Professor Thomas Philippon and PhD student Germán Gutiérrez's joint research on competition and investment in US firms is featured
— September 1, 2017
Excerpt from Bloomberg View -- "The authors look at historical episodes where competition increased -- an unusual wave of new companies in the 1990s, and increased Chinese competition in the 2000s. In each situation, industries where competition increased more also tended to invest more. Again, this is consistent with the story that market power is holding back the U.S. economy. Gutierrez and Philippon have another paper where they test eight different economic theories to explain falling business investment, and find that market power -- along with corporate short-termism -- is the most likely explanation."