The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Organization Capital and the Cross‐Section of Expected Returns
Open accessAbstract
Organization capital is a production factor that is embodied in the firm's key talent and has an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its cash flows. We develop a model in which the outside option of the key talent determines the share of firm cash flows that accrue to shareholders. This outside option varies systematically and renders firms with high organization capital riskier from shareholders' perspective. We find that firms with more organization capital have average returns that are 4.6% higher than firms with less organization capital.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Measuring and Explaining Management Practices Across Firms and Countries
Bloom, N., & Van Reenen, J. (2007) · The Quarterly Journal of Economics · doi:10.1162/qjec.2007.122.4.1351 · Cited by 2,373
Americans Do IT Better: US Multinationals and the Productivity Miracle
Bloom, N., Sadun, R., & Reenen, J. V. (2012) · American Economic Review · doi:10.1257/aer.102.1.167 · Cited by 1,028
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Artificial intelligence, firm growth, and product innovation
Babina, T., Fedyk, A., He, A., & Hodson, J. (2024) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.103745 · Cited by 1,460
The Productivity J-Curve: How Intangibles Complement General Purpose Technologies
Brynjolfsson, E., Rock, D., & Syverson, C. (2021) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20180386 · Cited by 1,003
Do long-term institutional investors promote corporate social responsibility activities?
Kim, H.-D., Kim, T., Kim, Y., & Park, K. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.11.015 · Cited by 281
Organizations and Societal Economic Inequality: A Review and Way Forward
Bapuji, H., Ertug, G., & Shaw, J. D. (2020) · Academy of Management Annals · doi:10.5465/annals.2018.0029 · Cited by 277
An Equilibrium Valuation of Bitcoin and Decentralized Network Assets
Pagnotta, E., & Buraschi, A. (2018) · doi:10.2139/ssrn.3142022 · Cited by 199
Metadata
- Authors
- EISFELDT, A. L., & PAPANIKOLAOU, D.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2013-07-16
- Volume
- 68
- Issue
- 4
- Pages
- 1365-1406
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2119742456
- Cited by
- 996
- References
- 5
- FWCI
- 63.40
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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