This website uses cookies.

By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device to enhance site navigation and analyze site performance and traffic. For more information on our use of cookies, please see our Privacy Policy.

  1. Home
  2. Journals
  3. AEA Papers and Proceedings
  4. May 2019
  5. Fading Stars

AEA Papers and Proceedings

ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)

Menu

Fading Stars

  • Germán Gutiérrez
  • Thomas Philippon
AEA Papers and Proceedings
vol. 109, May 2019
(pp. 312–16)
Download Full Text PDF
(Complimentary)

Abstract

We 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.

Citation

Gutiérrez, Germán, and Thomas Philippon. 2019. "Fading Stars." AEA Papers and Proceedings, 109: 312–16. DOI: 10.1257/pandp.20191065

Additional Materials

JEL Classification

  • 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