Internet Appendix for Firm Level Productivity, Risk, and Return

This Internet Appendix presents material that is supplemental to the main analysis and tables in “Firm Level Productivity, Risk, and Return.”We supplement the empirical analysis in the paper with details on the measurement of TFP, detailed description of data, additional properties of TFP, and empirical robustness checks. We supplement the theoretical analysis with a figure to illustrate the model mechanism and details of our numerical solution method. ∗Department of Finance and Business Economics, Marshall School of Business, University of Southern California, Los Angeles, CA 90089-1427. E-mail: [email protected] †Department of Finance and Business Economics, Marshall School of Business, University of Southern California, Los Angeles, CA 90089-1427. E-mail: [email protected].