Successive technical and organizational innovations have modelled the current structure and composition of the fishing industry. The market structure varies considerably between countries and the fish species they catch. There is a generalised global convergence towards an industrial-outsourced...

While the importance of the banking sector on various fundamental economic variables is well-documented in the literature, little is known about the relationship between the bank market structure and access to finance for opaque firms, particularly in developing economies such as South Africa....

Rolling waves of consolidation have significantly decreased the number of hospital systems in the U.S. potentially affecting industry quality, prices, efficiency, wages and more. This research concerns the growth in hospital system consolidation in local labor markets and its effect on...

In this paper, we present new referential statistics for supply chain exposure to concentration risk of global production networks. The study’s net contribution rests on the development of a metric that indicates exposure risk in terms of the frequency of supply chain engagement with the...

Study assesses the feasibility of the Hwange-Lupane regions of Zimbabwe to host a large-scale Concentrated Solar Power (CSP) facility. The study performed a techno-economic analysis to meet the objectives of the study. However, considering that CSP technologies are currently costly, errors in...

Rolling waves of consolidation have significantly decreased the number of hospital systems in the U.S. potentially affecting industry quality, prices, efficiency, wages and more. This research concerns the growth in hospital system consolidation in local labor markets and its effect on...

Wages growth in Australia was lower than expected prior to COVID-19 based on historical determinants. One possible explanation for this is that employment had become more concentrated among a small number of large employers. This reduced outside options for workers and lowered their bargaining...

This study investigates the role of sectoral market structure in the inflationary dynamics of the domestic producer prices (D-PPI) in Türkiye. We start by reporting the fact that industries with intense competition had lower producer price inflation compared to industries with low-competition...

Governments spend considerable resources providing goods directly. We show that such behavior may increase welfare when private suppliers have market power. We do this by studying the staggered rollout of hundreds of government milk "ration stores" in Mexico using a proprietary panel of...

Corporate ESG performance has received widespread attention recently, and how to improve it has become an important academic question. This paper analyses the effect of equity concentration on corporate ESG performance and how it acts by using the data of listed companies in China. The result...

This paper studies how the lender structure of external debts affects open economies' credit conditions via a model with heterogeneous lenders of different sizes. While atomic lenders take the collateral price as given, large lenders internalize the pecuniary externality whereby selling...

Industry concentration and markups in the US have been rising over the last 3- 4 decades. However, the causes remain largely unknown. This paper uses machine learning on regulatory documents to construct a novel dataset on compliance costs to examine the effect of regulations on market power....

The purpose of this study is to critically analyze the insurance market in Albania, its level of concentration, and somehow to answer the question whether it impacts the country’s economy. The study analyzed how the insurance system in Albania has evolved, and more specifically, how the...

The present study investigates how increasing bank accounts and bank concentration affect mobile money innovations in 148 countries. It builds on scholarly and policy concerns in the literature that increasing bank accounts may not be having the desired effects on financial inclusion on the one...

We analyze the effects of different types and concentration of ownership on performance using a population of firms in a model transition economy after mass privatization. Specifications based on first-differences and unusual instrumental variables show that contrary to conventional wisdom, the...

The rise of passive investing is leading to a new reality of horizontal ownership in combination with a reconcentration of corporate control, notably at the Big Three passive asset managers BlackRock, State Street and Vanguard. We introduce the concept of mandate ownership and point to a process...

This paper examines the effect of Japanese corporate groupings, keiretsu, on the informativeness of earnings. Keiretsu firms maintain close financial and personal ties through cross-shareholding, credit holding, interlocking corporate directorates, and various business transactions. We propose...

Meeks and Meeks (2022, MM for short)* has a question in its subtitle, Why spend ever more on mergers when so many fail? There are three interwoven strands in the book’s answer:First, contracts (explicit and implicit) often reward key players in the M&A market — executives and advisers —...

This paper analyzes the impact of financial development on export concentration. I incorporate credit constraints into a trade model with heterogeneous exporters and endogenous quality choice. The model predicts that financial development increases innovation activity and export shares of larger...

We discuss a subset of vertical mergers, where the exercise of market power and the efficiencies enabled by a vertical merger reduce rivals’ profits, making rivals’ exit a potentially serious concern. Rivals’ exit can fundamentally alter the welfare analysis of vertical mergers due to the...

Information flows, and thus information technology (IT) are central to the structure of firms and markets. Using data from the U.S. Census Bureau, we provide firm-level evidence that increases in IT intensity are associated with increases in firm size and concentration in both employment and...

Larger firms (by sales or employment) have higher leverage. This pattern is explained using a model in which firms produce multiple varieties and borrow with the option to default against their future cash flow. A variety can die with a constant probability, implying that bigger firms (those...

Using a text-based measure as a proxy for a firm’s geographically concentrated business interests, we document that geographic concentration reduces the probability of failure risk for newly listed firms. We find that the effect is more pronounced in soft information environments, and in small...

Using business registry data from China, we show that internal capital markets in business groups can play the role of financial intermediary and propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate...

Economic theory predicts that monopsonistic employers suppress wages below the marginal product of labour. We measure local labour market (LLM) concentration in Ireland from 2008 to 2019 using an employment share HerfindahlHirschmann Index (HHI), a proxy for monopsony power. LLM concentration in...

This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...

This paper analyzes the impact of financial development on export concentration. I incorporate credit constraints into a trade model with heterogeneous exporters and endogenous quality choice. The model predicts that financial development increases innovation activity and export shares of larger...

This paper analyzes the implications of the gradual rise in bank concentration since the 1990s for the transmission of monetary policy. I use branch-level data on deposit and loan rates to evaluate the monetary policy pass-through conditional on the level of local bank concentration and bank...

It has been argued that Asia's remarkable economic achievements of the past 50 years build on institutional arrangements very different from the West, notably the central role of business groups (BGs). As Asian economies move from extensive to intensive growth, we enquire whether the business...

We contribute a theory in which three channels interact to determine the degree of monopsony power and therefore the markdown of a worker's spot wage relative to her marginal product: (1) heterogeneity in worker-firm-specific preferences (non-wage amenities), (2) firm granularity, and (3) off-...

Purpose - This study aims to examine the effect of ownership concentration and foreign ownership on tunneling activities in Indonesia. Design/methodology/approach - The population in this study were manufacturing companies listed on the Indonesian Stock Exchange from 2014 to 2018. The total...

We investigate the impact of labor market concentration on average wages and decompose it into its effects on new hires and incumbents, where incumbents are defined as individuals who were already employed in the same firm the year before. Using administrative data for France, we find that...