Aggregate fluctuations and the cross-sectional dynamics of firm growth

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Standard

Aggregate fluctuations and the cross-sectional dynamics of firm growth. / Holly, Sean ; Petrella, Ivan ; Santoro, Emiliano.

I: Journal of the Royal Statistical Society, Series A (Statistics in Society), Bind 176, Nr. 2, 2013, s. 459-479.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Holly, S, Petrella, I & Santoro, E 2013, 'Aggregate fluctuations and the cross-sectional dynamics of firm growth', Journal of the Royal Statistical Society, Series A (Statistics in Society), bind 176, nr. 2, s. 459-479. https://doi.org/10.1111/j.1467-985X.2012.01047.x

APA

Holly, S., Petrella, I., & Santoro, E. (2013). Aggregate fluctuations and the cross-sectional dynamics of firm growth. Journal of the Royal Statistical Society, Series A (Statistics in Society), 176(2), 459-479. https://doi.org/10.1111/j.1467-985X.2012.01047.x

Vancouver

Holly S, Petrella I, Santoro E. Aggregate fluctuations and the cross-sectional dynamics of firm growth. Journal of the Royal Statistical Society, Series A (Statistics in Society). 2013;176(2):459-479. https://doi.org/10.1111/j.1467-985X.2012.01047.x

Author

Holly, Sean ; Petrella, Ivan ; Santoro, Emiliano. / Aggregate fluctuations and the cross-sectional dynamics of firm growth. I: Journal of the Royal Statistical Society, Series A (Statistics in Society). 2013 ; Bind 176, Nr. 2. s. 459-479.

Bibtex

@article{c1c6529cbab0402f82a9435ae47249aa,
title = "Aggregate fluctuations and the cross-sectional dynamics of firm growth",
abstract = "The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts.",
keywords = "Faculty of Social Sciences, Asymmetric exponential power distribution, Business cycle, Corporate growth, Asymmetric exponential power distribution, Business cycle, Corporate growth",
author = "Sean Holly and Ivan Petrella and Emiliano Santoro",
year = "2013",
doi = "10.1111/j.1467-985X.2012.01047.x",
language = "English",
volume = "176",
pages = "459--479",
journal = "Journal of the Royal Statistical Society. Series A: Statistics in Society",
issn = "0964-1998",
publisher = "Wiley",
number = "2",

}

RIS

TY - JOUR

T1 - Aggregate fluctuations and the cross-sectional dynamics of firm growth

AU - Holly, Sean

AU - Petrella, Ivan

AU - Santoro, Emiliano

PY - 2013

Y1 - 2013

N2 - The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts.

AB - The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts.

KW - Faculty of Social Sciences

KW - Asymmetric exponential power distribution

KW - Business cycle

KW - Corporate growth

KW - Asymmetric exponential power distribution

KW - Business cycle

KW - Corporate growth

U2 - 10.1111/j.1467-985X.2012.01047.x

DO - 10.1111/j.1467-985X.2012.01047.x

M3 - Journal article

VL - 176

SP - 459

EP - 479

JO - Journal of the Royal Statistical Society. Series A: Statistics in Society

JF - Journal of the Royal Statistical Society. Series A: Statistics in Society

SN - 0964-1998

IS - 2

ER -

ID: 43213942