Replication data for: Contrasting Trends in Firm Volatility

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Project Citation:

Thesmar, David, and Thoenig, Mathias. Replication data for: Contrasting Trends in Firm Volatility. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114229V1

Project Description

Summary: Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market participation and integration in international capital markets generate opposite trends in volatility for private and listed firms. (JEL G15, G32, L25)

Scope of Project

JEL Classification:
      G15 International Financial Markets
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      L25 Firm Performance: Size, Diversification, and Scope

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V1 [2019-10-12]

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