Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles
---- Acknowledgments ----
We thank John Haltiwanger, Thomas Philippon, Lewis Alexander, Ravi Jagannathan and François Gourio for comments on earlier work that contributed to this paper. We are grateful to Qiushi Huang for outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.