edian gross margin from the entire Compustat database
in the firm's three-digit industry (see Aghion et al. (2013)).
A time-invariant measure for competition (acompetition) is constructed by averaging the
Lerner over the sample period.
</p>
<p>The classification of institutions into &quot;quasiindexed&quot;, &quot;transient&quot; and
&quot;dedicated&quot; follows Bushee (1998) and distinguishes between institutional
investors based on their type of investing. Quasiindexed institutions are
do not trade much 