@article{conglomeratesliquidityshocksandinnovatio,
  title = {Conglomerates, Liquidity Shocks, and Innovation-Led Growth},
  author = {Payne Hennigan},
  year = {2025},
  eprint = {2505.13993},
  archivePrefix = {arXiv},
  url = {https://arxiv.org/abs/2505.13993v1},
}