Data and Code for: Small and Large Firms over the Business Cycle
收藏ICPSR2021-01-01 更新2026-04-16 收录
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https://www.openicpsr.org/openicpsr/project/119865/version/V2/view?path=/openicpsr/119865/fcr:versions/V2/data_overview.xlsx&type=file
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资源简介：
This paper uses new confidential Census data to revisit the relationship between firm size, cyclicality, and financial frictions. First, we find that large firms (the top 1% by size) are less cyclically sensitive than the rest. Second, high and rising concentration implies that the higher cyclicality of the bottom 99% of firms only has a modest impact on aggregate fluctuations. Third, differences in cyclicality are not simply explained by financing, and in fact appear largely unrelated to proxies for financial strength. We instead provide evidence for an alternative mechanism based on the industry scope of the very largest firms.
提供机构：
Kellogg School of Management, Northwestern University; Federal Reserve Bank of New York
创建时间：
2021-01-01
