Chun, Hyunbae; Kim, Jung-Wook - In: Applied Economics Letters 18 (2011) 16, pp. 1571-1576
Using firm-level Compustat data from 1971 to 2000, we report a substantial cross-industry variation of allocative efficiency in capital expenditure in the US economy. Industries with higher allocative efficiency are the ones with higher firm-level value-added growth heterogeneity, higher...