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@techreport{NBERw23129,
 title = "The Sources of Capital Misallocation",
 author = "David, Joel M and Venkateswaran, Venky",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "23129",
 year = "2017",
 month = "February",
 doi = {10.3386/w23129},
 URL = "http://www.nber.org/papers/w23129",
 abstract = {We develop a methodology to disentangle sources of capital ‘misallocation’, i.e. dispersion in value-added/capital. It measures the contributions of technological/informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for bulk of the dispersion. Technological/ markup heterogeneity explains a limited fraction in China, but a potentially large share in the US.},
}