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UID:b1db76bd9db7aba9a03e0cd5d33fcb87
CATEGORIES:Seminars
CREATED:20180103T171334
SUMMARY:Sara Moreira - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:How do Firms Grow? The Life Cycle of Products Matters (joint with David Arg
 ente and Munseob Lee)\nAbstract:\nWe exploit detailed product- and firm-lev
 el data to study the size of firms and products over their life cycles. We 
 build a dataset that contains information on the product portfolio of each 
 firm in the consumer goods sector over the period 2006–2015. We document th
 at, with the exception of the first few quarters, sales of products decline
  at a steady pace throughout most of their life cycle. These dynamics are r
 obust across very heterogenous types of products, and contrast with the pro
 file of firms, which grow throughout most of their life cycle. Motivated by
  these results, we create a statistical framework of firm growth as a funct
 ion of the vintages of products. Using this decomposition we quantify, for 
 young and mature firms, the importance of new product introduction (both th
 e intensive and extensive margins) and the impact of decreasing sales of ol
 der vintages. We find that firms must grow by continuously adding products 
 that generate sufficiently large revenue in order to compensate the reducti
 on in revenue accruing from previous vintages of products. We structurally 
 estimate a model of heterogeneous multiproduct firms and decompose sales ov
 er the life cycle of the product to understand the mechanisms behind their 
 decline. Our results indicate that demand-side factors are behind the decli
 ne in sales of products and are consistent with preferences for newer vinta
 ges of products.\n\n
DTSTAMP:20260406T002114Z
DTSTART:20180524T163000Z
DTEND:20180524T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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