Vintage Organization Capital

Boyan Jovanovic, Peter L. Rousseau

We study 114 years of U.S. stock market data and find That there are large cohort effects in stock prices, effects that we label 'organization capital,' That cohort effects grew at a rate of 1.75% per year, That the debt-equity ratio of all vintages declined, That three big technological waves took place: electricity (1895-1930), a 'World War II' wave (1945-1970), and information technology (1971-), and That organization capital tends to grow fastest during the second half of a technological wave

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Year of publication:	March 2001
Authors:	Jovanovic, Boyan
Other Persons:	Rousseau, Peter L. (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Theorie \| Theory \| Schätzung \| Estimation \| Vintage-Modell \| Vintage capital model \| Technischer Fortschritt \| Technological change \| Markteintritt \| Market entry

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w8166
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w8166 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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