Are U.S. Industries Becoming More Concentrated?

@article{Grullon2018AreUI,
  title={Are U.S. Industries Becoming More Concentrated?},
  author={Gustavo Grullon and Yelena Larkin and Roni Michaely},
  journal={Corporate Finance: Governance},
  year={2018}
}
There has been a systematic decline in the number of publicly-traded firms over the last two decades. Half of the U.S. industries lost over 50% of their publicly traded peers. The decline has increased industry concentration, as the void left by public firms has not been filled by an increase in the number of private businesses or by greater presence of foreign firms. Firms in industries with the largest decline in the number of firms have generated higher profit margins and abnormal stock… 
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