This paper investigates the impact of ownership type on the entire growth rate distributional mass of Chinese firms …, using a conditional estimation approach of the Asymmetric Exponential Power (AEP) density that goes beyond simple location …-shift analysis. We first find a Chinese growth puzzle, i.e., a deviation from the stylized fact of the variance-scaling relationship …

between a firm’s financial situation and its conditional expected growth rate. Specifically, using quantile regressions, we … obtain a quantitative characterization of this relation for different quantiles of the growth rates distribution. We find … growth-finance relation. Indeed, the vast majority of the explanatory variables considered are associated with modifications …

We propose an aggregate growth index that explicitly accounts for non-normality in the micro-economic distribution of … firm growth rates and for the presence of a negative scaling relation between their volatility and the size of the firm … two parts, describing respectively the modal (typical) value of growth rates and the tilt (asymmetry) of their …