Matches in SemOpenAlex for { <https://semopenalex.org/work/W3130529639> ?p ?o ?g. }
- W3130529639 abstract "Capital costs are not directly observed since most firms own part of their capital stock. I show under which assumptions variation in firms’ input choices reveals the user cost of capital. Using Compustat data, I find that capital costs as a share of output have been declining. This coincides with a fall in the labor share and, therefore, the fall in the labor share is not due to an increased capital intensity, but due to an increase in economic profits. Profits have been increasing over the past 50 years from around 4% of sales to around 8% of sales. I also document that profits have become more back-loaded over the life cycle of the firm, which provides a potential explanation for the fall in firm entry. Finally, I find an upward trend in the returns to scale, which combined with the rise in profits implies that markups have been increasing, while I estimate that the markdown in the labor market has not increased." @default.
- W3130529639 created "2021-03-01" @default.
- W3130529639 creator A5066102473 @default.
- W3130529639 date "2019-01-01" @default.
- W3130529639 modified "2023-09-23" @default.
- W3130529639 title "Estimating the Cost of Capital and the Profit Share" @default.
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- W3130529639 doi "https://doi.org/10.2139/ssrn.3509638" @default.
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