The basic philosophy behind Gibrat’s rule of proportionate effect has been to find some common mechanism in the growth process of business firms, based on the idea that growth rates are independent of size and drawn from the same distribution. After decades of research, however, it seems fair...

The question how the real and the financial side of a capitalist economy relate to each other has been a frequently recurring topic in the history of economic thought. Our paper addresses this question from the viewpoint that capital ultimately seeks returns from its perpetual reallocation and...

We perform a careful spectral analysis of the correlation structures observed in real and financial returns for a large pool of long-lived US corporations, and find that financial returns are characterized by strong collective fluctuations that are absent from real returns. Once the excessive...

Für die sogenannte Deutschland AG war eine enge Verflechtung von Personen in Aufsichtsräten und Vorständen typisch. Diese Strukturen haben sich über die Zeit kaum geändert. Dies zeigen die Autoren mit Hilfe der Netzwerkanalyse – einer Methode, die aus den Naturwissenschaften kommend immer...