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    Adjustment of profits: Evidence from Australian manufacturing

    Access Status
    Fulltext not available
    Authors
    Bhattacharya, M.
    Bloch, Harry
    Date
    2000
    Type
    Journal Article
    
    Metadata
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    Citation
    Bhattacharya, Mita and Bloch, Harry. 2000. Adjustment of profits: Evidence from Australian manufacturing. Empirica 27: pp. 157-173.
    Source Title
    Empirica
    DOI
    10.1023/A:1026532531486
    ISSN
    03408744
    Faculty
    Curtin Business School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/13251
    Collection
    • Curtin Research Publications
    Abstract

    Studies of industry profitability generally deal with long-run equilibrium models, making no allowance for slow adjustment to equilibrium. In this study, a cross-sectional analysis is carried out against a sample of Australian manufacturing industries at the Australian Standard Industrial Classification (ASIC) four-digit level between 1977-78 and 1984--85. Firstly, a profit model is estimated in equilibrium form as well as allowing for both uniform and variable adjustment rates across industries. The variable adjustment model is superior, with either model implying at least half adjustment to equilibrium within the seven-year sample period. Secondly, results are examined for the impact of firm homogeneity of firms within industries. Homogeneity of firms is found to havesubstantial impact, increasing both the estimated profits-concentration relationship and the estimated speed of adjustment.

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