목차
Title page
Contents
Abstract 1
Introduction 3
1. Data and Methods 8
1.1. Defining Star firms and Markups 8
1.2. Cartels 12
1.3. Import Tariffs 13
1.4. Identifying Star Firms across the World 14
2. Empirical Findings 15
2.1. Markups, Intangible Capital, and Star Status 15
2.2. Are star firms' profits associated with lower output and investment? 17
2.3. Role of Competition 19
3. Conclusion 21
References 23
Table 1. Star Firms across the World 33
Table 2. Churning and Persistence 35
Table 3. Markups and Star Status 37
Table 4. Markups and Star Status - Heterogeneity across Intangible Capital 39
Table 5. Stars: Output and Investment 40
Table 6. Import Tariff Cuts, Markups, and Star Status 41
Table 7. Stars and Tariff Cuts: Output and Investment 42
Table 8. End of Cartel Membership as a Shock to Markups 43
Table 9. End of Cartel Membership: Stars and Non-stars 44
Figure 1. Tariff Cuts across US Industries 28
Figure 2. Country Stars across Country Income Groups and Industry 29
Figure 3. Output and Markups over time 30
Figure 4. Investment and Markups over time 31
Figure 5. R&D and Markups over time 32
