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The Rise in Firm-Level Volatility: Causes and Consequences Author info | Abstract | Publisher info | Download info | Related research | Statistics Diego Comin
Thomas Philippon
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We document that the recent decline in aggregate volatility has been accompanied by a large increase in firm level risk. The negative relationship between firm and aggregate risk seems to be present across industries in the US, and across OECD countries. Firm volatility increases after deregulation. Firm volatility is linked to research and development spending as well as access to external financing. Further, R&D intensity is also associated with lower correlation of sectoral growth with the rest of the economy.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
11388.
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Date of creation: May 2005Date of revision:
Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.Handle: RePEc:nbr:nberwo:11388Note: EFGContact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A. Phone: 617-868-3900 Email: Web page: http://www.nber.org More information through EDIRC
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Find related papers by JEL classification: E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles O3 - Economic Development, Technological Change, and Growth - - Technological Change D4 - Microeconomics - - Market Structure and Pricing
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