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The Life-Cycle of a Competitive Industry

Jovanovic, Boyan; MacDonald, Glenn - National Bureau of Economic Research (NBER) - 1993

is explained in this paper using a competitive model in which innovation opportunities induce firms to enter, but in …

Persistent link: https://www.econbiz.de/10005718895

Adams, James - National Bureau of Economic Research (NBER) - 1997

same, not oppo- site effect on wages at both skill levels; a rise in the foreign share in world innovation or US patents … decreases US wages; an increase in the US share in world innovation or US patents raises US wages, especially for the less … skilled; and the stock of world innovation and US patents decreases real wages especially for the less skilled. Turning to the …

Persistent link: https://www.econbiz.de/10005710318

The Growing Allocative Inefficiency of the U.S. Higher Education Sector

Adams, James; Clemmons, J. Roger - National Bureau of Economic Research (NBER) - 2006

This paper presents new evidence on research and teaching productivity in universities using a panel of 102 top U.S. schools during 1981-1999. Faculty employment grows at 0.6 percent per year, compared with growth of 4.9 percent in industrial researchers. Productivity growth per researcher is...

Persistent link: https://www.econbiz.de/10005710600

The Q-Theory of Mergers

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2002

The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (M&A) investment responds to its Q more -- by a factor of 2.6 -- than its direct...

Persistent link: https://www.econbiz.de/10005710654

The Information Technology Revolution and the Stock Market: Evidence

Hobijn, Bart; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2000

Since 1968, the ratio of stock market capitalization to GDP has varied by a factor of 5. In 1972, the ratio stood at above unity, but by 1974, it had fallen to 0.45 where it stayed for the next decade. It then began a steady climb, and today it stands above 2. We argue that the IT revolution was...

Persistent link: https://www.econbiz.de/10005710931

Learning and Growth

Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 1995

In this survey, I discuss four sources of growth of knowledge: research, schooling, learning by doing, and training. In trying to disentangle what is important, I emphasize the following facts: (1) even the most advanced countries spend far more on adoption of existing technologies than on...

Persistent link: https://www.econbiz.de/10005830890

The IT Revolution and the Stock Market

Greenwood, Jeremy; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 1999

A new technology or product is often developed by the single entrepreneur. Whether he reaches the public offering stage or is acquired by a listed firm it takes time for the innovator to add value to the stock market. Indeed first, reduce the market's value because some firms -- usually large or...

Persistent link: https://www.econbiz.de/10005778413

Science and Industry: Tracing the Flow of Basic Research through Manufacturing and Trade

Adams, James; Clemmons, Roger - National Bureau of Economic Research (NBER) - 2006

This paper describes flows of basic research through the U.S. economy and explores their implications for scientific output at the industry and field level. The time period is the late 20th century. This paper differs from others in its use of measures of science rather than technology. Together...

Persistent link: https://www.econbiz.de/10005088639

General Purpose Technologies

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2005

Electricity and Information Technology (IT) are perhaps the two most important general purpose technologies (GPTs) to date. We analyze how the U.S. economy reacted to them. The Electricity and IT eras are similar, but also differ in several important ways. Electrification was more broadly...

Persistent link: https://www.econbiz.de/10005088958

Vintage Organization Capital

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2001

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...

Persistent link: https://www.econbiz.de/10005049793