Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger suppliers have more customers, and customer-supplier links depend on customers’ size. The model produces distributions of firm volatility, size, and customer concentration consistent with the data.

中文翻译：

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粒度网络中的公司波动性

随着时间的推移，企业的波动性会产生强烈的波动，它们的共同因素是整个经济范围内企业规模分布的分散。在横截面上，较小的公司和客户群更集中的公司表现出更高的波动性。网络效应对于解释经验公司规模和公司波动率分布的联合演化至关重要。我们提出并估计了一个简单的公司波动性网络模型，其中对客户的冲击会影响他们的供应商。更大的供应商拥有更多的客户，客户-供应商的联系取决于客户的规模。该模型产生与数据一致的公司波动性、规模和客户集中度的分布。