1,721,019 research outputs found
Scaling invariant distributions of firms' exit in OECD countries
No full textSelf-similar models are largely used to describe the extinction rate of biological species. In this paper we analyse the extinction rate of firms in eight OECD countries. Firms are classified by industrial sectors and sizes. We find that while a power-law distribution with exponent close to 2 fits the extinction rate very well by sector, a Weibull distribution is more appropriate if one analyses the firms' size. © 2003 Published by Elsevier B.V
Empirical results on the size distribution of business cycle phases
No full textWe study the size distribution of business cycles phases, that is expansions and contractions, for a sample of 16 industrialized countries over 120 years. We find that the best-fitting distribution for both expansions and contractions is Weibull, meaning that business cycles possess a characteristic scale. Furthermore, we discuss how parameters' estimates can be used to make inference on the probability a typical episode ends, that is on what economists call turning points. © 2003 Elsevier B.V. All rights reserved
On the mean/variance relationship of the firm size distribution: Evidence and some theory
No full textFirm-level data for a small sample of European countries are used to provide evidence of a positive linear relationship between the mean and the variance of firms' size at a sectoral level, an empirical regularity known in mathematical biology and ecology as Taylor power law. We recur to computational experiments to show how this empirical fact can be fruitfully employed to discriminate amongst alternative theoretical explanations of firms' growth. © 2012 Elsevier B.V
International Evidence on Business Cycle Magnitude Dependence: An Analysis of 16 Industrialized Countries, 1881-2000
No full textOn the Mean-Variance Relationship of the Firm Size Distribution: Evidence and some Theory
No full textFinancial fragility, industrial dynamics and business fluctuations in an agent based model
No full textA new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility.
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Bankruptcy as an exit mechanism for systems with a variable number of components
No full textDynamical systems with components whose sizes evolve according to multiplicative stochastic rules have been recently combined with entry and exit processes. We show that the assumptions usually made in modeling exits are at odds with the available evidence. We discuss a recently proposed macroeconomic model with random multiplicative shocks and a mechanism for exit based on bankruptcy, which displays several observed stylized facts for firms' dynamics, like power law distributions for firms' sizes and Laplace distributions for firms' growth rates. © 2004 Elsevier B.V. All rights reserved
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