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The Nature of Firm Growth
Abstract:
Fifty percent of startups fail within five years, and those that survive grow at vastly different speeds. Using Census microdata, we estimate that the lion’s share of these differences is determined by ex-ante heterogeneity rather than persistent ex-post shocks. Embedding such heterogeneity in a firm dynamics model shows that ex-ante differences are key determinants of the firm size distribution, up-or-out dynamics, and associated aggregate gains. Gazelles, rare high-growth startups, are essential for these outcomes. Analyzing changes in the distribution of ex-ante heterogeneity over time reveals that the birth rate and growth potential of gazelles has declined, creating substantial aggregate losses.
Download the paper: users.ox.ac.uk/~econ0506/Documents/Working/FirmGrowth-Manuscript.pdf
Date:
15 February 2018, 13:00
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room C
Speaker:
Petr Sedlacek (University of Oxford)
Organising department:
Department of Economics
Part of:
Department of Economics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editors:
Erin Saunders,
Anne Pouliquen
