Overall, the nature of our study is more descriptive. We do find that companies are getting bigger. By the way, I want to make just a minor remark. It doesn't necessarily mean that investors shy away from Canadian markets. The overall market has remained stable, so there is still money going into the Canadian economy. However, this is concentrated, essentially, primarily, in large corporations. This is what we see. There is a shift in the distribution but the size remains fairly stable overall with growth consistent within the economy. However, essentially the money goes to large corporations.
The question of what the drivers are is an excellent question. Unfortunately, given the level of the data we have, we are not able to pinpoint the specific mechanism. Therefore, it would be important to look at more specific data in this case. However, it seems that the findings are, overall, consistent with the idea that, potentially, markets could be becoming less competitive.
We see an increase in concentration, which by itself, does not always point to a decline in competition. However, it comes hand in hand with more merger deals, more domestic merger deals, larger deals, horizontal deals. Those large companies are more valued by shareholders as we see in the market cap. It seems that all the signs together are consistent with the idea that, potentially, this could be a sign of decline in competition. Having said that, I still want to caution that this is aggregate data and a more detailed analysis, maybe industry-level analysis or specific market-level analysis, is something that would be warranted.