Macro Shocks and Firm-Level Response Heterogeneity
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Macro shocks produce high dispersion in firm-level equity returns, sales growth, and other outcomes. We show that this dispersion reflects observable differences in business characteristics. To do so, we combine firm-level returns on stock market ``jump" days with text about business risks in prior
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美国国家经济研究局创建时间：
2025-06-01
