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Small and Large Firms over the Business Cycle

Citations

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Cited by:

  1. Luca Fontanelli & Mauro Napoletano & Angelo Secchi, 2025. "Rethinking volatility scaling in firm growth," Sciences Po Economics Publications (main) hal-05261824, HAL.
  2. Bianco, Timothy, 2021. "Monetary policy and credit flows," Journal of Macroeconomics, Elsevier, vol. 70(C).
  3. Gomez-Gonzalez, Jose E. & Hirs-Garzón, Jorge & Uribe, Jorge M., 2022. "Interdependent capital structure choices and the macroeconomy," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
  4. Dong, Ding & Liu, Zheng & Wang, Pengfei, 2025. "Turbulent business cycles," Journal of Monetary Economics, Elsevier, vol. 155(C).
  5. Herskovic, Bernard & Kind, Thilo & Kung, Howard, 2023. "Micro uncertainty and asset prices," Journal of Financial Economics, Elsevier, vol. 149(1), pages 27-51.
  6. Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
  7. Cascaldi-Garcia, Danilo & Vukoti, Marija & Zubairy, Sarah, 2023. "Innovation During Challenging Times," The Warwick Economics Research Paper Series (TWERPS) 1475, University of Warwick, Department of Economics.
  8. Kame Babilla, Thierry U., 2023. "Digital innovation and financial access for small and medium-sized enterprises in a currency union," Economic Modelling, Elsevier, vol. 120(C).
  9. Masashige Hamano & Toshihiro Okubo, 2023. "The Macroeconomic Dynamics of Generations of Firms," Working Papers 2307, Waseda University, Faculty of Political Science and Economics.
  10. Custódio, Cláudia & Mendes, Bernardo & Mendes, Diogo, 2025. "Inventory decisions under political violence," Economics Letters, Elsevier, vol. 247(C).
  11. Cooper Howes, 2025. "Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment," The Review of Economics and Statistics, MIT Press, vol. 107(6), pages 1603-1619, November.
  12. Bricongne, Jean-Charles & Carluccio, Juan & Fontagné, Lionel & Gaulier, Guillaume & Stumpner, Sebastian, 2025. "From macro to micro: Large exporters coping with global crises," Journal of International Economics, Elsevier, vol. 153(C).
  13. Gareth Anderson & Saleem Bahaj & Matthieu Chavaz & Angus Foulis & Gabor Pinter, 2023. "Lending Relationships and the Collateral Channel," Review of Finance, European Finance Association, vol. 27(3), pages 851-887.
  14. Julien Champagne & Émilien Gouin-Bonenfant, 2022. "Monetary Policy, Credit Constraints and SME Employment," Staff Working Papers 22-49, Bank of Canada.
  15. Ferreira, M. & Haber, T. & Rörig, C., 2021. "Financial Factors, Firm size and Firm Potential," Cambridge Working Papers in Economics 2176, Faculty of Economics, University of Cambridge.
  16. Mathias Lé & Frédéric Vinas, 2020. "The Financing of Investment: Firm Size, Asset Tangibility and the Size of Investment," Working papers 777, Banque de France.
  17. Ruhollah Eskandari & Morteza Zamanian, 2023. "Heterogeneous responses to corporate marginal tax rates: Evidence from small and large firms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(7), pages 1018-1047, November.
  18. Brault, Joshua & Khan, Hashmat, 2024. "Large firms and the cyclicality of US labour productivity," Journal of Macroeconomics, Elsevier, vol. 82(C).
  19. Fang, Yuan & Zhou, Qian & Jiang, Xiandeng & Li, Chao, 2024. "Unlocking the potential of inventory management: Integrating digital transformation with firm practices," Economic Modelling, Elsevier, vol. 139(C).
  20. Timmer, Yannick & Van der Ghote, Alejandro & Perez-Orive, Ander, 2026. "Monetary policy under multiple financing constraints," Working Paper Series 3217, European Central Bank.
  21. In Hwan Jo, 2025. "Firm Size And Business Cycles With Credit Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(2), pages 629-659, May.
  22. Matěj Bajgar & Petr Janský & Tijmen Tuinsma, 2025. "Tax Compliance of Multinationals and Industry Concentration in the European Union," Working Papers 038, EU Tax Observatory.
  23. Guerini, Mattia & Marin, Giovanni & Vona, Francesco, 2025. "Can easing financial constraints reduce carbon emissions? evidence from a large sample of French companies," LSE Research Online Documents on Economics 137115, London School of Economics and Political Science, LSE Library.
  24. Miguel H. Ferreira & Timo Haber & Christian Rörig, 2023. "Financial Constraints and Firm Size: Micro-Evidence and Aggregate Implications," Working Papers 948, Queen Mary University of London, School of Economics and Finance.
  25. Durante, Elena & Ferrando, Annalisa & Vermeulen, Philip, 2022. "Monetary policy, investment and firm heterogeneity," European Economic Review, Elsevier, vol. 148(C).
  26. Diana Bonfim & Cláudia Custódio, 2021. "The sensitivity of SME’s investment and employment to the cost of debt financing," Working Papers w202115, Banco de Portugal, Economics and Research Department.
  27. Mattia Guerini & Giovanni Marin & Francesco Vona, 2025. "Easing Financial Constraints Reduce Carbon Emissions? Evidence from a Large Sample of French Companies," Working Papers 2025.31, Fondazione Eni Enrico Mattei.
  28. Bai, John (Jianqiu) & Eldemire, Ashleigh & Serfling, Matthew, 2024. "The effect of labor mobility on corporate investment and performance over the business cycle," Journal of Banking & Finance, Elsevier, vol. 166(C).
  29. Markus Brueckner & Wensheng Kang & Joaquin Vespignani, 2023. "Covid-19 and Firms’ Stock Price Growth: The Role of Market Capitalization," Applied Economics, Taylor & Francis Journals, vol. 55(39), pages 4522-4538, August.
  30. Pawe{l} Gola & Haozhou Tang, 2026. "Sorting along Business Cycles," Papers 2603.09323, arXiv.org.
  31. Priit Jeenas, 2023. "Firm balance sheet liquidity, monetary policy shocks, and investment dynamics," Economics Working Papers 1872, Department of Economics and Business, Universitat Pompeu Fabra.
  32. Mark Bils & Bariş Kaymak & Kai-Jie Wu, 2025. "Robinson Meets Roy: Monopsony Power and Comparative Advantage," NBER Working Papers 34165, National Bureau of Economic Research, Inc.
  33. Markus Brueckner & Wensheng Kang & Joaquin Vespignani, 2021. "Covid-19 and Firms’ Stock Price Growth: The Role of Market Capitalization," ANU Working Papers in Economics and Econometrics 2021-683, Australian National University, College of Business and Economics, School of Economics.
  34. Aubhik Khan & Soyoung Lee, 2023. "Persistent Debt and Business Cycles in an Economy with Production Heterogeneity," Staff Working Papers 23-17, Bank of Canada.
  35. James Cloyne & Clodomiro Ferreira & Maren Froemel & Paolo Surico, 2021. "Monetary Policy, External Finance and Investment," Working Papers 92, Red Nacional de Investigadores en Economía (RedNIE).
  36. Luísa Farinha & Sotirios Kokas, 2022. "Real effects of imperfect bank-firm matching," Working Papers w202210, Banco de Portugal, Economics and Research Department.
  37. Pesce, Simone & Errico, Marco & Pollio, Luigi, 2025. "Nonlinearities and heterogeneity in firms response to aggregate fluctuations: what can we learn from machine learning?," Working Paper Series 3107, European Central Bank.
  38. Bonfim, Diana & Custódio, Cláudia & Raposo, Clara, 2023. "Supporting small firms through recessions and recoveries," Journal of Financial Economics, Elsevier, vol. 147(3), pages 658-688.
  39. Boar, Corina & Knowles, Matthew, 2024. "Optimal taxation of risky entrepreneurial capital," Journal of Public Economics, Elsevier, vol. 234(C).
  40. Alex Clymo & Filip Rozsypal, 2022. "Firm Cyclicality and Financial Frictions," Discussion Papers 2207, Centre for Macroeconomics (CFM).
  41. Ufuk Akcigit & Raman Singh Chhina & Seyit M. Cilasun & Javier Miranda & Nicolas Serrano-Velarde, 2025. "Credit Card Entrepreneurs," NBER Working Papers 33618, National Bureau of Economic Research, Inc.
  42. Gnewuch, Matthias & Zhang, Donghai, 2025. "Monetary policy, firm heterogeneity, and the distribution of investment rates," Journal of Monetary Economics, Elsevier, vol. 149(C).
  43. Giuseppe Cascarino & Federica Ciocchetta & Stefano Pietrosanti & Ivan Quaglia, 2025. "Forecasting corporate default probabilities: a local logit approach for scenario analysis," Questioni di Economia e Finanza (Occasional Papers) 909, Bank of Italy, Economic Research and International Relations Area.
  44. Thiago Revil T. Ferreira & Daniel Ostry & John Rogers, 2023. "Firm Financial Conditions and the Transmission of Monetary Policy," Finance and Economics Discussion Series 2023-037, Board of Governors of the Federal Reserve System (U.S.).
  45. William L. Gamber, 2021. "Entry, Variable Markups, and Business Cycles," Finance and Economics Discussion Series 2021-077, Board of Governors of the Federal Reserve System (U.S.).
  46. Marco Lo Duca & Diego Moccero & Fabio Parlapiano, 2024. "The impact of macroeconomic and monetary policy shocks on the default risk of the euro-area corporate sector," Temi di discussione (Economic working papers) 1460, Bank of Italy, Economic Research and International Relations Area.
  47. Pablo Ottonello & Thomas Winberry, 2020. "Financial Heterogeneity and the Investment Channel of Monetary Policy," Econometrica, Econometric Society, vol. 88(6), pages 2473-2502, November.
  48. Joao Ayres & Gajendran Raveendranathan, 2023. "Firm Entry and Exit during Recessions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 47-66, January.
  49. Alam, M. Jahangir & Alvi, Eskander, 2024. "The long-run effects of monetary policy: The role of R&D investment in economic growth," Economic Modelling, Elsevier, vol. 137(C).
  50. Pei Yuan & Mingzhen Shao & Chao Ma, 2024. "RETRACTED ARTICLE: Unlocking Economic Unity: The Digital Economy’s Impact on Market Segmentation in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 16700-16734, December.
  51. Arin, K. Peren & Devereux, Kevin & Mazur, Mieszko, 2023. "Taxes and firm investment," Journal of Macroeconomics, Elsevier, vol. 76(C).
  52. Bui, Dien Giau & Hasan, Iftekhar & Lin, Chih-Yung & Mai, Ngoc Thuy & Vaike, Chris, 2025. "Trade policy sensitivity and global stock returns: Evidence from the 2016 U.S. Presidential election," Journal of Banking & Finance, Elsevier, vol. 178(C).
  53. Morlacco, Monica & Zeke, David, 2021. "Monetary policy, customer capital, and market power," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 116-134.
  54. Eskandari, Ruhollah & Zamanian, Morteza, 2022. "Cost of carry, financial constraints, and dynamics of corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 74(C).
  55. Felipe Benguria, 2023. "The global impact of the US–China trade war: firm-level evidence," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(4), pages 827-851, November.
  56. Schmidt, Lawrence D.W., 2025. "Climbing and falling off the ladder: Asset pricing implications of labor market event risk," Journal of Financial Economics, Elsevier, vol. 172(C).
  57. Francesca Crucitti & Lorenza Rossi, 2022. "Labor Share Decline and Productivity Slowdown: A Micro-Macro Analysis," Working Papers 350577481, Lancaster University Management School, Economics Department.
  58. Bianco, Timothy & Herrera, Ana María, 2025. "Monetary policy and credit flows: A tale of two effective lower bounds," Journal of Economic Dynamics and Control, Elsevier, vol. 175(C).
  59. Błażej, Mirosław & Górajski, Mariusz & Ulrichs, Magdalena, 2025. "Microdata-based output gap estimation using business tendency surveys," Journal of Economic Dynamics and Control, Elsevier, vol. 174(C).
  60. Domenech Palacios, Mar, 2025. "Firms’ risk and monetary transmission: revisiting the excess bond premium," Working Paper Series 3118, European Central Bank.
  61. Guettler, Andre & Hable, Patrick & Launhardt, Patrick & Miebs, Felix, 2023. "Aggregate insider trading in the S&P 500 and the predictability of international equity premia," Finance Research Letters, Elsevier, vol. 54(C).
  62. Arin, K. Peren & Kaplan, Samuel & Polyzos, Efstathios & Spagnolo, Nicola, 2025. "Stock market responses to monetary policy shocks: Firm-level evidence," Journal of Macroeconomics, Elsevier, vol. 83(C).
  63. Alessandro Di Nola & Leo Kaas & Haomin Wang, 2023. "Rescue policies for small businesses in the Covid-19 recession," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 579-603, December.
  64. Yu, Deshui & Huang, Difang, 2023. "Cross-sectional uncertainty and expected stock returns," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 321-340.
  65. Hu, Yushan & Zhang, Penglong, 2024. "International exposure and the transmission of financial shocks: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 149(C).
  66. Aymeric Ortmans & Fabien Tripier, 2020. "COVID-Induced Sovereign Risk in the Euro Area: When Did the ECB Stop the Contagion?," Working Papers 2020-11, CEPII research center.
  67. Lim, Hyunjoon, 2025. "Do firm and lender characteristics matter in monetary policy transmission? Evidence from Korean loan-level data," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 256-268.
  68. Ongsakul, Viput & Chatjuthamard, Pattanaporn & Chintrakarn, Pandej & Jiraporn, Pornsit, 2025. "Climate change exposure in uncertain times: A text-based approach," International Review of Economics & Finance, Elsevier, vol. 100(C).
  69. Samuel Federico Kaplan & Arin Kerim Peren & Polyzos Efstathios & Spagnolo Nicola, 2022. "Stock Market Responses to Monetary Policy Shocks: Universal Firm-Level Evidence," Asociación Argentina de Economía Política: Working Papers 4571, Asociación Argentina de Economía Política.
  70. repec:cam:camjip:2110 is not listed on IDEAS
  71. Alam, M. Jahangir, 2025. "Productivity responses of high-tech firms to monetary policy," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
  72. Macartney, Hugh & Nielsen, Eric & Rodriguez, Viviana, 2021. "Unequal worker exposure to establishment deaths," Labour Economics, Elsevier, vol. 73(C).
  73. Holm-Hadulla, Fédéric & Thürwächter, Claire, 2021. "Heterogeneity in corporate debt structures and the transmission of monetary policy," European Economic Review, Elsevier, vol. 136(C).
  74. Bahaj, Saleem & Foulis, Angus & Pinter, Gabor & Surico, Paolo, 2022. "Employment and the residential collateral channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 131(C), pages 26-44.
  75. Deng, Minjie & Fang, Min, 2022. "Debt maturity heterogeneity and investment responses to monetary policy," European Economic Review, Elsevier, vol. 144(C).
  76. Youngsuk Yook, 2025. "A Granular Look into Firms’ Cash Portfolios," Working Papers 25-02, Center for Economic Studies, U.S. Census Bureau.
  77. Richard Friberg & Isak Trygg Kupersmidt, 2023. "Hedging to market‐wide shocks and competitive selection," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(2), pages 450-466, April.
  78. Bruno Albuquerque, 2024. "Corporate debt booms, financial constraints, and the investment nexus," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(5), pages 766-789, August.
  79. Rafael Guntin & Federico Kochen, 2025. "The Origins of Top Firms," Working Papers wp2025_2516, CEMFI.
  80. Singh, Aarti & Suda, Jacek & Zervou, Anastasia, 2021. "Heterogeneous labour market response to monetary policy: small versus large firms," Working Papers 2021-07, University of Sydney, School of Economics, revised Nov 2021.
  81. Rita Juliana & Irwan Adi Ekaputra & Zaäfri Ananto Husodo & Sung suk Kim, 2024. "Endogenous Uncertainty: Does Investment Inefficiency Contributes to Uncertainty?," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 27(2), pages 265-298, May.
  82. Hazell, Jonathon & Taska, Bledi, 2023. "Downward Rigidity in the Wage for New Hires," IZA Discussion Papers 16512, IZA Network @ LISER.
  83. Poeschl, Johannes, 2023. "Corporate debt maturity and investment over the business cycle," European Economic Review, Elsevier, vol. 152(C).
  84. Matthias Gnewuch, 2024. "Monetary policy, firm heterogeneity, and the distribution of investment rates," Working Papers 61, European Stability Mechanism.
  85. Polyzos, Efstathios, 2022. "Examining the asymmetric impact of macroeconomic policy in the UAE: Evidence from quartile impulse responses and machine learning," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
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