NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Failure of Free Entry

Germán Gutiérrez, Thomas Philippon

NBER Working Paper No. 26001
Issued in June 2019

---- Acknowledgments ----

We are grateful to Luis Cabral, Larry White, Janice Eberly, Steve Davis, and seminar participants at NBER, University of Chicago, and New York University for stimulating discussions. We are grateful to the Smith Richardson Foundation for a research grant. 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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