of firm volatility across industries: for example, sunk capital costs, uncertainty about profits and technological change … measure uncertainty about profits and technological change, while the latter enables us to obtain information on the industry …. Our empirical findings show that: (1) industries with higher sunk capital costs and profit uncertainty have significantly …

of firm volatility across industries: for example, sunk capital costs, uncertainty about profits and technological change … measure uncertainty about profits and technological change, while the latter enables us to obtain information on the industry …. Our empirical findings show that: (1) industries with higher sunk capital costs and profit uncertainty have significantly …

of firm volatility across industries: for example, sunk capital costs, uncertainty about profits, and technological … allows us to measure uncertainty about profits and technological change, while the latter enables us to obtain information on … uncertainty have significantly lower variability of the number of firms; and (2) these relationships are non-linear as suggested …