“…The analysis adds to the growing efforts interested in identifying the effects of IMC (Allers & de Greef, 2018; Bel & Warner, 2015; Breuillé et al, 2018; Di Porto et al, 2017; Ferraresi et al, 2018; Ivaldi et al, 2016; Manestra et al, 2018). Our results, which are robust to a host of sensitivity checks and alternative estimators, fail to find any strong or statistically significant effect of IMC on local efficiency.…”