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Patterns of Comovement: The Role of Information Technology in the U.S. Economy
Firm-specific variation in stock returns and fundamental performance measures is significantly higher in industries that have a history of more investment in information technology (IT). The authors hypothesize that IT is associated with creative destruction or product differentiation, either of which can widen the performance difference between winner and loser firms.
Link
http://www.nber.org/papers/w10937.pdf