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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8166.

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Date of creation: Mar 2001
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Publication status: published as Boyan Jovanovic & Peter L. Rousseau, 2000. "Vintage organization capital," Proceedings, Federal Reserve Bank of San Francisco, issue Apr.
Handle: RePEc:nbr:nberwo:8166
Note: AP DAE
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