Fading Stars

Germán Gutiérrez, Thomas Philippon

NBER Working Paper No. 25529
Issued in February 2019
NBER Program(s):Corporate Finance, Economic Fluctuations and Growth, Industrial Organization, Productivity, Innovation, and Entrepreneurship

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

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Document Object Identifier (DOI): 10.3386/w25529

Published: GermÁn GutiÉrrez & Thomas Philippon, 2019. "Fading Stars," AEA Papers and Proceedings, vol 109, pages 312-316. citation courtesy of