Capital Resalability, Productivity Dispersion, and Market Structure
提出一个衡量资本可转售性的行业指标，并利用美国制造业数据检验其对生产率分散、平均生产率和行业集中度的影响，发现资本可转售性提高会降低生产率分散、提升生产率均值和中位数，并与行业集中度负相关。
We propose an industry-level index of capital resalability-the share of used capital in aggregate industry capital expenditure-that relates (inversely) to sunkenness of investments. Using data from U.S. manufacturing, we then test the effect of capital resalability on industry productivity dispersion, mean productivity, and industry concentration. As predicted by standard models of industry equilibrium with heterogeneous firms, we find that increases in capital resalability are associated with a reduction in productivity dispersion, and an increase in the mean and median of the productivity distribution. Furthermore, we find that capital resalability is negatively correlated with industry concentration. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.