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Professor Thomas Philippon and PhD student Germán Gutiérrez's joint research on competition and investment in US firms is referenced

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Excerpt from Forbes -- "For instance, to cite just one of many, a magisterial study by Germán Gutiérrez and Thomas Philippon entitled 'Investment-less Growth: An Empirical Investigation' (NBER, 2016) shows that public corporations invest about half of the operating returns that they used to. The study shows that 'the ratio of net investment to net operating surplus for the non-financial business sector… between 1959 and 2001 is 20%. The average of the ratio from 2002 to 2015 is only 10%.'"

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