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The IT revolution and the stock market

Author: Jeremy Greenwood; Boyan Jovanovic; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1999.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6931.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: A new technology or product is often developed by the single entrepreneur. Whether he reaches the public offering stage or is acquired by a listed firm it takes time for the innovator to add value to the stock market. Indeed first, reduce the market's value because some firms -- usually large or old -- will cling to old technologies that have lost their momentum. This paper argue that (a) the market  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeremy Greenwood; Boyan Jovanovic; National Bureau of Economic Research.
OCLC Number: 70108212
Notes: "February 1999."
Description: 1 online resource (15 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6931.
Other Titles: Information technology revolution and the stock market
Responsibility: Jeremy Greenwood, Boyan Jovanovic.

Abstract:

Abstract: A new technology or product is often developed by the single entrepreneur. Whether he reaches the public offering stage or is acquired by a listed firm it takes time for the innovator to add value to the stock market. Indeed first, reduce the market's value because some firms -- usually large or old -- will cling to old technologies that have lost their momentum. This paper argue that (a) the market declined in the late 1960s because it felt that the old technologies either had lost their momentum or would give way to IT, and that (b) IT innovators boosted the stock market's value only in the 1980s. If the stock market provides a forecast of future events, then the recent dramatic upswing represents a rosy estimate about growth in future profits for the economy. This translates into a forecast of higher output and productivity growth, holding other things equal (such as capital's share of income).

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