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The Rise in Firm-Level Volatility: Causes and Consequences
Open accessAbstract
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-level and aggregate risk seems to be present across industries in the United States and across OECD countries. Firm-level volatility increases after deregulation, and it is linked to research and development (R&D) 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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Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
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Khan, A., & Thomas, J. K. (2013) · Journal of Political Economy · doi:10.1086/674142 · Cited by 322
Metadata
- Authors
- Comin, D., & Philippon, T.
- Venue
- NBER Macroeconomics Annual
- Publisher
- University of Chicago Press
- Published
- 2005-01
- Volume
- 20
- Pages
- 167-201
- ISSN
- 0889-3365 (ISSN-L)
- 1537-2642
- OpenAlex
- W3122084765
- Cited by
- 239
- References
- 1
- FWCI
- 27.26
- Type
- journal article
- Language
- en
- Open access
- bronze
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