Industries with more quasi-indexer institutional ownership and less competition invest less.

"We then analyze investment patterns at the industry- and firm- level. At the industry level, we find that industries with more quasi-indexer institutional ownership and less competition (as measured by higher ‘traditional’ and common ownership-adjusted Herfindahls, as well as higher price-cost margins) invest less. These results are robust to controlling for firm demographics (age and size) as well as Q."