Evolution of Profit Persistence in the US: Evidence from Three Periods

Adelina Gschwandtner

doi:10.1111/j.1467-9957.2011.02277.x

Evolution of Profit Persistence in the US: Evidence from Three Periods

Adelina Gschwandtner

Institute for Statistics and Mathematics

Publication: Scientific journal › Journal article › peer-review

Abstract

In the present study we analyze and compare profit persistence during the periods 1950-66, 1967-83 and 1984-99 in the USA. While most of the previous studies performed persistence analysis on survivors only, the present set-up allows for companies to enter and exit the analyzed sample, giving a more comprehensive depiction of the US economy during this half of the century. The results point towards a constant increase of competition after the opening of the US economy to international competition in the 1960-80s. Key determinants of profit persistence seem to be the firm's and industry size, industry growth, and more recently risk, advertising and exports.

Original language	English
Pages (from-to)	172 - 209
Journal	Manchester School of Economic and Social Studies
Volume	80
Issue number	2
DOIs	https://doi.org/10.1111/j.1467-9957.2011.02277.x
Publication status	Published - 1 Dec 2012

Austrian Classification of Fields of Science and Technology (ÖFOS)

502013 Industrial economics

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title = "Evolution of Profit Persistence in the US: Evidence from Three Periods",

abstract = "In the present study we analyze and compare profit persistence during the periods 1950-66, 1967-83 and 1984-99 in the USA. While most of the previous studies performed persistence analysis on survivors only, the present set-up allows for companies to enter and exit the analyzed sample, giving a more comprehensive depiction of the US economy during this half of the century. The results point towards a constant increase of competition after the opening of the US economy to international competition in the 1960-80s. Key determinants of profit persistence seem to be the firm's and industry size, industry growth, and more recently risk, advertising and exports.",

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DO - 10.1111/j.1467-9957.2011.02277.x

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