000			01191nam a22001577a 4500
999			_c517367 _d517367
008			210710b ||||| |||| 00| 0 eng d
100			_aCrouzet, Nicolas and Mehrotra, Neil R. _926420
245			_aSmall and large firms over the business cycle
260			_aThe American Economic Review
300			_a110(11), Nov, 2020: p.3549-3601
520			_aThis 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 percent by size) are less cyclically sensitive than the rest. Second, high and rising concentration implies that the higher cyclicality of the bottom 99 percent 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. - Reproduced
650			_aSmall business - Management, Big business - Management _926421
773			_aThe American Economic Review
906			_aCORPORATE GOVERNANCE
942			_cAR