We investigate the evidence of increasing concentration in markets in Australia and overseas. We then evaluate the reasons underlying the facts and analyse what it means for competition in Australia.
Ey an-analysis-of-trends-in-the-us-capital-marketsJulien Boucher
EY’s recently released white paper, Looking behind the declining number of public companies, documents the strength of the US public equity markets and growing influence and use of private capital, as part of the ongoing policy debate regarding the strength of the US IPO and public company markets.
Corporate and shareholder sentiment towards MA has rebounded since the dark days of 2008. Low borrowing costs have coaxed many new buyers, including acquisitive Chinese conglomerates, into the market. The prices of prized assets have risen accordingly. It remains a sellers market in technology-driven deals, particularly in the consumer-goods, financial services, and media and telecommunications sectors.
Strong fundamentals drive US dealmaking despite macro-economic and political uncertainties. First-half activity remains on a par with 2016 as strong fundamentals continue to drive M&A.
Though US M&A faced challenges in H1 2017, the figures show that the market is active and vibrant. There were 2,413 deals worth US$588.5 billion recorded in H1 2017, up 0.5 percent by value compared to US$585.4 billion registered in H1 2016. If activity continues at its current level, US dealmaking is on track for another strong year.
The United States Turns Inward: Thoughts on US Trade Policy and US-Asian Trade Relations by Keith Maskus
http://iems.ust.hk/events/insights/maskus-united-states-turns-inward-thoughts-on-us-trade-policy-and-us-asian-trade-relations
While many companies have feared moving manufacturing out of China as it becomes more developed, there are still key reasons it remains a viable option. Costs have stabilized or decreased in China, and quality and professional standards have improved with a more educated workforce and anti-corruption reforms. China also has large infrastructure and an growing domestic middle class market. Despite issues, China will likely remain a top global manufacturing hub.
The US M&A market closed strongly in 2016 after a slow start, with the highest quarterly total of the year in Q4. Political uncertainty and regulatory challenges impacted activity early in the year. However, confidence increased following Trump's election on a pro-business agenda. Fundamental drivers like access to cheap financing and the need for growth through acquisition remained positive for dealmaking. Key deals demonstrated strategic consolidation in sectors like technology, energy and chemicals. Cross-border activity also remained strong, with the US remaining an attractive target for overseas acquirers.
This document provides an overview and summary of a presentation on global protectionism policies. It defines protectionism as government actions that restrict trade to protect local businesses from foreign competition, using tariffs and quotas. The presentation discusses the issues with protectionism, including pressure on governments to create jobs and countries using policies like keeping currency values low. Top exporting countries and disputes over intellectual property theft and trade between China and the US are also covered. Potential solutions discussed include consuming less, depreciating currencies, and taxing some capital inflows.
- Paul Young is a CPA and CGA who provides expertise in areas related to business, finance, and policy.
- The document discusses key topics related to China's future economic growth such as slowing GDP growth, rising debt levels, increasing consumption, climate change policies, and China's relationships with other countries and trade blocs.
- Key points examined include China's shifting focus to investing overseas, pushing forward with its One Belt One Road initiative, and transitioning its vehicle market toward electric vehicles.
Ey an-analysis-of-trends-in-the-us-capital-marketsJulien Boucher
EY’s recently released white paper, Looking behind the declining number of public companies, documents the strength of the US public equity markets and growing influence and use of private capital, as part of the ongoing policy debate regarding the strength of the US IPO and public company markets.
Corporate and shareholder sentiment towards MA has rebounded since the dark days of 2008. Low borrowing costs have coaxed many new buyers, including acquisitive Chinese conglomerates, into the market. The prices of prized assets have risen accordingly. It remains a sellers market in technology-driven deals, particularly in the consumer-goods, financial services, and media and telecommunications sectors.
Strong fundamentals drive US dealmaking despite macro-economic and political uncertainties. First-half activity remains on a par with 2016 as strong fundamentals continue to drive M&A.
Though US M&A faced challenges in H1 2017, the figures show that the market is active and vibrant. There were 2,413 deals worth US$588.5 billion recorded in H1 2017, up 0.5 percent by value compared to US$585.4 billion registered in H1 2016. If activity continues at its current level, US dealmaking is on track for another strong year.
The United States Turns Inward: Thoughts on US Trade Policy and US-Asian Trade Relations by Keith Maskus
http://iems.ust.hk/events/insights/maskus-united-states-turns-inward-thoughts-on-us-trade-policy-and-us-asian-trade-relations
While many companies have feared moving manufacturing out of China as it becomes more developed, there are still key reasons it remains a viable option. Costs have stabilized or decreased in China, and quality and professional standards have improved with a more educated workforce and anti-corruption reforms. China also has large infrastructure and an growing domestic middle class market. Despite issues, China will likely remain a top global manufacturing hub.
The US M&A market closed strongly in 2016 after a slow start, with the highest quarterly total of the year in Q4. Political uncertainty and regulatory challenges impacted activity early in the year. However, confidence increased following Trump's election on a pro-business agenda. Fundamental drivers like access to cheap financing and the need for growth through acquisition remained positive for dealmaking. Key deals demonstrated strategic consolidation in sectors like technology, energy and chemicals. Cross-border activity also remained strong, with the US remaining an attractive target for overseas acquirers.
This document provides an overview and summary of a presentation on global protectionism policies. It defines protectionism as government actions that restrict trade to protect local businesses from foreign competition, using tariffs and quotas. The presentation discusses the issues with protectionism, including pressure on governments to create jobs and countries using policies like keeping currency values low. Top exporting countries and disputes over intellectual property theft and trade between China and the US are also covered. Potential solutions discussed include consuming less, depreciating currencies, and taxing some capital inflows.
- Paul Young is a CPA and CGA who provides expertise in areas related to business, finance, and policy.
- The document discusses key topics related to China's future economic growth such as slowing GDP growth, rising debt levels, increasing consumption, climate change policies, and China's relationships with other countries and trade blocs.
- Key points examined include China's shifting focus to investing overseas, pushing forward with its One Belt One Road initiative, and transitioning its vehicle market toward electric vehicles.
Economist Intelligence Unit (EIU) white paper produced at the height of the financial crisis in January 2009 outlining the opportunities to learn from the downturn and best practice to success in a changing environment.
This newsletter introduces a new publication called "EYE ON THE MARKETS" that will analyze macroeconomic trends, investment management, and equity market movements. The author argues that macro events have an overwhelming influence on stock markets, and periods of calm have been interrupted by market sell-offs due to crises in Europe, the US, and Asia. Investors need to carefully manage their portfolios and prepare contingency plans for different scenarios. Some positive factors are signs of recovery in corporate earnings, manufacturing, and technology, though continued global uncertainties remain.
Global protectionism is on the rise as governments face pressure to protect domestic jobs. Protectionist policies like tariffs restrict international trade and make local industries more competitive by raising import prices. However, protectionism also has drawbacks like higher consumer prices and retaliation from trade partners. The US-China trade conflict has escalated as the US imposed tariffs on Chinese goods and accused China of intellectual property theft, while China denies the allegations. The breakdown of multilateral trade organizations due to US actions threatens the rules-based global economic order.
What perspective on diplomacy best defines the character of trade diplomacy i...Amougou Aristide Agbor
This paper argues that the character of trade diplomacy in the 21st century, consisting of multiple actors interacting on multiple agendas in multiple arenas, is better framed by the post-globalist perspective. Contrary to statist narratives, governments have been compelled to “share their space” on trade governance with other actors such as civil society and economic agendas have gained as much importance as political issues. However, the globalist argument depicting the demise of the state is inconsistent with the prevailing situation characterised by governments being the sole legitimate signatories of international trade agreements as well as the principal authorities within the geographical delimitations of trade regimes.
Deloitte Report "Global Powers of Retail 2013"Oliver Grave
This document provides an economic outlook for global retailers in 2013. It discusses the challenges facing Western Europe due to the ongoing sovereign debt crisis and recession in many countries. It notes that a failure to further integrate the Eurozone economically and politically could lead to more sovereign defaults and a deeper recession. The document also summarizes the economic situation and outlook in China and the United States. For China, it describes the government's stimulus efforts to counter slowing growth and discusses longer-term challenges. For the US, it expects the economy to avoid falling off the "fiscal cliff" and to see modestly faster growth in 2013, supported by an improving housing market and consumer spending.
Provided geopolitical movement doesn’t derail his best laid predictions, Gordon Orr sees a year of slowing economic growth, headaches for multinationals, demographic anxiety, and buyer’s remorse for soccer tycoons.
Wall Street saw significant declines in January as concerns about the fragility of economic recovery, bank reforms, China's tightening of lending standards, and Greece's debt crisis rattled investors. The Dow fell 3.2% for its first loss since June, while Treasury yields dipped as investors fled to safe haven government assets. Though fourth quarter GDP grew at a 5.7% rate, gains were attributed to temporary inventory adjustments rather than sustainable growth.
Insights into doing business in China from the Financial Times now of particular interest as Australia draws near to negotiating an FTA with its largest trading partner.
This document provides a summary of a presentation on global protectionism and GDP growth. The presentation discusses what protectionism is, issues with protectionism policies, IP theft between countries, trade relationships between countries like the US, China, and Canada, and potential solutions to addressing trade imbalances. It includes data on top exporting countries, projected global GDP growth, and trade deficits for context. The presentation examines how increasing protectionism and ongoing trade wars could impact the global economy.
CIT: Voice of the Middle Market – Perspectives from the Heart of the U.S. Eco...CIT Group
According to U.S. Census data, middle market executives, whose companies take in more than $6 trillion in revenues and employ more than 30 million people annually, are expressing renewed optimism in their business prospects compared to a year ago. However, despite this positive outlook they are concerned about potential tax increases, government regulations, compliance with the Affordable Care Act and the current strength of the U.S. and global economies.
Global economic factors influence retailers, including currency movements, oil prices, and low inflation. The US economy is growing steadily but more slowly than historically, while China's economy is slowing significantly from double-digit growth previously. Currency appreciation is hurting emerging markets and export-focused economies. Low oil prices benefit consumers but hurt oil producers and the energy sector. Low inflation persists globally despite monetary policies, keeping interest rates low.
1) The document reviews market conditions in 2009, noting the extreme pessimism and economic deterioration due to the financial crisis. While 2009 saw gradual economic improvement, conditions are still challenging, with high unemployment.
2) Conditions have improved modestly in 2010, including increased corporate spending and consumer confidence, and reopening of credit and equity markets. However, risks remain like potential inflation or regulatory changes.
3) For composting and organics recycling companies, gradually improving conditions may increase access to capital through debt or equity financing. Smaller companies should prepare for fundraising to take advantage of improving opportunities.
▪ The document provides an overview of China's future economic outlook prepared by Paul Young CPA, CGA in February 2018. It summarizes that China's GDP growth is slowing to around half of 1990s levels and debt levels are rising. Private consumption is increasing but environmental issues like climate change also pose challenges for China's future economic trajectory. The report also briefly discusses China's trade relationships with Canada and the US.
This weekly financial digest from BMO Nesbitt Burns provides an economic overview and outlook. It discusses recent economic data from Canada, the US, Europe and Asia. It also analyzes the potential economic impacts of the US presidential election and whether the outcome matters for financial markets. Global bond and equity market returns are provided. The document concludes with BMO Nesbitt Burns' economic and market outlook forecasts.
Monetary policy is entering a phase of normalization as rates rise and central bank liquidity is reduced. However, the transition will likely be gradual, and liquidity will still lubricate financial systems into 2018. While monetary policy may become less accommodative, fiscal policies in advanced economies will likely shift toward less restrictive or even expansionary stances. Financing is expected to remain available due to optimism about growth and inflation, especially with continued weak commodity prices. However, the transition to more normal conditions presents some risk given the exceptional extensions of liquidity in recent years.
This document provides a summary of a presentation on global protectionism and GDP growth by Paul Young on February 21, 2019. The presentation discusses what protectionism is, issues with protectionism policies, top exporting countries, intellectual property theft between countries, trade relations between the US and China, Canada's trade deficits, and potential solutions to address trade imbalances like reducing consumption and saving more in trade deficit countries. The document includes sources for the presented information.
Mercer Capital's Bank Watch | July 2019 | Bank M&A Mid-Year UpdateMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Slowbalisation: Globalisation in TransitionKaran Kaushal
Hi! I am a student of IIT Indore. This is the term paper for my 'International Economics' course project. I worked in a team of 4 to collect data for analysis deriving the trends and then formulating them into graphs.
The impact of government equity investment on internationalization: the case ...FGV Brazil
We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.
Date: 2016
Author:
Sheng, Hsia Hua
China's economy, despite sizeable challenges such as trade tensions and the unfinished deleveraging campaign, barring a severe correction in the housing markets of major cities, growth in domestic consumption will probably be close to the double digits. , even if there is a shortfall in exports due to trade tensions, this can easily be made up through a measured dose of fiscal stimulus, thus allowing domestic investment to make up for the shortfall in the external sector.
Updated version of this report is available at :- https://bit.ly/39HhJEj
A report issued by the Obama White House on Jan. 11. The report contains a section on the economic boom being created by the Marcellus Shale and hydraulic fracturing, speaking in favorable terms of the benefits of shale gas.
Economist Intelligence Unit (EIU) white paper produced at the height of the financial crisis in January 2009 outlining the opportunities to learn from the downturn and best practice to success in a changing environment.
This newsletter introduces a new publication called "EYE ON THE MARKETS" that will analyze macroeconomic trends, investment management, and equity market movements. The author argues that macro events have an overwhelming influence on stock markets, and periods of calm have been interrupted by market sell-offs due to crises in Europe, the US, and Asia. Investors need to carefully manage their portfolios and prepare contingency plans for different scenarios. Some positive factors are signs of recovery in corporate earnings, manufacturing, and technology, though continued global uncertainties remain.
Global protectionism is on the rise as governments face pressure to protect domestic jobs. Protectionist policies like tariffs restrict international trade and make local industries more competitive by raising import prices. However, protectionism also has drawbacks like higher consumer prices and retaliation from trade partners. The US-China trade conflict has escalated as the US imposed tariffs on Chinese goods and accused China of intellectual property theft, while China denies the allegations. The breakdown of multilateral trade organizations due to US actions threatens the rules-based global economic order.
What perspective on diplomacy best defines the character of trade diplomacy i...Amougou Aristide Agbor
This paper argues that the character of trade diplomacy in the 21st century, consisting of multiple actors interacting on multiple agendas in multiple arenas, is better framed by the post-globalist perspective. Contrary to statist narratives, governments have been compelled to “share their space” on trade governance with other actors such as civil society and economic agendas have gained as much importance as political issues. However, the globalist argument depicting the demise of the state is inconsistent with the prevailing situation characterised by governments being the sole legitimate signatories of international trade agreements as well as the principal authorities within the geographical delimitations of trade regimes.
Deloitte Report "Global Powers of Retail 2013"Oliver Grave
This document provides an economic outlook for global retailers in 2013. It discusses the challenges facing Western Europe due to the ongoing sovereign debt crisis and recession in many countries. It notes that a failure to further integrate the Eurozone economically and politically could lead to more sovereign defaults and a deeper recession. The document also summarizes the economic situation and outlook in China and the United States. For China, it describes the government's stimulus efforts to counter slowing growth and discusses longer-term challenges. For the US, it expects the economy to avoid falling off the "fiscal cliff" and to see modestly faster growth in 2013, supported by an improving housing market and consumer spending.
Provided geopolitical movement doesn’t derail his best laid predictions, Gordon Orr sees a year of slowing economic growth, headaches for multinationals, demographic anxiety, and buyer’s remorse for soccer tycoons.
Wall Street saw significant declines in January as concerns about the fragility of economic recovery, bank reforms, China's tightening of lending standards, and Greece's debt crisis rattled investors. The Dow fell 3.2% for its first loss since June, while Treasury yields dipped as investors fled to safe haven government assets. Though fourth quarter GDP grew at a 5.7% rate, gains were attributed to temporary inventory adjustments rather than sustainable growth.
Insights into doing business in China from the Financial Times now of particular interest as Australia draws near to negotiating an FTA with its largest trading partner.
This document provides a summary of a presentation on global protectionism and GDP growth. The presentation discusses what protectionism is, issues with protectionism policies, IP theft between countries, trade relationships between countries like the US, China, and Canada, and potential solutions to addressing trade imbalances. It includes data on top exporting countries, projected global GDP growth, and trade deficits for context. The presentation examines how increasing protectionism and ongoing trade wars could impact the global economy.
CIT: Voice of the Middle Market – Perspectives from the Heart of the U.S. Eco...CIT Group
According to U.S. Census data, middle market executives, whose companies take in more than $6 trillion in revenues and employ more than 30 million people annually, are expressing renewed optimism in their business prospects compared to a year ago. However, despite this positive outlook they are concerned about potential tax increases, government regulations, compliance with the Affordable Care Act and the current strength of the U.S. and global economies.
Global economic factors influence retailers, including currency movements, oil prices, and low inflation. The US economy is growing steadily but more slowly than historically, while China's economy is slowing significantly from double-digit growth previously. Currency appreciation is hurting emerging markets and export-focused economies. Low oil prices benefit consumers but hurt oil producers and the energy sector. Low inflation persists globally despite monetary policies, keeping interest rates low.
1) The document reviews market conditions in 2009, noting the extreme pessimism and economic deterioration due to the financial crisis. While 2009 saw gradual economic improvement, conditions are still challenging, with high unemployment.
2) Conditions have improved modestly in 2010, including increased corporate spending and consumer confidence, and reopening of credit and equity markets. However, risks remain like potential inflation or regulatory changes.
3) For composting and organics recycling companies, gradually improving conditions may increase access to capital through debt or equity financing. Smaller companies should prepare for fundraising to take advantage of improving opportunities.
▪ The document provides an overview of China's future economic outlook prepared by Paul Young CPA, CGA in February 2018. It summarizes that China's GDP growth is slowing to around half of 1990s levels and debt levels are rising. Private consumption is increasing but environmental issues like climate change also pose challenges for China's future economic trajectory. The report also briefly discusses China's trade relationships with Canada and the US.
This weekly financial digest from BMO Nesbitt Burns provides an economic overview and outlook. It discusses recent economic data from Canada, the US, Europe and Asia. It also analyzes the potential economic impacts of the US presidential election and whether the outcome matters for financial markets. Global bond and equity market returns are provided. The document concludes with BMO Nesbitt Burns' economic and market outlook forecasts.
Monetary policy is entering a phase of normalization as rates rise and central bank liquidity is reduced. However, the transition will likely be gradual, and liquidity will still lubricate financial systems into 2018. While monetary policy may become less accommodative, fiscal policies in advanced economies will likely shift toward less restrictive or even expansionary stances. Financing is expected to remain available due to optimism about growth and inflation, especially with continued weak commodity prices. However, the transition to more normal conditions presents some risk given the exceptional extensions of liquidity in recent years.
This document provides a summary of a presentation on global protectionism and GDP growth by Paul Young on February 21, 2019. The presentation discusses what protectionism is, issues with protectionism policies, top exporting countries, intellectual property theft between countries, trade relations between the US and China, Canada's trade deficits, and potential solutions to address trade imbalances like reducing consumption and saving more in trade deficit countries. The document includes sources for the presented information.
Mercer Capital's Bank Watch | July 2019 | Bank M&A Mid-Year UpdateMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Slowbalisation: Globalisation in TransitionKaran Kaushal
Hi! I am a student of IIT Indore. This is the term paper for my 'International Economics' course project. I worked in a team of 4 to collect data for analysis deriving the trends and then formulating them into graphs.
The impact of government equity investment on internationalization: the case ...FGV Brazil
We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.
Date: 2016
Author:
Sheng, Hsia Hua
China's economy, despite sizeable challenges such as trade tensions and the unfinished deleveraging campaign, barring a severe correction in the housing markets of major cities, growth in domestic consumption will probably be close to the double digits. , even if there is a shortfall in exports due to trade tensions, this can easily be made up through a measured dose of fiscal stimulus, thus allowing domestic investment to make up for the shortfall in the external sector.
Updated version of this report is available at :- https://bit.ly/39HhJEj
A report issued by the Obama White House on Jan. 11. The report contains a section on the economic boom being created by the Marcellus Shale and hydraulic fracturing, speaking in favorable terms of the benefits of shale gas.
The document provides an overview of market conditions in December 2018, noting high levels of uncertainty from political, economic, and policy factors. It summarizes that markets have seen steep declines with many sectors and companies in correction or bear market territory. However, it notes that asset classes often see mean reversion over the long run and emphasizes the importance of diversification. The document also reviews the Federal Reserve's recent interest rate hike and comments, as well as concerns over global trade tensions dampening company revenues.
A detailed study to evaluate the financial impact of demanding made in usa pr...Charm Rammandala
The purpose of this article is to investigate the notion that increasingly companies trying to promote products made in USA over imported products. Due to the increased influence by politicians and perception of segment of population, companies are looking in to bringing certain manufacturing plants back to USA. This study will focus on understanding motivations behind it and how feasible and practical the notion is and whether it makes any financial sense
The document summarizes the outlook and strategy of the Global Commodity Systematic Program (GCS) managed by Global Advisors. GCS uses a rules-based, non-discretionary approach to identify and manage trends across 35 commodity markets. It expects profitable opportunities over the next few years due to factors such as the devaluation of paper currencies, continued demand growth in emerging markets like China, a supply shock from reduced commodity investment, and increasing investment in commodities from stock market investors. Charts are presented supporting these views, and it is argued that if commodity markets exhibit strong trends, the GCS program will be able to generate strong returns managing those trends.
Venture Capital Investment Q3 '06 - MoneyTree mensa25
Venture capital investing remained above $6 billion for the third consecutive quarter, with $6.2 billion invested in 797 deals. Seed/Early stage deals saw increased investment of 10% while Later stage deals declined. Biotechnology surpassed Software as the top industry sector with $1.14 billion invested. Telecommunications also saw strong growth with $848 million invested, its best quarter since 2002.
Life Settlement Industry Report
The dynamic nature of the life settlement market guided the creation of a comprehensive Life Settlement Industry Report. To present the landscape of the life settlement market as a whole, this report relies on growth data over the past four years as well as the increasingly competitive nature of the industry. A thorough discussion of the three types of risk associated with life settlements helps flesh out the portrait of the settlement market, and a summary of trends in the industry casts an eye toward the promising future of the industry.
Among the key findings in the industry report:
The growth of the life settlement industry has surpassed the predictions of forecasters. Whereas a 2016 Conning report projected an annual growth of 1 to 2 percent, the market has actually grown an average of 34 percent over the past few years.
With an aging population and lengthening life spans, retirement costs and the prohibitive price of long-term care necessitate options like the life settlement that can increase a senior’s disposable income.
Many people in their retirement years struggle with monthly expenses but hold wealth in non-liquid assets like a house, land, securities or a life insurance policy. When an insurance policy is no longer serving their needs, it can be converted into cash flow through a cash settlement to ease the retirement burden.
Learn more @: https://www.magnalifesettlements.com/
The Small Business Economy - A Report to the PresidentBrian Bateman
This document is a report from the U.S. Small Business Administration (SBA) Office of Advocacy summarizing the state of small businesses in the U.S. economy in 2007. It covers topics such as the economic conditions small businesses faced, their access to financing, role in federal contracting, involvement in international trade, use of training programs, upcoming tax issues, and rates of new business creation. The report utilizes research from the SBA Office of Advocacy and outside contributors to assess how small firms performed and highlight ongoing policy concerns for small businesses.
RUNNING HEAD: International trade 1
8
RUNNING HEAD: International trade
INTERNATIONAL TRADE
Marc McCoy
ECO201
04/26/2015
Though there has been the existence of the trade restrictions, over the past the United State economy has significantly made headway to penetrate the mass Chinese market. As opposed to the two decades ago back in 1990, when the china economy was growing at 10% per year while the US was glowing at an average rate of 4% per annum. This has greatly improved by 2010 with a remarkable growth rate of 16% in china and 11% in United State. Capital goods export to china in recent years has significantly increased nearly to the half of the US export to China, including telecommunication equipments and aircraft and industrial machinery. Keller, W., & Shiue, C. (2008).
This remarkable improvement in trade pattern may be attributed from the favorable market situations, from year 2000 when china pledged a reduction of the tariff at a rate of 15%. Perhaps China has vowed to issue all enterprises in china, the right to directly trade with the foreign companies; while on other hand, United States enterprises would be free to market goods directly to the Chinese market. In this lieu, china has endeared in adoption of the trade standards so as to protect the intellectual properties rights.The trade statistics for the last five years of the two economies, (China and US) shows negative rate of growth which has been decreasing at an increasing rate from 2010. The data reveals that, lopsided characteristic of the trade and the financial flow between China and United states complicates the relationships of trade between the two economies. This has tightened the entanglements of the economic between two economies making them strictly contentious. United State acquires mass volume of imports with low cost from the China economy, and to steer this up U.S has got significant aid to finance part of her budget and deficit in its current account. China has remained dependent on the United State export market and it has continued look unto the United State treasury bonds in endeavor to park significant portion of the rapid increasing foreign exchange reserve in the economy. Keller, W., & Shiue, C. (2008).The major observation for the past years trade statistic the United State is becoming autonomous on deficit financing, therefore depending less on deficit finance from China. Specifically, the research shows that, there has been increase in the US economy saving rate among the households and which has seen the United State current account deficit to fall. Perhaps, there has been sheer scale of deficit financing requirement of the United State, where a deficit finance budget in 2010 was $1.6 trillion and a prospected budget of $9 trillion was budgeted for next ...
The document summarizes private markets fundraising trends in 2017. Some key points:
- Private markets fundraising reached a record $750 billion globally in 2017, driven primarily by a surge in US buyout megafunds (funds over $5 billion).
- US buyout megafunds raised $173.7 billion in 2017, a 93% increase from 2016. This surge accounted for most of the overall private markets fundraising growth.
- Investors continue to allocate heavily to private markets like private equity due to the potential for higher returns compared to public markets. Pension funds and sovereign wealth funds see private markets as a way to address underfunding issues and volatility.
Venture capital investing declined in Q3 2004, with $4.3 billion invested in 601 companies. While this was below the previous quarter, it was equal to Q3 2003 levels. For the first nine months of 2004, $15.3 billion was invested compared to $13.3 billion for the same period in 2003, and full year 2004 is still expected to exceed 2003 totals. Life sciences and software industries continued to attract the most investment, receiving 29% and 22% respectively.
Running head WHOLESALE INDUSTRYWHOLESALE INDUSTRY.docxrtodd599
Running head: WHOLESALE INDUSTRYWHOLESALE INDUSTRY
2
Wholesale industry
Edwaurdo King
November 8, 2018
Dr. B. West
Strayer University
Introduction
Wholesale industry is one of the sectors that ensures that goods from the producers reach to the intended consumers either directly or through the retailers. The industry deals in a variety of consumer goods and services (college grad, 2018). The industry is responsible for the transfer of the required products from the manufacturers to the consumers without making any change in the content or outlook of the products.
Industry Goods and Services
The industry deals with goods such as agricultural products, manufactured goods, and capital goods. The wholesalers use the warehouses as their main offices as they contact their clients to inform them of the available products. The role of the industry is to gather the finished products from different sectors for ease of collection by the retailers from their warehouses. The industry reduces the distance between the producers and consumers (college grad, 2018).
Market Structure and Characteristics
The capital requirement for the industry is enormous thus limiting the number of firms and individuals who can operate in the industry. There is stiff competition in the industry caused by the desire of individual firms to increase their sales volume (Fischer, 2018). The high cost of initial capital discourages the new entrant into the market, therefore, helping in maintaining a low number of firms in the market. Other factors such as product promotion, discounts, and bonuses are used to attract customers to give a difference between the companies. The characteristic in the market shows that the industry operates in an oligopoly market structure (Fischer, 2018).
The wholesale industry lack uniformity of the firms. There are different sizes of the firm in the industry because of the various products they sell. The size of the company is determined the amount of money invested and its level of trade in the market. Other firms are enormous while others are relatively small but operate in the same market (Fischer, 2018).
Microeconomic Relationships, Market Outcomes, and/or Trends
The industry has witnessed several changes in sales volume and the employment rate. The increase in sales in the wholesale sector is as a result of their fair prices compared to the prices offered by the retail trade industry. The number of employment opportunities has been in the rise for the past four months because of the expansion of the industry and improvement regarding trade (Wholesale Trade: NAICS 42, 2018). The number of job opportunities had increased from 5.8 billion in July 2018 to 6 billion in October 2018. The industry has an increasing earning rate from 3.3% in 2014 to 4.5% in 2017. The industry continues to attract more investor because of its rate of return on the investments. (Wholesale Trade: NAICS 42, 2018). Most of the firm has invested in technology th.
EY Biotechnology Report 2017: Beyond borders - Staying the courseEY
The biotechnology industry remained strong in 2016 despite some declines and uncertainties. While industry financing dipped 27% from 2015, research and development spending hit a new record. Merger and acquisition activity was also robust despite a decline in upfront deal commitments. Looking ahead, biotechnology companies will need to navigate increasing complexity around issues like product reimbursement, research and development efficiency, digital strategies, dealmaking, and financing volatility. The ability to adapt to these shifting environments will be key to future success.
This document analyzes the decline in IPO activity in the U.S. since 2000. It presents a new hypothesis that the advantages of selling out to a larger organization, which can realize economies of scope and speed products to market, have increased over time relative to operating as an independent firm. The document finds evidence supporting this hypothesis but little support for alternative explanations like regulatory overreach. Key findings include a decline in small firm profitability predating regulatory changes, and an increase in M&A activity and delistings by recent IPOs being acquired by other public firms rather than going private.
Canadian ma insights report winter 2018Duff & Phelps
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Are markets in Australia and overseas becoming more concentrated, and is that a problem?
1. HoustonKemp.com
Are markets in Australia and
overseas becoming more
concentrated, and is that a problem?
A review of the evidence
Luke Wainscoat and Nick Twort
Competition law discussion group, Sydney
October 2020
2. HoustonKemp.com
Are markets in Australia and
overseas becoming more
concentrated, and is that a problem?
A review of the evidence
Luke Wainscoat and Nick Twort
Competition law discussion group, Sydney
October 2020
4. HoustonKemp.com
Most sectors in the US saw an increase in market share of 50 largest firms from
1997-2007
Where did this begin?
4
5. HoustonKemp.com
Conclusion from Council of Economic Advisors
(2016)
‘Recent indicators suggest that many industries may
be becoming more concentrated, that new firm entry
is declining and that some firms are generating returns
that are greatly in excess of historical standards. In
addition, the dollar volume of merger and acquisition
activity is at record levels.’
5
more concentrated new firm entry
is declining
greatly in excess of historical standards
9. HoustonKemp.com
Many suggestions for improvements
• New laws (eg Economist)
• More pro-active competition agencies (eg
Economist, Baker)
• More resources for antitrust agencies (Kwoka)
• More merger retrospectives (Kwoka)
• Break up large firms (Wu)
• Political mobilisation (Baker)
9
12. HoustonKemp.com
Sales-weighted HHI also increased over the same
period
12
Source: Grullon, G, Larkin, Y, Michaely, R, Are US industries becoming more concentrated?, Review of Finance, 23(4), July 2019, p 702
13. HoustonKemp.com
Autor et al (2019) also find that concentration has
increased
13
Source: Autor et al, The fall of the labor share and the rise of superstar firms, The Quarterly Journal of Economics, 135(2), May 2020, p 664
14. HoustonKemp.com
Autor et al (2019) also find that concentration has
increased
14
Source: Autor et al, The fall of the labor share and the rise of superstar firms, The Quarterly Journal of Economics, 135(2), May 2020, p 664
15. HoustonKemp.com
Autor et al (2019) also find that concentration has
increased
15
Source: Autor et al, The fall of the labor share and the rise of superstar firms, The Quarterly Journal of Economics, 135(2), May 2020, p 664
16. HoustonKemp.com
Summary of the US national concentration
evidence
• There does appear to have been an increase in
concentration in the United States at the national
industry level
• But levels of concentration do not appear to be
particularly problematic
16
17. HoustonKemp.com
National level concentration measures increased but
local measures of concentration have fallen (and the fall
increases with granularity)
17
Source: Rossi-Hansberg et al, Diverging trends in national and local concentration, April 2020, p 9
Average change in HHI since 1990
18. HoustonKemp.com
Average change in HHI since 1990
Retail concentration increased the most at national level,
but fallen one of the most at local level
18
Retail
Source: Rossi-Hansberg et al, Diverging trends in national and local concentration, April 2020, p 10
19. HoustonKemp.com
Effect on local concentration of entry by the
industry’s top firm depends on the industry
19
‘Diverging’ industries
(eg retail)
‘Concentrating’ industries
Source: Rossi-Hansberg et al, Diverging trends in national and local concentration, April 2020, p 10
Entry of largest firm results in
persistent reduction in
concentration
Reduction in concentration
does not persist
21. HoustonKemp.com
Mean (but not median) markups have increased
in the United States
21
Source: De Loecker et al, Rise of market power and macroeconomic implications, The Quarterly Journal of Economics, 135(2), May 2020, p 579
22. HoustonKemp.com
Markup for firms with the highest markups has
increased the most
22
Source: De Loecker et al, Rise of market power and macroeconomic implications, The Quarterly Journal of Economics, 135(2), May 2020, p 579
Two-thirds of increase due to reallocation of sales to high margin firms
23. HoustonKemp.com
What does this mean for competition?
• Product markets are narrower than industries
• Geographic markets are usually narrower than
national
• Measures of concentration across industries often
use only publicly listed firms (and there may be a
long tail of private firms)
23
24. HoustonKemp.com
Antitrust markets are much smaller than industries
• Werden and Froeb (2018) calculate that the volume
of commerce of the relevant markets alleged in DOJ
merger complaints between 2013 and 2015 as a
share of industry shipments in the six-digit NAICS
sector.
• They find that in most cases, the antitrust markets
accounted for less than 0.5 percent of the six-digit
NAICS sector.
24
Source: Werden, G, Froeb, L, Don’t panic: a guide to claims of increasing concentration, Antitrust magazine, April 2018, p 4
25. HoustonKemp.com
Mark-ups are not the same as economic profits
• Mark-ups are hard to measure, and some techniques
have been shown to provide answers that are not
credible
• Most measures of profits use accounting measures,
which are not economic profits
25
Source: Basu, S, Are price-cost markups rising in the United States? A discussion of the evidence, Journal of Economic Perspectives, 2019, p 19
26. HoustonKemp.com
Rod Sims (2016 & 2020) provided a mixed perspective
on concentration and competition in Australia
• “In Australia many markets are concentrated or are likely
to become concentrated as firms pursue efficiencies from
scale.”
• “The rise of large corporations in the Australian economy
has also been substantial. Indeed it seems we have
slightly outpaced the US.”
• “I think concerns over increasing concentration can be
taken too far. Many markets in Australia remain with low
levels of concentration.”
• And yesterday:
› “If Adam Smith came back to visit the planet again, it wouldn't
be what he had in mind for the invisible hand. And those
concerns are rising…We have a very concentrated economy…”
26
Source: Rod Sims, Keynote address: RBB Economics conference, 27 October 2016; AFR, Stop banks buying fintechs: ACCC, 21 October 2020
27. HoustonKemp.com
What do the data show for Australia? Most
industries are not very concentrated
27
Source: Bakhtiari, S (Department of Industry, Innovation and Science), Trends in market concentration of Australian industries,
Research Paper 8/2019, September 2019, p 8
• Distribution of HHI
suggests that “very few
Australian industries are
dominated and
controlled by a small
number of large firms.”
28. HoustonKemp.com
Median and mean HHI have increased slightly,
larger increase in more concentrated markets
28
Source: Bakhtiari, S (Department of Industry, Innovation and Science), Trends in market concentration of Australian industries,
Research Paper 8/2019, September 2019, p 8
29. HoustonKemp.com
Largest increases in HHI in relatively more concentrated
industries; largest decrease in the most concentrated
29
Source: Bakhtiari, S (Department of Industry, Innovation and Science), Trends in market concentration of Australian industries,
Research Paper 8/2019, September 2019, p 8
30. HoustonKemp.com
Grattan Institute found that most of Australia’s
large industries are not ‘unusually concentrated’…
30
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 13
31. HoustonKemp.com
…but industries with higher barriers to entry are
more concentrated
31
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 10
32. HoustonKemp.com
Grattan found that some industries are
concentrated in Australia, others are not
32
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 11
33. HoustonKemp.com
Concentration has increased in retail banking, but
fallen in supermarkets
33
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 22
34. HoustonKemp.com
Excess mark-ups represent less than 0.1% of GDP
34
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 13
35. HoustonKemp.com
Firm creation and exit have both fallen over the
last 15 years
35
Source: Grattan Institute, Competition in Australia: too little of a good thing?, December 2017, p 26
36. HoustonKemp.com
Conclusion
• Measures of national concentration in the US have
increased, but decreased in many local industries
• Relationship between ‘industry’ concentration and
concentration in an antitrust market is not clear
• Some industries in Australia are concentrated, but
mostly don’t appear to be ‘unusually’ so, and it’s not
clear that concentration has increased across the
board
• Measures of profit not clearly pointing to a
competition issue in Australia
36
38. HoustonKemp.com
What if concentration and margins were
increasing together over time?
38
1990 2000 2010 2020
Year
Concentration/margin
Concentration Margin
Note: example data only
40. HoustonKemp.com
Potential causes of correlation between
concentration and margins
• Higher margins caused by greater concentration
• Another factor caused both concentration and
margins to increase
• One factor led to higher concentration, and a
separate factor led to higher margins
40
45. HoustonKemp.com
Larger businesses
have higher
proportion of fixed
costs and so
higher margins
More mergers and
exits lead to
greater
concentration
Another factor could lead to greater
concentration, and so higher margins
45
Increased competition
46. HoustonKemp.com
Larger businesses
have higher
proportion of fixed
costs and so
higher margins
More mergers and
exits lead to
greater
concentration
Another factor could lead to greater
concentration, and so higher margins
46
Increased competition
47. HoustonKemp.com
Larger businesses
have higher
proportion of fixed
costs and so
higher margins
More mergers and
exits lead to
greater
concentration
Another factor could lead to greater
concentration, and so higher margins
47
Increased competition
Good news story
48. HoustonKemp.com
profit levels for
g businesses
market shares (at
e point in time)
Another factor could lead to both increased
margins and concentration (example 2)
48
More industries
with competition
for the market
49. HoustonKemp.com
profit levels for
g businesses
Higher market shares (at
any one point in time)
Another factor could lead to both increased
margins and concentration (example 2)
49
More industries
with competition
for the market
50. HoustonKemp.com
Higher profit levels for
surviving businesses
Higher market shares (at
any one point in time)
Another factor could lead to both increased
margins and concentration (example 2)
50
More industries
with competition
for the market
Neutral story
53. HoustonKemp.com
Higher profit levels for
existing businesses
Greater concentration
Another factor could lead to both increased
margins and concentration
53
Higher barriers to
entry
Bad news story
57. HoustonKemp.com
Markets should be examined separately
• The nature of competition differs across industries
› should not expect to see uniform relationship between
concentration and competition across economy
› not clear what inferences can be made by comparing
margins and concentration levels across industries
• Not necessarily a link between concentration and
market power when
› products are differentiated
› barriers to entry are low
• Need to look at sectors or markets, not the whole
economy
57
58. HoustonKemp.com
Increase in concentration of the retail sector
occurred as competition increased
58
Competition
weakened
Competition
strengthened
Source: RBA, Business concentration and mark-ups in the retail trade sector, December 2018, p 6
59. HoustonKemp.com
Clear causal link between concentration and
profits is yet to be established
‘Moreover, recent empirical arguments that competition is in decline have been
based on broad, cross-industry studies. The findings from these studies are both
problematic and incomplete, and their implications for competition remain
speculative. In contrast, the methods that the Agencies use to analyze competition
are rooted in microeconomic, empirical evidence and involve detailed analyses of
competitive conditions in specific industries. Any conclusions about the state of
competition should be made on the basis of this type of careful research.’
59
Source: Economic report of the President, February 2020, p 201