Abstract
From time to time, wisely or otherwise, one is tempted to resurrect old demons and wrestle with them anew. Could it be the case, for example, that mature contemporary firms in concentrated industries no longer experience a decay in their relatively high rates of return. And if they still do, does the greater variability in their profits suggest market contestability reflecting potential competition or underlying cost and demand conditions? After assuring that not just firms, but high-performing industries as a whole, experience quick and certain declines in relative rates of return, we turn to exploring which types of industries experience the greatest change in relative rank based on average rates of return.