Zhang, Jin; Bessler, David A.; Leatham, David J. - In: Journal of Applied Economics XVI (2013) May, pp. 179-202
In this paper, we study the U.S. aggregate business failures during 1980- 2004 in relation to four macroeconomic variables: aggregate corporate profits, the producer price index, the interest rate, and stock market performance. We argue that aggregate business failures should not be treated as a...