Investmentless Growth: An Empirical Investigation

Abstract

stimulating discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

“…The bottom two panels of figure 2 depict the behavior of investment. As several researchers have noted recently (Lewis and Eberly 2016;Gutiérrez Sources: See the online appendix, section 1, for all data sources. a.…”

The Benchmark Inclusion Subsidy

“…Their basic regression relates capital expenditures relative to assets (or the number of employees) to institutional ownership by foreign investment is crowded out by higher payouts, though they admit this could be due to a preference by institutional firms to find firms with high payouts. In Gutiérrez and Philippon (2018) they attempt to isolate variation in payout variation that can be ascribed to ownership structure. They find that controlling for cash flow (and other firm specific variables), the higher ownership induced payouts are associated with lower investment.…”

“… See Fabozzi, Ma, and Oliphant (2008),Statman and Glushkov (2009), andKim and Venkatachalam (2011) for evidence of superior performance of sin stocks, as well asBlitz and Fabozzi (2017) who caution that the performance of sin stocks can be explained by two new quality factors.20 For example, consider the evidence inGutiérrez and Philippon (2017). They document that higher institutional ownership accompanies lower investment.…”

Stealth Consolidation: Evidence from an Amendment to the Hart-Scott-Rodino Act

“…Mergers transfer trillions of dollars in ownership rights each year, and the vast majority fall below premerger reporting thresholds, which have been increasing worldwide for decades. Thus, stealth consolidation may play a role in increasing aggregate concentration and, in turn, affecting markups (De Loecker and Eeckhout 2017) and private investment (Gutiérrez and Philippon 2017), aiding the rise of "superstar" firms (Autor et al 2017), and even impacting the share of output going toward profits (Barkai 2016) and away from labor (Elsby, Hobijn, and Sahin 2013;Karabarbounis and Neiman 2013).…”