@TechReport{iza:izadps:dp15995,
            	author={Guerzoni, Marco and Riso, Luigi and Vivarelli, Marco},
            	title={Was Robert Gibrat Right? A Test Based on the Graphical Model Methodology},
            	year={2023},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={15995},
            	url={https://www.iza.org/publications/dp15995},
	abstract={Using both regression analysis and an unsupervised graphical model approach (never applied before to this issue), we confirm the rejection of the Gibrat'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's law and may have interesting implications in terms of both applied and theoretical research.
},
	keywords={Gibrat's Law;firm survival;market selection;firm growth},
            }