Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/238154 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Working Paper No. 2021-06
Verlag: 
University of Massachusetts, Department of Economics, Amherst, MA
Zusammenfassung: 
This paper establishes that entry and exit regulate the top half of the profitability distribution in the post-1970 U.S. economy. We, first, document stability in the distribution of total profits earned on tangible, intangible, and financial capital. Whereas a narrower measure of returns on tangible capital, instead, suggests rising dispersion, it fails to capture post-1970 growth in intangible and financial assets. Second, we use quantile decompositions to show that churning - specifically, exit for cause - regulates median and top-end profitability. Thus, the process by which competition drives out unprofitable firms acts to stabilize profit rates in the U.S. economy.
Schlagwörter: 
Profit rates
competition
entry and exit dynamics
JEL: 
B5
L1
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.09 MB





Publikationen in EconStor sind urheberrechtlich geschützt.