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Vintage organization capital Author info | Abstract | Publisher info | Download info | Related research | Statistics Boyan Jovanovic
Peter L. Rousseau
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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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Volume (Year): (2000)
Issue (Month): Apr ()
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Keywords: Technology ; Corporations ; Other versions of this item:
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Leif Danziger, 2007.
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"Stock Markets in the New Economy ,"
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Boyan Jovanovic, 2007.
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