 The paper that I presented today is about the increase in concentration in industry concentration that we are seeing both in the US and in Europe, but also in Japan, and in the paper we try to look at the determinants or the correlates of this increase in concentration and we find that the biggest explanation for this increase in concentration is the increasing role of the investment in intangible assets, and we find that the relationship between intangible assets and increase in industry concentration is much stronger in sectors that are more open, suggesting that the scale of the market is particularly important in digital intensive sectors, suggesting that there is a complementarity between intangible assets and digital technology, and in sectors that were initially already large, and we also find that there is an important role of innovative property and in particular patents in explaining the increase in the market share of the largest companies.