Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms

By Steven J. Davis, John C. Haltiwanger, Ron S. Jarmin, Javier Miranda. 2006

348 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/1afc12c6ff0a360deccf5602b6aba8de31e443f5

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Citations in the corpus

Is Aggregate Market Power Increasing? Production Trends Using Financial Statements (2018, positive): “Davis et al. (2006) document that public firms make up only about 1/3 of US sales and employment. Since these public firms are often larger than their private firm counterparts, markup estimates using only public firm data would bias an aggregate estimate upwards. I also document considerable disper”
Increasing differences between firms: market power and the macro-economy (2018, background): “This has the problem that (i) it covers only around 30 percent of U.S. employment (the very largest firms) and (ii) the Compustat sample changes in a very nonrandom way over time due to declining IPOs and the addition of many smaller high tech start-ups (see Davis et al. 2007).”
External financing and the role of financial frictions over the business cycle: Measurement and theory (2017, positive): “Moreover, our firm level employment dynamics closely resembles the evidence documented by Davis et al. (2007). Our quantitative exercise is most closely related to Jermann and Quadrini (2011) where shocks to financial constraints cause fluctuations in economic activity. Our analysis, however, is sub”
Measuring Economic Policy Uncertainty (2016, neutral): “The VIX covers publicly traded firms only, which account for about one-third of private employment (Davis et al., 2007).”
Firm selection and corporate cash holdings (2020, positive): “Davis et al. (2007) show how, contrary to what happened in the private sector, the cross sectional dispersion of firm growth rates for publicly listed U.”
Models of Growth and Firm Heterogeneity (2010, background): “Together with (15), (17), and the fact that the number of firms grows at the rate η, this implies that wages and per-capita consumption grow at a rate κ given by”
Firms, Destinations, and Aggregate Fluctuations (2014, neutral): “E-mail (URL): JdiGiovanni@imf.org (http: //julian.digiovanni.ca), alev@umich.edu (http://www.alevchenko.com), isabelle.mejean@polytechnique.edu (http://www.isabellemejean.com).”
Creative destruction and firm-specific performance heterogeneity (2007, background): “…issue is firm age, for other recent work links high firm volatility to a rising proportion of relatively recently listed firms (e.g., Campbell et al., 2001; Pastor and Veronesi, 2003; Fama and French, 2004; Bennett and Sias, 2005; Brown and Kapadia, 2005; Fink et al., 2005; Davis et al., 2006).”
Firm Growth : a Survey (2007, positive): “Davis et al. (2006) investigate the existence of any long term trends in the dispersion (i.e. between-firm variation) and volatility (i.e. within-firm variation) of the growth of firms, using an extensive database on US businesses over the period 1976-2001.”
Declining Competition and Investment in the U.S. (2017, positive): “Davis et al. (2006) find a secular decline in job flows. They also show that much of the rise in publicly traded firm volatility during the 1990’s is a consequence of the boom in IPOs, both because young firms are more volatile, and because they challenge incumbents. Haltiwanger et al. (2011) find t”