| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7123 |
| DP7123 Exposure to External Country Specific Shocks and Income Volatility | |
| Marion Jansen; Roberta Piermartini; Carolina Lennon | |
| 发表日期 | 2009-01-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that an increase in stock market participation or integration in international capital markets generate opposite trends in volatility for private and listed firms. This pattern cannot be replicated by alternative comparative statics exercises, such as an increase in product market competition, an increase in product market size, an increase in the fraction of listed firms, or a decrease in aggregate volatility. |
| 主题 | International Macroeconomics |
| 关键词 | Financial integration Firm-level volatility Listed vs non-listed firms Stockmarket participation |
| URL | https://cepr.org/publications/dp7123 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535960 |
| 推荐引用方式 GB/T 7714 | Marion Jansen,Roberta Piermartini,Carolina Lennon. DP7123 Exposure to External Country Specific Shocks and Income Volatility. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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