organized in France, Germany, the UK, and the US show that that the PLLC became the form of choice for small- and medium … 1892. Great Britain, a common-law country followed in 1907, and France, a code country, in 1925. The laggard was the US, a …

We estimate changes in the volatility of firm-level sales, earnings and employment growth of US firms. Our method … differs from existing measures for firm-level sales and employment volatility in that it not only captures longer-run changes … in volatility, but also measures cyclical changes in firm volatility. We detect substantial cyclical variation in firm …

We document how firm-specific volatility in sales, earnings and employment growth evolved year by year in Japan. Our … volatility measure also indicates the evolution of firm turnover. We find that patterns in firm-specific volatility have changed … downturn of fiscal years 1998-2002 coincided with a substantial increase in turnover in market, profit and employment shares …