Cefis, Elena; Ciccarelli, Matteo; Orsenigo, Luigi - School of Economics, Universiteit Utrecht - 2004
Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test for Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we find evidence against Gibrat's law on average, within or across industries....