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  1. Market concentration in Europe
    evidence from antitrust markets
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are... mehr

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    An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level while firm level revenues are a poor indicator of product sales. We use a novel database that identifies over 20,000 product/geographic antitrust markets affected by over 2,000 mergers scrutinized by the European Commission between 1995 and 2014. We show that concentration, as measured by the market-specific post-merger HHI, is larger than reported in the extant literature (at least) by a factor of ten. We also show that concentration has increased over time on average. Yet, there is a great deal of heterogeneity across geographic markets and within broader industries. In a regression analysis that exploits this within-industry variation, we show that barriers to entry are unambiguously positively related to concentration irrespective of time periods, sectors of activity, and geographical market dimension analyzed. Strict past merger enforcement negatively correlates with concentration. Yet, this effect is stronger in the earlier decade (1995-2004) than subsequently. Intangibility of investments consistently displays positive correlation with concentration only for EU wide and worldwide services markets. In contrast, the correlation is negative in national markets. This underscores the importance of the large heterogeneity present in concentration developments across markets.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232463
    Schriftenreihe: CESifo working paper ; no. 8866 (2021)
    Schlagworte: concentration; HHI; market definition; entry barriers; mergers; merger control; intangibles
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Markups, intangible capital and heterogeneous financial frictions
    Erschienen: [2021]
    Verlag:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Schriftenreihe: Discussion paper / Centre for Economic Performance ; no. 1740 (January 2021)
    Schlagworte: markups; financial constraints; intangibles; productivity; technological change
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  3. Regions and trademarks
    research opportunities and policy insights from leveraging trademarks in regional innovation studies
    Erschienen: [2021]
    Verlag:  Utrecht University, Human Geography and Planning, [Utrecht]

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    Schriftenreihe: Papers in evolutionary economic geography ; # 21, 38
    Schlagworte: trademarks; regions; geography; intangibles; innovation; specialization; diversification
    Umfang: 1 Online-Ressource (circa 38 Seiten)
  4. The impact of ICT and intangible capital accumulation on labour demand growth and functional income shares
    Autor*in: Stehrer, Robert
    Erschienen: July 2022
    Verlag:  Wiener Institut für Internationale Wirtschaftsvergleiche, Wien

    This paper investigates whether the diffusion of tangible IT and CT capital and intangible capital asset types has an impact on labour demand growth and the share of labour income in total income at the industry and country level. The econometric... mehr

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    This paper investigates whether the diffusion of tangible IT and CT capital and intangible capital asset types has an impact on labour demand growth and the share of labour income in total income at the industry and country level. The econometric analysis is derived from a Cobb-Douglas production function taking empirical stylized facts into account. The effects of technical progress embodied in the various forms of capital impact along inter-industry and intercountry production linkages, which are considered by using global value chain indicators. The analysis is broken down to examine the influence on different types of labour, including the dimensions of gender, age, and educational attainment. Accumulation of ICT assets have generally insignificant and in some cases small positive effects on labour demand and income shares, though patterns differ across types of labour. Intangible assets show a positive relation with respect to labour demand growth.

     

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    Weitere Identifier:
    hdl: 10419/272996
    Schriftenreihe: Working paper / wiiw ; 218
    Schlagworte: capital accumulation; ICT capital; intangibles; labour demand; income distribution
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  5. Congestion in onboarding workers and sticky R&D
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of New York, [New York, NY]

    R&D investment spending exhibits a delayed and hump-shaped response to shocks. We show in a simple partial equilibrium model that rapidly adjusting R&D investment is costly if the probability of converting new hires into productive R&D workers... mehr

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    R&D investment spending exhibits a delayed and hump-shaped response to shocks. We show in a simple partial equilibrium model that rapidly adjusting R&D investment is costly if the probability of converting new hires into productive R&D workers ("onboarding") is decreasing in the number of new hires ("congestion"). Congestion thus causes R&D-producing firms to slowly hire new workers in response to good shocks and hoard workers in response to bad shocks, providing a microfoundation for convex adjustment costs in R&D investment. Using novel, high-frequency productivity data on individual software developers collected from GitHub, a popular online collaboration platform, we provide quantitative evidence for such congestion. Calibrated to this evidence, a sticky-wage new Keynesian model with heterogeneous investment-producing firms subject to congestion in onboarding and no other frictions yields hump-shaped responses of R&D investment to shocks.

     

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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/284035
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1075 (November 2023)
    Schlagworte: intangibles; monetary policy; R&D; innovation; team specific capital; labor adjustment costs
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  6. Marketing, other intangibles, and output growth in 61 United States industries
    Erschienen: October 2023
    Verlag:  U.S. Department of Commerce, Bureau of Economic Analysis, Washington, DC

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    Schriftenreihe: BEA working paper series ; WP2023, 11
    Schlagworte: Marketing; advertising; intangibles; intellectual property capital
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  7. Transfer pricing and location choice of intangibles
    spillover and tax avoidance through profit shifting
    Erschienen: December, 2018
    Verlag:  Universität Wien, Wien

    Large multinational companies are regularly suspected of using transfer pricing of intangibles to shift profits from high- to low-tax jurisdictions. We study the optimal transfer prices while endogenizing the location choice of intangibles and... mehr

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    Large multinational companies are regularly suspected of using transfer pricing of intangibles to shift profits from high- to low-tax jurisdictions. We study the optimal transfer prices while endogenizing the location choice of intangibles and considering spillovers. In line with the initial intuition, we find that multinationals locate their intangibles in low-tax jurisdictions and deploy royalty flows to minimize tax payments. However, if multinationals face a trade-off between tax minimization and efficient spillover internalization, the so-called 'home bias' might occur. Then, for a large spillover, the intangible is optimally located in the high-tax domestic country. This leads to less severe investment distortions because the spillover is internalized. In addition, the model predicts that curtailing profit shifting possibilities can either harm or facilitate multinationals' overall investments. This depends heavily on unobservable factors such as the underlying accounting system. Therefore, our analysis highlights challenges for the anti-avoidance legislation of governments

     

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    Sprache: Englisch
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    Schriftenreihe: WU international taxation research paper series ; no. 2019, 01
    Schlagworte: profit shifting; intangibles; spillover; transfer pricing; location
    Umfang: 1 Online-Ressource (circa 50 Seiten)
  8. Marketing, other intangibles, and output growth in 61 United States industries
    Erschienen: [2023]
    Verlag:  U.S. Department of Labor, U.S. Bureau of Labor Statistics, Office of Productivity and Technology, Washington, DC

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    Schriftenreihe: BLS working papers ; 568 (November 15, 2023)
    Schlagworte: Marketing; advertising; intangibles; intellectual property capital
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  9. UK investment in intangible assets
    report for Nesta
    Erschienen: 2014
    Verlag:  NESTA, London

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    Schriftenreihe: Nesta working paper series ; 14,02
    Schlagworte: Innovation; knowledge; intangibles; investment; capital
    Umfang: Online-Ressource (33 S.), graph. Darst.