DP13553 Fading Stars

Author(s): Thomas Philippon
Publication Date: February 2019
Date Revised: March 2019
Keyword(s):
JEL(s):
Programme Areas: Financial Economics, Economic History, Macroeconomics and Growth
Link to this Page: cepr.org/active/publications/discussion_papers/dp.php?dpno=13553

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