We study the evolution and cyclical dependency of the cross sectional distribution of firm level job creation rates from 1975 to 2004 for the Austrian private sector. We find that the share of firms that o not adjust has declined over time, but that the share of entries, exits, growing and...

We study the evolution and cyclical dependency of the cross sectional distribution of firm level job creation rates from 1975 to 2004 for the Austrian private sector. We find that the share of firms that o not adjust has declined over time, but that the share of entries, exits, growing and...

Before the great recession of 2008-2009, the "flexicurity" model (with flexibility for firms to adjust their labor force along with income security for workers through the social safety net) attracted attention for its ability to deliver low unemployment. But how did it fare during the...

Using a representative establishment data set for Germany, we show that, in line with the existing literature for several countries, firms' adjustment costs for employment are characterized by a fixed and convex functional form. Furthermore, they are asymmetric with dismissal costs exceeding...

We study the leverage of U.S. firms over their life cycles and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms’ balance sheets with firm-level data from U.S. Census Bureau’s Longitudinal Business...

In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply across 202 Chinese cities, we show that real...