Small and Large Firms over the Business Cycle
利用新的保密普查数据，发现大企业（规模前1%）的周期敏感性低于其余企业，且高集中度使其余企业的周期波动对总体影响有限，差异主要源于大企业的行业范围而非融资因素。
This 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.