Market Exposure and Endogenous Firm Volatility over the Business Cycle
提出一个理论，认为企业通过进入更多市场来分散需求冲击，但需付出成本，这导致企业层面风险在经济衰退时上升，并用美国企业数据验证了市场覆盖的顺周期性和风险的反周期性。
We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed countercyclity of firm-level risk. Using a panel of US firms we show that, consistent with our theoretical model, measures of market reach are procyclical, and the counter-cyclicality of firm-level risk is driven by those firms that adjust their market exposure, which are larger than those that do not.