The Rise of Star Firms: Intangible Capital and Competition
研究发现，在修正无形资本测量偏差后，明星企业与其他企业的回报差距大幅缩小；明星企业每单位投资资本产出更高，专利市场价值更高，且与非明星企业面临相似的竞争冲击。
Abstract The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after we correct for the mismeasurement of intangibles, the evidence points to the superior ability of star firms.