In many industries, firms usually have two choices when expanding into new markets: They can either build a new plant (greenfield entry) or they can acquire an existing incumbent. The U.S. cement industry is a clear example. For this industry, I study the effect of two policies on the entry...

Many industries experience periods of excess capacity. Explanations include firms deterring rivals, anticipating future demand, or the lumpiness of investment. This paper identifies capacity investment intended to deter rivals separately from investment driven by other factors. To achieve this...

We examine local market concentration and markups in the United States cement industry over 1974-2016. We estimate a model in which buyers use a second-score auction to procure cement from spatially differentiated plants. The model matches aggregated outcomes in the data, and the implied...

The contributions of innovations, factor endowments and institutions to American industrialization are examined through analysing the rise of the American portland cement industry. Minerals abundance contributed in multiple ways to the spectacular rise of the industry from the 1890s. However,...