Mundt, Philipp; Milaković, Mishael; Alfarano, Simone - 2014
growth of firms. Here we take the position that it is more plausible for Gibrat’s approach to apply to firm profitability … independent of size, which is not true of growth rates. We also find that the empirical densities of both profitability and growth …. They all face the same profitability benchmark and volatility, while their idiosyncratic efforts merely have an effect on …