Vintage Organization Capital

Boyan Jovanovic () and Peter Rousseau ()

No 8166, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: O3 N2 (search for similar items in EconPapers)
Date: 2001-03
Note: AP DAE
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Journal Article: Vintage organization capital (2000)
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