Stylized fact 2. Although there is a very large cross-section variation in entry, differences in entry between industries do not persist for very long. In fact, most of the total variation in entry across industries and over time is 'within' industry variation rather than 'between' industry variation. Stylized fact 3. Entry and exit rates are highly positively correlated, and net entry rates and penetration are modest fractions of gross entry rates and penetration.
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