Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

M.C. Manjon

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    Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.
    Original languageEnglish
    Place of PublicationTilburg
    PublisherVakgroep CentER
    Number of pages38
    Publication statusPublished - 2004

    Publication series

    NameCentER Discussion Paper


    • corporate size
    • independency
    • panel data
    • simulation


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