Investment in R&D is positively associated with the variance of sales growth and, to a lesser extent, employment growth. The magnitude of this effect has not increased in recent decades, however.

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

Two-firm horizontal Cournot mergers give rise to multi-plant firms in spatial markets. We study location equilibria on the circle for competition between a two-store merged entity and one then two single-store competitors. Several results turn up. First of all, we get equilibrium location...

Mergers and spin-offs are typically opposite strategies for firms, and are not simultaneously profitable in a standard linear Cournot model. We propose a simple spatial Cournot framework, where merger is profitable but subsequent divisionalization is even more. However, this is true only for...

Mergers and spin-offs are typically opposite strategies for firms, and are not simultaneously profitable in a standard linear Cournot model. We propose a simple spatial Cournot framework, where merger is profitable but subsequent divisionalization is even more. However, this is true only for...

Two-firm horizontal Cournot mergers give rise to multi-plant firms in spatial markets. We study location equilibria on the circle for competition between a two-store merged entity and one then two single-store competitors. Several results turn up. First of all, we get equilibrium location...