Castro, Rui; Clementi, Gian Luca; Lee, Yoonsoo - 2011
"We estimate plant--level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of … the portion of TFP growth which is not explained by either industry- or economy-wide factors, or by establishments …' characteristics systematically associated with growth itself. Consistent with previous studies, we find that idiosyncratic shocks are …