Contrasting Trends in Firm Volatility
David Thesmar and
Mathias Thoenig
American Economic Journal: Macroeconomics, 2011, vol. 3, issue 4, 143-80
Abstract:
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)
JEL-codes: G15 G32 L25 (search for similar items in EconPapers)
Date: 2011
Note: DOI: 10.1257/mac.3.4.143
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)
Downloads: (external link)
http://www.aeaweb.org/articles.php?doi=10.1257/mac.3.4.143 (application/pdf)
http://www.aeaweb.org/aej/mac/data/2009-0206_data.zip (application/zip)
http://www.aeaweb.org/aej/mac/app/2009-0206_app.pdf (application/pdf)
Access to full text is restricted to AEA members and institutional subscribers.
Related works:
Working Paper: Contrasting Trends in Firm Volatility (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:aea:aejmac:v:3:y:2011:i:4:p:143-80
Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions
Access Statistics for this article
American Economic Journal: Macroeconomics is currently edited by Simon Gilchrist
More articles in American Economic Journal: Macroeconomics from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().