Vintage Organization Capital

33 Pages Posted: 16 Mar 2001 Last revised: 5 Oct 2001

See all articles by Boyan Jovanovic

Boyan Jovanovic

New York University - Department of Economics

Peter L. Rousseau

Vanderbilt University - Department of Economics

Date Written: March 2001

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.

Suggested Citation

Jovanovic, Boyan and Rousseau, Peter L., Vintage Organization Capital (March 2001). NBER Working Paper No. w8166, Available at SSRN: https://ssrn.com/abstract=263428

Boyan Jovanovic (Contact Author)

New York University - Department of Economics ( email )

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New York, NY 10012
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Peter L. Rousseau

Vanderbilt University - Department of Economics ( email )

Box 1819 Station B
Nashville, TN 37235
United States
615-343-2466 (Phone)
615-343-8495 (Fax)

HOME PAGE: http://www.vanderbilt.edu/econ/faculty/rousseau.html

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