![Published Research](https://mackinstitute.wharton.upenn.edu/wp-content/uploads/2016/06/Published-Research-150x100.png)
Although the stylized model of industry evolution suggests that firms transform from vertical integration to specialization over time, many industries still exhibit a continued persistence of integrated firms. In exploring this puzzle, I draw on detailed firm-level data from the semiconductor industry to analyze how integrated incumbents, beyond shifting to the specialized mode, reconfigured in the face of industry’s vertical disintegration.…Read More