Open AccessVintage Organization Capital
Author(s) -
Boyan Jovanovic,
Peter L. Rousseau
Publication year - 2001
Publication title -
capital markets ejournal
Language(s) - English
Resource type - Reports
DOI - 10.3386/w8166
Subject(s) - vintage , capital (architecture) , business , geography , archaeology
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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