Replication data for: Contrasting Trends in Firm Volatility
Principal Investigator(s): View help for Principal Investigator(s) David Thesmar; Mathias Thoenig
Version: View help for Version V1
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data---AEJMacro-2009-0206 | 10/12/2019 09:16:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 05:16:PM |
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:
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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:
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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
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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