread attention to rising industrial concentration and market power in the U.S. economy. In this paper, we focus on concentration in the U.S. nonfinancial corporate sector to make three contributions to the literature. First, we use examples from the debate on industrial concentration to show that there are often-divergent predictions in the theoretical literature surrounding the expected consequences of concentration ...

  • Determinants of Investment in Turkey: A Firm-Level Investigation 

    In this article we analyze the financing constraints-investment link for the case of Turkey between 1996 and 2013. As different from the existing studies on Turkey we use a more comprehensive data set that includes both publicly-traded and privately-owned firms and analyze the differences in constraints across small- and medium-sized firms and large firms. In addition to the commonly used cash-flow sensitivities we use alternative measures of constraints build from multiple firm specific variables. ...

  • The role of intangible assets in explaining the investment-profit puzzle 

    Authors:Orhangazi, Özgür
    Publisher and Date:(Oxford Univ Press, 2019)
    Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialisation and globalisation as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialisation and globalisation, ...