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Fading Stars

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  • Germán Gutiérrez
  • Thomas Philippon

Abstract

We study the evolution of super star firms in the U.S. economy over the past 60 years. Contrary to common wisdom, super stars firms have not become larger, have not become more productive, and the contribution of star firms to aggregate U.S. productivity growth has fallen by more than one third since 2000.

Suggested Citation

  • Germán Gutiérrez & Thomas Philippon, 2019. "Fading Stars," NBER Working Papers 25529, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:25529
    Note: CF EFG IO PR
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    Cited by:

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    4. Schlingemann, Frederik P. & Stulz, René M., 2022. "Have exchange-listed firms become less important for the economy?," Journal of Financial Economics, Elsevier, vol. 143(2), pages 927-958.

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    More about this item

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • F6 - International Economics - - Economic Impacts of Globalization
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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