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Markups and business dynamism across industries 跨行业的加价和业务动态
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-18 DOI: 10.1016/j.ijindorg.2026.103260
Brian C. Albrecht , Ryan A. Decker
{"title":"Markups and business dynamism across industries","authors":"Brian C. Albrecht ,&nbsp;Ryan A. Decker","doi":"10.1016/j.ijindorg.2026.103260","DOIUrl":"10.1016/j.ijindorg.2026.103260","url":null,"abstract":"<div><div>Recent research connects rising measured market power to other macroeconomic trends in the U.S., including decades-long declines in measures of “business dynamism,” such as business entry and job reallocation. Intuitively, factors that raise market power may also reduce entry, and firms with more market power are less responsive to shocks. Such theories predict a negative correlation between markups and business dynamism. We use industry-level data to study long-run trends and annual patterns of markups and dynamism. Using multiple measures of each, we find no systematic industry-level negative correlation between changes in markups and changes in dynamism from the 1980s through the 2010s. In fact, we are more likely to observe the opposite relationship.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103260"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
News media bargaining codes 新闻媒体议价准则
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-27 DOI: 10.1016/j.ijindorg.2026.103262
Luca Sandrini , Robert Somogyi
{"title":"News media bargaining codes","authors":"Luca Sandrini ,&nbsp;Robert Somogyi","doi":"10.1016/j.ijindorg.2026.103262","DOIUrl":"10.1016/j.ijindorg.2026.103262","url":null,"abstract":"<div><div>We build a model of the news market where advertisers allocate their ads between a social media platform and a news website. Our objective is to evaluate policy interventions aimed at fostering news creation by transferring revenues from social media to news websites (already introduced in Australia, Canada, and Indonesia). We show that social media may voluntarily contribute to news development, but only suboptimally. Beyond a certain level of state-mandated transfer, the social media platform can credibly threaten to remove news content. We demonstrate that the improvement of zero-click searches may have an adverse equilibrium effect on consumers. Finally, we provide some guidance on how to design a policy that improves welfare by promoting news creation.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103262"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The anatomy of costs and firm performance: Evidence from Belgium 成本与企业绩效的剖析：来自比利时的证据
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-25 DOI: 10.1016/j.ijindorg.2026.103264
Jan De Loecker , Catherine Fuss , Nathan Quiller-Doust , Leonard Treuren
{"title":"The anatomy of costs and firm performance: Evidence from Belgium","authors":"Jan De Loecker ,&nbsp;Catherine Fuss ,&nbsp;Nathan Quiller-Doust ,&nbsp;Leonard Treuren","doi":"10.1016/j.ijindorg.2026.103264","DOIUrl":"10.1016/j.ijindorg.2026.103264","url":null,"abstract":"<div><div>We separately observe variable input expenditure and expenditure on fixed inputs and overhead in novel firm-level data covering the Belgian manufacturing sector over the last decades. This permits a deeper investigation of two potential drivers of the globally observed widening gap between firms’ revenue and variable input expenditure: <em>technology</em> and <em>market power</em>. Across the board, cost structures have become less reliant on variable input expenditure over time, while expenditure on fixed inputs and overhead costs have increased in prominence. We relate these changes in firms’ cost structures to performance measures and document that markups and gross profit ratios increase substantially as the role of variable costs in production diminishes. Profit ratios net of fixed input expenditure also increase, but by substantially less than gross profit ratios. Our results suggest that technological change can explain a considerable portion of the widening gap between revenue and variable input expenditure, but that markups increase by somewhat more than necessary to break even. Moreover, this phenomenon operates remarkably similarly across different firms and industries.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103264"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The tails of firm growth, granularity, and business cycles 公司成长、粒度和商业周期的尾部
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-19 DOI: 10.1016/j.ijindorg.2026.103258
Carlos Daniel Santos
{"title":"The tails of firm growth, granularity, and business cycles","authors":"Carlos Daniel Santos","doi":"10.1016/j.ijindorg.2026.103258","DOIUrl":"10.1016/j.ijindorg.2026.103258","url":null,"abstract":"<div><div>We document that the kurtosis of firm growth rates increases with firm size, indicating that even the largest firms are susceptible to significant, concentrated risks. To account for these cross-sectional characteristics, we develop a model where aggregate fluctuations are driven by customer concentration. We show that shocks are amplified only when large firms also have highly concentrated customer bases. This mechanism accounts for two stylized facts: the higher volatility of small firms and the heavier-tailed growth distributions of large firms. Customer concentration limits diversification and increases tail risks. Our findings suggest that understanding macroeconomic risk requires considering not just firm size, but also the concentration of their sales.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103258"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146024412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Competing for time: A study of mobile applications 争抢时间：对移动应用程序的研究
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2025-12-30 DOI: 10.1016/j.ijindorg.2025.103247
Han Yuan
{"title":"Competing for time: A study of mobile applications","authors":"Han Yuan","doi":"10.1016/j.ijindorg.2025.103247","DOIUrl":"10.1016/j.ijindorg.2025.103247","url":null,"abstract":"<div><div>Mobile applications compete for scarce user time-a mechanism I term “budget competition”-regardless of functional similarity. Complementary apps are gross substitutes when budget competition dominates functional competition. I estimate a discrete-continuous demand model to quantify the two types of competition using overlapping user data from China in 2017. Exploiting app updates to identify complementarity, I find significant substitution between functionally independent apps, demonstrating that categories are often poor proxies for competition. While budget competition can be large in absolute terms, it is often small relative to functional competition. I discuss when budget competition may play a larger role.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103247"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Measuring markups with revenue data 用收入数据衡量加价
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-24 DOI: 10.1016/j.ijindorg.2026.103263
Ivan Kirov , Paolo Mengano , James Traina
{"title":"Measuring markups with revenue data","authors":"Ivan Kirov ,&nbsp;Paolo Mengano ,&nbsp;James Traina","doi":"10.1016/j.ijindorg.2026.103263","DOIUrl":"10.1016/j.ijindorg.2026.103263","url":null,"abstract":"<div><div>When output prices are unobserved, standard production-based markup estimators are biased and inconsistent because they are unable to distinguish whether firms have higher revenues due to higher prices or higher quantities. Building on work designed for competitive environments, we propose a novel method that solves this problem using only revenue data. We flexibly model markups as a specified function of observables and fixed effects, supporting a broad class of variable-markup frameworks. We explicitly adopt a Markovian revenue productivity process, a commonly implicit assumption in the literature. Our suggested two-step approach is simple in concept and implementation, requiring only common regression techniques.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103263"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal patent screening with imperfect enforcement 执行不完善的最优专利筛选
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-08 DOI: 10.1016/j.ijindorg.2026.103248
Gerard Llobet , Álvaro Parra , Javier Suarez
{"title":"Optimal patent screening with imperfect enforcement","authors":"Gerard Llobet ,&nbsp;Álvaro Parra ,&nbsp;Javier Suarez","doi":"10.1016/j.ijindorg.2026.103248","DOIUrl":"10.1016/j.ijindorg.2026.103248","url":null,"abstract":"<div><div>Using an industry-dynamics innovation model, we explore the interplay between patent screening and patent enforcement. When patent enforcement is imperfect, genuine sequential innovators may see their market access blocked by potentially abusive infringement claims from prior innovators. In this case, the patent’s office leniency towards obvious innovators may contribute to reduce the presence of blocking incumbent monopolists, encouraging innovation and improving welfare. This result is robust across multiple extensions of the baseline framework.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103248"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146079221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The dynamics of competition in the Chinese electric vehicle market: Insights from BYD’s market evolution 中国电动汽车市场的竞争动态：来自比亚迪市场演变的洞察
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-14 DOI: 10.1016/j.ijindorg.2026.103256
Yiran Hao , Yu Hao
{"title":"The dynamics of competition in the Chinese electric vehicle market: Insights from BYD’s market evolution","authors":"Yiran Hao ,&nbsp;Yu Hao","doi":"10.1016/j.ijindorg.2026.103256","DOIUrl":"10.1016/j.ijindorg.2026.103256","url":null,"abstract":"<div><div>We study how BYD sustained stable price-cost margins of 19–23 % despite losing 74.6 percentage points of market share in Xi’an between 2014 and 2020—a pattern that diverges from standard IO theory predicting entry compresses both share and markups. Using transaction-level microdata, we estimate a structural model and develop a sequential counterfactual decomposition isolating seven drivers of market-share change. We find three core results. First, markup resilience stems from cost leadership: BYD’s vertically integrated battery production enabled aggressive price competition while maintaining profitability. Second, unobserved consumer preference shifts explain 47.9 % of the decline, vastly exceeding subsidy phase-outs (6.5 %). Third, the modest subsidy effect indicates successful infant-industry transition: by policy phase-out, BYD’s dependence had substantially waned. Our findings demonstrate that cost efficiency can decouple market share from profitability in technology-intensive industries.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103256"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
R&D and firm resilience during bad times 经济不景气时的研发和坚韧
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-01-05 DOI: 10.1016/j.ijindorg.2025.103246
Apoorva Gupta
{"title":"R&D and firm resilience during bad times","authors":"Apoorva Gupta","doi":"10.1016/j.ijindorg.2025.103246","DOIUrl":"10.1016/j.ijindorg.2025.103246","url":null,"abstract":"<div><div>Can being innovative help firms to shield themselves from the disruptive effects of a recession? Using data for Spanish manufacturing firms, this paper finds that in industries hit severely by the Great Recession, firms with prior investment in R&amp;D performed relatively better than non-innovative firms during the recession. The resilience of innovative firms is explained by their ability to promptly introduce product innovations. These firms do not seem to engage in process innovation to lower costs or improve production efficiency to adapt to a negative demand shock. Consequently, being innovative matters most for resilience in industries with a high scope for product differentiation. Matching innovative and non-innovative firms within industry groups along several firm characteristics and their pre-recession growth trajectory, and controlling for firm financing constraints, product-market scope, differences in labour adjustment costs or management quality supports the findings. The paper, thus, provides evidence for how investment in R&amp;D today helps firms to cope with a dramatically changed external environment.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103246"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145915370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Broad and narrow price parity agreements: Evidence from European hotels 广义和狭义价格平价协议：来自欧洲酒店的证据
IF 1.4 3区 经济学
International Journal of Industrial Organization Pub Date : 2026-04-01 Epub Date: 2026-02-03 DOI: 10.1016/j.ijindorg.2026.103265
Ben Klopack , Nicola Pierri
{"title":"Broad and narrow price parity agreements: Evidence from European hotels","authors":"Ben Klopack ,&nbsp;Nicola Pierri","doi":"10.1016/j.ijindorg.2026.103265","DOIUrl":"10.1016/j.ijindorg.2026.103265","url":null,"abstract":"<div><div>This paper investigates the effect of “price parity” clauses in contracts between hotels and online travel agencies (OTAs). These restrictions require a hotel to set its lowest prices for a given room on a travel agency’s website and have come under recent scrutiny by antitrust regulators. We use a synthetic control strategy to study a series of policy changes in Europe using novel data on transacted hotel prices and occupancy. Our analysis finds that (i) restricting the broadest form of parity clauses, but leaving in place a more limited version, reduced prices by about 1.5% and increased occupancy by 1 percentage point; (ii) relative to narrow parity, a complete ban on parity clauses reduced prices by between 0 and 4%, but had no impact on occupancy.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"105 ","pages":"Article 103265"},"PeriodicalIF":1.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146173132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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