The information-technology revolution and the stock market: Evidence

被引：116

作者：

Hobijn, B

Jovanovic, B

机构：

[1] Fed Reserve Bank New York, Domest Res, New York, NY 10045 USA

[2] Univ Chicago, Dept Econ, Chicago, IL 60637 USA

[3] NYU, New York, NY USA

来源：

AMERICAN ECONOMIC REVIEW | 2001年 / 91卷 / 05期

关键词：

D O I：

10.1257/aer.91.5.1203

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Why did the stock market decline so much in the early 1970's and remain low until the early 1980's? We argue that it was because information technology arrived on the scene and the stock-market incumbents of the day were not ready to implement it. Instead, new firms would bring in the new technology after the mid-1980's. Investors foresaw this in the early 1970's and stock prices fell right away. In our model, new capital destroys old capital, but with a lag. The prospect of this causes the value of the old capital to fall right away.

引用

页码：1203 / 1220

页数：18

共 27 条

[11] THE ALLOCATIONAL ROLE OF TAKEOVER BIDS IN SITUATIONS OF ASYMMETRIC INFORMATION [J].