We expect a firm's competitive advantage to manifest itself in a return on invested capital that is higher than the opportunity cost of capital. Deviations of returns from the cost of capital are a signal for competitive entry or for exit, while the speed of convergence indicates the strength of...

Modern interest in business cycles has focused on the co-movements and correlations in the major macroeconomic aggregates. In this paper we offer another dimension to business cycle analysis which looks at the cross sectional distribution of the growth rate of gross sales by US quoted companies...

We bring to light a significant aspect of firm level heterogeneity over the business cycle. Analysing the responsiveness of firm growth (quoted UK companies) to aggregate shocks, we find that the effects of aggregate shocks are more pronounced for firms in the middle range of growth. Rapidly...

Modern interest in business cycles has focused on the co-movements and correlations in the major macroeconomic aggregates. In this paper we offer another dimension to business cycle analysis which looks at the cross sectional distribution of the growth rate of gross sales by US quoted companies...