Organization Capital and the Cross-Section of Expected Returns

Material TypeArticleLanguageEnglish
TitleOrganization Capital and the Cross-Section of Expected Returns Author(S)ANDREA L. EISFELDT (Author)
Abstract  Organization capital is a production factor that is embodied in the firm's key talent and has an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its cash flows. We develop a model in which the outside option of the key talent determines the share of firm cash flows that accrue to shareholders. ...Paginationp 1365-1406
SubjectEconomicsDescriptorsFinance
Journal TitleThe Journal of Finance  
Permanent Linksclick here