Scaling invariant distributions of firms' exit in OECD countries

Physica A: Statistical Mechanics and its Applications

Volumn 334, Issue 1-2, 2004, Pages 267-273

  Di Guilmi, Corrado ^a   Gallegati, Mauro ^a   Ormerod, Paul ^b  

^a UNIVERSITÀ POLITECNICA DELLE MARCHE   (Italy)

^b Volterra Consulting Ltd   (United Kingdom)

Author keywords

Econophysics; Scale invariance; Weibull distribution

Indexed keywords

INDUSTRIAL ECONOMICS; LAWS AND LEGISLATION; MATHEMATICAL MODELS; PROBABILITY; REGRESSION ANALYSIS; WEIBULL DISTRIBUTION;

ECONOPHYSICS; SCALE INVARIANCE; SCALING BEHAVIOR;

BIODIVERSITY;

EID: 0942277588     PISSN: 03784371     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.physa.2003.10.063     Document Type: Article

References (25)

1. Reed W. The Pareto law of incomes - an explanation and an extension. Physica A. 319:2003;469-486.
2. Mandelbrot B. Fractals and Scaling in Finance: Discontinuity, Concentration, Risk. 1997;Springer, Berlin.
3. Ijiri Y., Simon H. Skew Distributions and the Sizes of Business Firms. 1997;North-Holland, Amsterdam.
4. Gabaix X. Zipf's law for cities. an explanation Quart. J. Econ. 112:1999;739-767.
5. De Vany A., Wallis R. Bose - Einstein dynamics and adaptive contracting in the motion picture industry. Econ. J. 106:1996;1493-1514.
6. Canning D., Amaral L., Lee Y., Meyer M., Stanley H. Scaling the volatility of GDP growth rates. Econ. Lett. 60:1998;335-341.
7. Ormerod P., Mounfield C. Power-law distribution of the duration and magnitude of recessions in capitalist economies. breakdown of scaling Physica A. 293:2001;573-582.
8. Gaffeo E., Gallegati M., Giulioni G., Palestrini A. Power laws and economic fluctuations. Physica A. 324:2003;408-416.
9. Cook W., Ormerod P. Power-law distribution of the frequency of demises of U.S. firms. Physica A. 324:2003;207-212.
10. Bak P. How Nature Works. 1996;Springer, Berlin.
11. P. Ormerod, The Butterfly Economics, Knopf Publishing Group, 1999.
12. R. Axtell, The emergence of firms in a population of agents: local increasing returns, unstable Nash equilibria, and power-law size distributions, Center of Social and Economic Dynamics, 1999.
13. OECD Firm-Level Data Project, www.oecd.org, 2002.
14. Eurostat, Recommendation Manual: Business Register, Doc.Eurostat/D3/REP/2rev8, 1995.
15. Bouchard J.-P., Potters M. Theory of Financial Risks: From Statistical Physics to Risk Management. 2000;Cambridge University Press, Cambridge.
16. Dubrulle B., Graner F., Sornette D. Scale Invariance and Beyond. 1997;Springer, Berlin.
17. Schary M.A. "The probability of exit" RAND J. Econ. 22(3):1991;339-353.
18. Platt H. Why Companies Fail. 1985;Lexington Books, Lexington, MA.
19. Beaver W.H. "Financial ratios and predictors of failure", Empirical research in accounting: Selected studies. J. Accounting Res. 4:1966;77-111.
20. D. Delli Gatti, C. Di Guilmi, E. Gaffeo, G. Giulioni, M. Gallegati, A. Palestrini, A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility, J. Econ. Behavior Organization (2003), forthcoming (http://www.economicswebinstitute.org/essays/busflu.htm#aut).
21. C. Di Guilmi, E. Gaffeo, M. Gallegati, Empirical results on the size distribution of business cycle phases, Physica A (2003) forthcoming.
22. Y. Malavergne, V. Pisarenko, D. Sornette, Empirical distribution of log-returns: between the stretched exponential and the power law? submitted to Quantitative Finance ( http://arXiv.org/abs/physics/0305089 ).
23. Cochran S.J., Defina R.H. Duration dependence in the US stock market cycle. a parametric approach Appl. Financial Econ. 5:1995;309-318.
24. C. Gortera, W. Hassink, G. Russo, Hiring and labour market tightness, First IZA/SOLE Transatlantic Meeting, June 6-9, 2002.
25. Lancaster T. The Econometric Analysis of Transition Data. 1992;Cambridge University Press, New York.