| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28837 |
| 来源ID | Working Paper 28837 |
| The Conglomerate Network | |
| Kenneth R. Ahern; Lei Kong; Xinyan Yan | |
| 发表日期 | 2021-05-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper proposes a network model of the economy in which conglomerate firms transmit idiosyncratic shocks from one industry to another. The strength of inter-industry connections is determined by the conglomerate's share of total industry sales and by the industry's share of the conglomerate's total sales. The empirical results show that industry growth rates comove more strongly within industry pairs that are more closely connected in the conglomerate network. These results hold after controlling for industry-pair and year fixed effects, input-output connections, reverse causality, and in tests that exploit exogenous cross-sectional industry shocks from import tariff changes. Finally, our model also provides a new cross-industry extension for the widely-used Herfindahl index of concentration. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w28837 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586511 |
| 推荐引用方式 GB/T 7714 | Kenneth R. Ahern,Lei Kong,Xinyan Yan. The Conglomerate Network. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28837.pdf（402KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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