We collect data on the size distribution of US businesses for 100 years, and use these data
to estimate the concentration of production (eg, asset share or sales share of top …

This study provides a new theoretical result that a decline in the long‐term interest rate can
trigger a stronger investment response by market leaders relative to market followers …

Rising within-country differences in house values are a much-debated trend in the United
States and internationally. Using new long-run regional data for 15 advanced economies …

I show that the long-term decrease in the nominal short rate since the 1980s contributed to a
decline in banks' supply of business loans, firm investment and new firm creation, and an …

Larger firms (by sales or employment) have higher leverage. This pattern is explained using
a model in which firms produce multiple varieties, acquire new varieties from their inventors …

Using filtering techniques, spectral analysis, and Markov chain models, the author
documents trends and cycles of factors that have significantly changed over the period to …

How does competition for talent affect firm growth? Combining establishmentlevel
occupational employment microdata with job posting data, we measure a firm's talent …

We analyze the role of trade credit and financial frictions in the propagation of international
trade shocks along the supply chain. First, we show empirically that exposure to import …

Recent trends of global sourcing, market concentration, and aggregate markup have
garnered increased attention. This paper examines the impact of global sourcing of inputs …

A few highly successful firms (“superstar firms”) have captured large market shares and
earned massive profits in recent decades. We examine whether superstar firms are …