- (pp. 312-16)
AbstractWe study the evolution of superstar firms in the US economy over the past 60 years. Contrary to common wisdom, superstar firms have not become larger or more productive but have become more profitable. The contribution of star firms to aggregate US productivity growth has fallen over time, from about 72 basis points per year before 2000 down to about 43 afterwards.
CitationGutiérrez, Germán, and Thomas Philippon. 2019. "Fading Stars." AEA Papers and Proceedings, 109 : 312-16. DOI: 10.1257/pandp.20191065
- D22 Firm Behavior: Empirical Analysis
- L25 Firm Performance: Size, Diversification, and Scope
- N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
- N82 Micro-Business History: U.S.; Canada: 1913-
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence