Measurement of diversification has always remained one of the critical issues in earlier studies. During the past half-century or more, many measures of corporate diversification have been suggested (and applied) by a number of authors. These ranged from qualitative to quantitative measures and the latter can be further classified as categorical and continuous. Traditionally diversification as a continuous variable was measured through “Entropy” and “Herfindahl index”. But both measures fail to capture the degree of relatedness of group firms. To address this gap, a new measure is proposed based on correlation of firm’s sales which will not only capture the degree of relatedness of group firms but also be able to decompose as directly as entropy and Herfindahl index into additive elements would vary from zero to one.
{"title":"Measuring Corporate Diversification: A New Perspective","authors":"N. Nigam, Prof.C.P. Gupta","doi":"10.2139/ssrn.3137885","DOIUrl":"https://doi.org/10.2139/ssrn.3137885","url":null,"abstract":"Measurement of diversification has always remained one of the critical issues in earlier studies. During the past half-century or more, many measures of corporate diversification have been suggested (and applied) by a number of authors. These ranged from qualitative to quantitative measures and the latter can be further classified as categorical and continuous. Traditionally diversification as a continuous variable was measured through “Entropy” and “Herfindahl index”. But both measures fail to capture the degree of relatedness of group firms. To address this gap, a new measure is proposed based on correlation of firm’s sales which will not only capture the degree of relatedness of group firms but also be able to decompose as directly as entropy and Herfindahl index into additive elements would vary from zero to one.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133807862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Though network effects are important for multisided platforms, the simple winner-take-all notion that they always give larger platforms an insurmountable advantage over smaller rivals has been disproven by numerous counterexamples. It is now being argued that big data is power, so that a firm that has more customer data than its rivals has an insurmountable advantage over them. This argument has no theoretical or empirical support, and it, too, has been disproven by numerous counterexamples.
{"title":"Network Effects: March to the Evidence, Not to the Slogans","authors":"David S. Evans, R. Schmalensee","doi":"10.2139/ssrn.3027691","DOIUrl":"https://doi.org/10.2139/ssrn.3027691","url":null,"abstract":"Though network effects are important for multisided platforms, the simple winner-take-all notion that they always give larger platforms an insurmountable advantage over smaller rivals has been disproven by numerous counterexamples. It is now being argued that big data is power, so that a firm that has more customer data than its rivals has an insurmountable advantage over them. This argument has no theoretical or empirical support, and it, too, has been disproven by numerous counterexamples.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121430945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
T. Brijs, Arne van Stiphout, Sauleh Siddiqui, R. Belmans
Short-term operating requirements and constraints in power systems are becoming increasingly important with the greater flexibility needed due to the integration of variable renewables. However, large problem sizes and computational barriers have limited the extent to which they are included in long-term planning models. Our objective is to understand the role of electricity storage in future renewable-based systems by including an accurate representation of short-term operation within a long-term planning framework. Specifically, we discuss the development of a long-term investment model including a continuous relaxation of the technology- clustered formulation of the short-term unit commitment problem. This model is applied to a test system having similar characteristics to the Belgian power system in a greenfield setting, i.e., assuming no pre-existing capacities, to analyze the role of storage at different renewable penetration levels. Both pumped-hydro storage and battery energy storage is considered, and their role in providing energy services and frequency control is investigated. We derive conclusions on the benefits and role of electricity storage to motivate why it may be built and operated. Results show that, in general, the integration of storage resources decreases total system cost, partially replaces flexible power plants, facilitates the integration of renewable energy sources, and allows inflexible technologies to perform better.
{"title":"Evaluating the Role of Electricity Storage by Considering Short-Term Operation in Long-Term Planning","authors":"T. Brijs, Arne van Stiphout, Sauleh Siddiqui, R. Belmans","doi":"10.2139/ssrn.2879310","DOIUrl":"https://doi.org/10.2139/ssrn.2879310","url":null,"abstract":"Short-term operating requirements and constraints in power systems are becoming increasingly important with the greater flexibility needed due to the integration of variable renewables. However, large problem sizes and computational barriers have limited the extent to which they are included in long-term planning models. Our objective is to understand the role of electricity storage in future renewable-based systems by including an accurate representation of short-term operation within a long-term planning framework. Specifically, we discuss the development of a long-term investment model including a continuous relaxation of the technology- clustered formulation of the short-term unit commitment problem. This model is applied to a test system having similar characteristics to the Belgian power system in a greenfield setting, i.e., assuming no pre-existing capacities, to analyze the role of storage at different renewable penetration levels. Both pumped-hydro storage and battery energy storage is considered, and their role in providing energy services and frequency control is investigated. We derive conclusions on the benefits and role of electricity storage to motivate why it may be built and operated. Results show that, in general, the integration of storage resources decreases total system cost, partially replaces flexible power plants, facilitates the integration of renewable energy sources, and allows inflexible technologies to perform better.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127874904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Inara Tareque, Arnobio Morelix, R. Fairlie, Joshua Russell-Fritch, E. Reedy
The Kauffman Index of Main Street Entrepreneurship is a comprehensive indicator of small business activity in the United States, integrating high-quality sources of timely information into one composite indicator. The Index captures business activity in all industries and is based on both a nationally representative sample size of roughly 900,000 responses each year and on the universe of all employer businesses in the United States on a dataset covering approximately five million businesses. The focus here is on business owners based on a location, survival rates of firms, and established small businesses—employer firms five years old and older and with fewer than fifty employees. As such, we examine both the business owners and the businesses they own.Main Street entrepreneurship is an important aspect of the U.S. economy and society. Established small businesses make up almost 68 percent of all employer firms in the United States and are a source of local economic activity.This report represents trends in Main Street entrepreneurship activity of the past two decades for all fifty states of the United States. Two separate reports look at these same trends in the forty largest metros in the country and at the national level. Some Main Street Entrepreneurship Index components, when available, also are reported by demographic groups.
{"title":"The Kauffman Index 2016: Main Street Entrepreneurship State Trends","authors":"Inara Tareque, Arnobio Morelix, R. Fairlie, Joshua Russell-Fritch, E. Reedy","doi":"10.2139/SSRN.2872901","DOIUrl":"https://doi.org/10.2139/SSRN.2872901","url":null,"abstract":"The Kauffman Index of Main Street Entrepreneurship is a comprehensive indicator of small business activity in the United States, integrating high-quality sources of timely information into one composite indicator. The Index captures business activity in all industries and is based on both a nationally representative sample size of roughly 900,000 responses each year and on the universe of all employer businesses in the United States on a dataset covering approximately five million businesses. The focus here is on business owners based on a location, survival rates of firms, and established small businesses—employer firms five years old and older and with fewer than fifty employees. As such, we examine both the business owners and the businesses they own.Main Street entrepreneurship is an important aspect of the U.S. economy and society. Established small businesses make up almost 68 percent of all employer firms in the United States and are a source of local economic activity.This report represents trends in Main Street entrepreneurship activity of the past two decades for all fifty states of the United States. Two separate reports look at these same trends in the forty largest metros in the country and at the national level. Some Main Street Entrepreneurship Index components, when available, also are reported by demographic groups.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129498416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Success breeds success in many mass market industries, as well known products gain further consumer acceptance because of their visibility. However, new products must struggle to gain consumer’s scarce attention and initiate that virtuous cycle. The newest mass market industry, mobile apps, has these features. Success among apps is highly concentrated, in part because the “top app lists” recommend apps based on past success as measured by downloads. Consequently, in order to introduce themselves to users, new app developers attempt to gain a position on the top app lists by “buying downloads,” i.e., paying a user to download the app onto her device. We build a model to rationalize this behavior, taking into account the impact of buying downloads on top list ranking and optimal investment in buying downloads. We leverage a private dataset from one platform for buying downloads to identify the return on this investment, as a test for the assumption of the model. $100 invested will improve the ranking by 2.2%. We provide some informal tests of the two empirical predictions of the model: (1) there are two humps in the diffusion pattern of the app, and (2) early rankings are less persistent than later rankings. We estimate an empirical analog of the model to show the relative importance of buying downloads and rich heterogeneity in the market. We simulate counterfactuals to evaluate the efficiency of top-ranking lists.
{"title":"Paying Incumbents and Customers to Enter an Industry: Buying Downloads","authors":"Xing Li, T. Bresnahan, Pai-Ling Yin","doi":"10.2139/ssrn.2834564","DOIUrl":"https://doi.org/10.2139/ssrn.2834564","url":null,"abstract":"Success breeds success in many mass market industries, as well known products gain further consumer acceptance because of their visibility. However, new products must struggle to gain consumer’s scarce attention and initiate that virtuous cycle. The newest mass market industry, mobile apps, has these features. Success among apps is highly concentrated, in part because the “top app lists” recommend apps based on past success as measured by downloads. Consequently, in order to introduce themselves to users, new app developers attempt to gain a position on the top app lists by “buying downloads,” i.e., paying a user to download the app onto her device. We build a model to rationalize this behavior, taking into account the impact of buying downloads on top list ranking and optimal investment in buying downloads. We leverage a private dataset from one platform for buying downloads to identify the return on this investment, as a test for the assumption of the model. $100 invested will improve the ranking by 2.2%. We provide some informal tests of the two empirical predictions of the model: (1) there are two humps in the diffusion pattern of the app, and (2) early rankings are less persistent than later rankings. We estimate an empirical analog of the model to show the relative importance of buying downloads and rich heterogeneity in the market. We simulate counterfactuals to evaluate the efficiency of top-ranking lists.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123991075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study pricing and non-pricing features of loan contracts to gauge how the credit market evaluates a firm’s customer-base profile and supply-chain relations. Higher customer concentration increases interest rate spreads and the number of restrictive covenants featured in newly initiated as well as renegotiated bank loans. Customer concentration also abbreviates the maturity of those loans as well as the relationship between firms and their banks. These effects are intensified by customers’ financial distress, the level of relationship-specific investments, and the use of trade credit in customer–supplier relations. Our evidence shows that a deeper exposure to a small set of large customers bears negative consequences for a firm’s relations with its creditors, revealing limits to integration along the supply chain.
{"title":"Customer Concentration and Loan Contract Terms","authors":"Murillo Campello, Janet Gao","doi":"10.2139/ssrn.2442314","DOIUrl":"https://doi.org/10.2139/ssrn.2442314","url":null,"abstract":"We study pricing and non-pricing features of loan contracts to gauge how the credit market evaluates a firm’s customer-base profile and supply-chain relations. Higher customer concentration increases interest rate spreads and the number of restrictive covenants featured in newly initiated as well as renegotiated bank loans. Customer concentration also abbreviates the maturity of those loans as well as the relationship between firms and their banks. These effects are intensified by customers’ financial distress, the level of relationship-specific investments, and the use of trade credit in customer–supplier relations. Our evidence shows that a deeper exposure to a small set of large customers bears negative consequences for a firm’s relations with its creditors, revealing limits to integration along the supply chain.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131170702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, we use data from the Federal Reserve’s 1993, 1998 and 2003 Surveys of Small Business Finances to classify small businesses into four groups based upon their credit needs and to model the credit allocation process into a sequence of three steps. First, do firms need credit? We classify those that do not as “non-borrowers;” these firms have received scant attention in the literature even though they account for more than half of all small firms. Second, do firms need credit but fail to apply because they feared being turned down? We classify such firms as “discouraged borrowers.” Like non-borrowers, discouraged borrowers have received little attention in the literature and often are pooled with firms who applied for, but were denied, credit. Discouraged borrowers outnumber firms that applied for, but were denied, credit by more than two to one. Third, do firms apply for credit, but get turned down? We classify such firms as “denied borrowers.” Finally, we classify firms that applied for, and were extended, credit as “approved borrowers.” Our results reveal strong and significant differences among each of these four groups of firms. Non-borrowers look very much like approved borrowers, consistent with the Pecking-Order Theory of capital structure. Discouraged borrowers resemble denied borrowers in many respects, but are significantly different along a number of dimensions. This finding calls into question the results from previous studies that have pooled together these two groups of firms in analyzing credit allocation. Finally, we find strong evidence that denied borrowers differ from approved borrowers across numerous characteristics, as previously documented in the literature. Of particular note, minority owned-firms, and especially Black-owned firms, were denied credit at a far higher rate than firms with owners who were white.
{"title":"Who Needs Credit and Who Gets Credit? Evidence from the Surveys of Small Business Finances","authors":"Rebel A. Cole, Tatyana Sokolyk","doi":"10.2139/ssrn.1131064","DOIUrl":"https://doi.org/10.2139/ssrn.1131064","url":null,"abstract":"In this study, we use data from the Federal Reserve’s 1993, 1998 and 2003 Surveys of Small Business Finances to classify small businesses into four groups based upon their credit needs and to model the credit allocation process into a sequence of three steps. First, do firms need credit? We classify those that do not as “non-borrowers;” these firms have received scant attention in the literature even though they account for more than half of all small firms. Second, do firms need credit but fail to apply because they feared being turned down? We classify such firms as “discouraged borrowers.” Like non-borrowers, discouraged borrowers have received little attention in the literature and often are pooled with firms who applied for, but were denied, credit. Discouraged borrowers outnumber firms that applied for, but were denied, credit by more than two to one. Third, do firms apply for credit, but get turned down? We classify such firms as “denied borrowers.” Finally, we classify firms that applied for, and were extended, credit as “approved borrowers.” Our results reveal strong and significant differences among each of these four groups of firms. Non-borrowers look very much like approved borrowers, consistent with the Pecking-Order Theory of capital structure. Discouraged borrowers resemble denied borrowers in many respects, but are significantly different along a number of dimensions. This finding calls into question the results from previous studies that have pooled together these two groups of firms in analyzing credit allocation. Finally, we find strong evidence that denied borrowers differ from approved borrowers across numerous characteristics, as previously documented in the literature. Of particular note, minority owned-firms, and especially Black-owned firms, were denied credit at a far higher rate than firms with owners who were white.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115551670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Little light has been shed on the functioning of business in potential post-growth economies. With this paper, we aim to expand discussions on post-growth economies to the company level and suggest one possible way to connect existing management practise with the fact that, in order to stay within planetary boundaries, economic growth cannot be infinite. To that end, we conceptualise Successful Non-Growing Companies (SNCs) as one possible form of post-growth companies and examine ten existing SNCs with regard to their motivations, key performance indicators and management strategies. Results of our document analysis suggest that when different approaches towards growth in qualities are given preference over traditional quantitative growth several characteristics follow that are advantageous for the transition to a post-growth economy. We postulate the concept of Successful Non-Growing Companies has potential to support the cultural shift needed on the company level for the transformation towards post-growth on the macro level.
{"title":"Successful Non-Growing Companies","authors":"Andrea Liesen, C. Dietsche, Jana Gebauer","doi":"10.2139/ssrn.2623920","DOIUrl":"https://doi.org/10.2139/ssrn.2623920","url":null,"abstract":"Little light has been shed on the functioning of business in potential post-growth economies. With this paper, we aim to expand discussions on post-growth economies to the company level and suggest one possible way to connect existing management practise with the fact that, in order to stay within planetary boundaries, economic growth cannot be infinite. To that end, we conceptualise Successful Non-Growing Companies (SNCs) as one possible form of post-growth companies and examine ten existing SNCs with regard to their motivations, key performance indicators and management strategies. Results of our document analysis suggest that when different approaches towards growth in qualities are given preference over traditional quantitative growth several characteristics follow that are advantageous for the transition to a post-growth economy. We postulate the concept of Successful Non-Growing Companies has potential to support the cultural shift needed on the company level for the transformation towards post-growth on the macro level.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127095989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to provide a theoretical framework to explicate the specific attributes of leveraged buyouts, which may alter the probability of default in contrast to non-private-equity-backed firms. The author hereby suggests controlling for the asset liquidation potential as an additional source of cash flow available for servicing debt, the valuation of the investment, the strength of the negotiated covenants, the pressure of the target's refinancing need, and the stage of the fund's life cycle. In addition, the model is augmented by the capital market attractiveness, expressed by the debt capital market liquidity and the risk aversion of bond investors. Finally, industry attractiveness in terms of industry rivalry, volatility of the sector, and the historical sector default rates may provide significant insights into the probability of default.
{"title":"Firm-Specific Triggers of LBO Defaults","authors":"Daniel Ilg","doi":"10.2139/ssrn.2619821","DOIUrl":"https://doi.org/10.2139/ssrn.2619821","url":null,"abstract":"This study aims to provide a theoretical framework to explicate the specific attributes of leveraged buyouts, which may alter the probability of default in contrast to non-private-equity-backed firms. The author hereby suggests controlling for the asset liquidation potential as an additional source of cash flow available for servicing debt, the valuation of the investment, the strength of the negotiated covenants, the pressure of the target's refinancing need, and the stage of the fund's life cycle. In addition, the model is augmented by the capital market attractiveness, expressed by the debt capital market liquidity and the risk aversion of bond investors. Finally, industry attractiveness in terms of industry rivalry, volatility of the sector, and the historical sector default rates may provide significant insights into the probability of default.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122015112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Patterns of patents’ backward citations were used to test a new patent-score measure that suggested whether post-acquisition synergies had been realized (based on improvements in firms’ patent scores after making acquisitions). We argue that where firms’ post-acquisition patent scores showed that a broader range of non-core knowledge had been synthesized by working together afterward than had occurred before the acquisition, multiplicative innovation synergies were realized ― which improved firms’ financial performance. Additional test results suggested that highly-diversified firms did not necessarily enjoy the type of post-acquisition innovation synergies that were found in this study; our measure indicated that less-broadly diversified firms enjoyed greater multiplicative innovation synergies (as they were defined herein) than did the more-broadly diversified firms.
{"title":"Evidence of Innovation Synergies","authors":"K. R. Harrigan, M. DiGuardo","doi":"10.2139/ssrn.2509337","DOIUrl":"https://doi.org/10.2139/ssrn.2509337","url":null,"abstract":"Patterns of patents’ backward citations were used to test a new patent-score measure that suggested whether post-acquisition synergies had been realized (based on improvements in firms’ patent scores after making acquisitions). We argue that where firms’ post-acquisition patent scores showed that a broader range of non-core knowledge had been synthesized by working together afterward than had occurred before the acquisition, multiplicative innovation synergies were realized ― which improved firms’ financial performance. Additional test results suggested that highly-diversified firms did not necessarily enjoy the type of post-acquisition innovation synergies that were found in this study; our measure indicated that less-broadly diversified firms enjoyed greater multiplicative innovation synergies (as they were defined herein) than did the more-broadly diversified firms.","PeriodicalId":281108,"journal":{"name":"ERPN: Industrial Organization (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129401918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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