The Stock Market and Capital Accumulation

Hall, Robert E.

doi:10.3386/w7180

Cited by 33 publications

(6 citation statements)

References 9 publications

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“…Although there are no regulatory barriers to these activities, factors such as bank size, location and managerial skills may affect a bank's ability to offer these services competitively. Hall (2001) empirically estimates the growth in intangible assets in the nonfinancial sector. He argues that charter value is increasingly derived from organizational capital and intellectual property, which allows firms to develop differentiated products.…”

Section: Operating Measures Of Market Power and Other Sources Of Charmentioning

confidence: 99%

Charter value, Tobin's Q and bank risk during the subprime financial crisis

Jones

Miller

Yeager³

2011

Journal of Economics and Business

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Section: Operating Measures Of Market Power and Other Sources Of Charmentioning

confidence: 99%

Charter value, Tobin's Q and bank risk during the subprime financial crisis

Jones

Miller

Yeager³

2011

Journal of Economics and Business

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“…This effect especially applies during the period of the development of the new economy in which, for instance, the market value of Internet companies was high because investors expected increasing profits in the future, based on the valuation of their intangibles. 2 In this approach, cash flow growth based on changes in the value of intangibles is selected as the key rational factor in understanding movements in the stock market (see also Hall, 2000Hall, , 2001bBrynjolfsson et al 2002).…”

Section: The Rational Visionmentioning

confidence: 99%

Corporate Governance and the Governance of Knowledge: Rethinking the Relationship in Terms of Corporate Coherence

Krafft

Ravix

2008

Economics of Innovation and New Technology

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Corporate governance and the governance of knowledge were for a long time distinct fields of analysis. Reasons for this incompatibility are linked to the restricted vision of corporate governance supported by shareholder value which essentially refers to information rather than knowledge. In this paper, we argue that other visions of corporate governance exist which are also closer to knowledge dynamics and knowledge governance problems. We elaborate thus on the possible reconciliation between corporate governance and the governance of knowledge. We sustain that each key actor (the manager and the investor) embodies a piece of diversified and localized knowledge related to his/her specific domain and field of experience, and these different modules of knowledge have to be recombined by an appropriate mode of corporate governance that stimulates corporate development. In this perspective, the reconciliation really appears essential since managers, by defining and selecting innovative processes, and investors, by determining the money that is invested to sustain these processes, both take part in the creation and governance of new knowledge by the firm. We show that this reconciliation can be based on the notion of corporate coherence of the cognitive firm that allows replacing the conventional conflicting vision of corporate governance by a new vision based on cooperation between managers and investors that collectively contribute to corporate development and coherence.Corporate governance, Corporate coherence, Corporate finance, Corporate development, Governance of knowledge, Knowledge dynamics,

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“…Samaniego (2006) discusses this evidence. Hall (2001) reports that the Tobin's q in the nonfinancial corporate sector of the U.S. economy undergone a sudden fall in the seventies, and it felt to less than one over the 1974-1982 period. A possible explanation for the fall of the Tobin's q could be the destruction of intangible capital caused by its obsolescence.…”

Section: Comparative Steady Statesmentioning

confidence: 97%

Investment-specific technical progress, capital obsolescence and job creation

Rio

2010

Labour Economics

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The Stock Market and Capital Accumulation

Cited by 33 publications

References 9 publications

Charter value, Tobin's Q and bank risk during the subprime financial crisis

Charter value, Tobin's Q and bank risk during the subprime financial crisis

Corporate Governance and the Governance of Knowledge: Rethinking the Relationship in Terms of Corporate Coherence

Investment-specific technical progress, capital obsolescence and job creation

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