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Vintage organization capital

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  • Boyan Jovanovic
  • Peter L. Rousseau

Abstract

We argue that a firm's organization capital depends on the state of technology when the firm was born and on the technologies that have followed. We estimate vintage effects on the value of firms from 114 years of stock market data. We find: 1) a surprisingly strong upward trend in the stock-market share of the largest firms, 2) a very large quantity of organization capital created by the 1920's vintage, 3) strong indications that the 1970's and 1980's vintages will be followed by more complementary technologies, and 4) major technological change since WW2 in the process by which organization capital is created.

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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal Proceedings.

Volume (Year): (2000)
Issue (Month): Apr ()
Pages:

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Handle: RePEc:fip:fedfpr:y:2000:i:apr:x:5

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Keywords: Technology ; Corporations;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Organizational failure
    by chris dillow in Stumbling and Mumbling on 2011-08-03 13:02:48
  2. Nokia, & organizational capital
    by chris dillow in Stumbling and Mumbling on 2011-02-10 14:39:17
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