@techreport{4e50cc63b88845f9aed2b2fdecb13a33,
title = "Was Robert Gibrat right?: A test based on the graphical model methodology",
abstract = "Using both regression analysis and an unsupervised graphical model approach (never applied before to this issue), we confirm the rejection of the Gibrat{\textquoteright}s law when our firm-level data are considered over the entire investigated period, while the opposite is true when we allow for market selection. Indeed, the growth behavior of the re-shaped (smaller) population of the survived most efficient firms is in line with the Law of Proportionate Effect; this evidence reconciles early and current literature testing Gibrat{\textquoteright}s law and may have interesting implications in terms of both applied and theoretical research.",
keywords = "Gibrat{\textquoteright}s Law, firm growth, market selection, firm survival",
author = "Marco Guerzoni and Luigi Riso and Marco Vivarelli",
year = "2023",
month = mar,
day = "9",
language = "English",
series = "UNU-MERIT Working Papers",
publisher = "UNU-MERIT",
number = "006",
type = "WorkingPaper",
institution = "UNU-MERIT",
}