How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift

Germán Gutiérrez, Thomas Philippon

NBER Working Paper No. 24700
Issued in June 2018, Revised in June 2019

---- Acknowledgments ----

We are grateful to Sebnem Kalemli-Ozcan and Carolina Villegas-Sanchez for tremendous help with the ORBIS data; and to Indraneel Chakraborty, Richard Evans and Rüdiger Fahlenbrach for sharing their mapping from the Center for Responsive Politics’ UltOrg to Compustat GVKEYs. We are also grateful to Simcha Barkai, Olivier Blanchard, Sebnem Kalemli-Ozcan, Matthias Kehrig, Luis Cabral, Steve Davis, Janice Eberly, Chad Syverson, Larry White, Harry First, Luigi Zingales, John Haltiwanger, Jean Tirole, Thomas Holmes, Ali Yurukoglu, Jesse Shapiro, Evgenia Passari, Robin Doettling, Jim Poterba and seminar participants at the NBER, the Federal Reserve, University of Chicago, Banque de France, Bundesbank, European Central Bank and New York University for stimulating discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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