Contrasting Trends in Firm Volatility
研究发现上市公司实际和金融波动性上升，而私营企业下降；企业层面的销售和就业波动受所有权集中度变化影响，股票市场参与和国际资本市场整合导致两类企业波动性相反趋势。
Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market participation and integration in international capital markets generate opposite trends in volatility for private and listed firms.