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The Stock Market and Capital Accumulation
Abstract
The value of a firm's securities measures the value of the firm's productive assets. If the assets include only capital goods and not a permanent monopoly franchise, the value of the securities measures the value of the capital. Finally, if the price of the capital can be measured or inferred, the quantity of capital is the value divided by the price. A standard model of adjustment costs enables the inference of the price of installed capital. Data from U.S. corporations over the past 50 years imply that corporations have formed large amounts of intangible capital, especially in the past decade. (JEL E44, G12)
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“The basic idea of this approach is that market valuations reflect the value of intangibles even if they are otherwise hidden on firms' balance sheets.”
From The Productivity J-Curve: How Intangibles Complement General Purpose Technologies (2021) · cites this paper as Hall (2001 and2004)
In the citing paper
“If the presence of measured tangible assets indicates the presence of unmeasured intangible assets, and both are valued by investors, then firms' valuations net of their tangible assets can help account for intangible capital (Hall 2001).”
From The Productivity J-Curve: How Intangibles Complement General Purpose Technologies (2021) · cites this paper as Hall 2001
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Cited by
Beyond computation: Information technology, organizational transformation and business performance
Brynjolfsson, E., & Hitt, L. M. (2000) · Journal of Economic Perspectives · doi:10.1257/jep.14.4.23 · Cited by 3,335
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
Inflation and the Redistribution of Nominal Wealth
Doepke, M., & Schneider, M. (2006) · Journal of Political Economy · doi:10.1086/508379 · Cited by 583
Investment-less Growth: An Empirical Investigation
Gutiérrez, G., & Philippon, T. (2016) · doi:10.3386/w22897 · Cited by 286
Metadata
- Authors
- Hall, R. E.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2001-12-01
- Volume
- 91
- Issue
- 5
- Pages
- 1185-1202
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3121227072
- Cited by
- 536
- References
- 0
- FWCI
- 39.64
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
