Vintage Organization Capital

Abstract

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.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 48 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.