Code and Data for: The Value of Software

Principal Investigator(s):  View help for Principal Investigator(s) Roberto Gomez Cram, London Business School; Alastair Lawrence, London Business School

Version:  View help for Version V1

Name File Type Size Last Modified
  Codes 04/09/2025 09:31:AM
  Data 04/09/2025 09:44:AM
  Model 04/09/2025 11:57:AM
  Output 04/09/2025 12:20:PM
LICENSE.txt text/plain 1.4 KB 04/09/2025 05:48:AM
README.pdf application/pdf 212.7 KB 07/16/2025 01:35:AM

Project Citation: 

Gomez Cram, Roberto, and Lawrence, Alastair. Code and Data for: The Value of Software. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-08-27. https://doi.org/10.3886/E226085V1

Project Description

Summary:  View help for Summary
Software is one of the most important assets that needs to be priced in the digital economy.  It has emerged as a disruptive technology,  with companies primarily valued for their software offerings growing from 2% to 13% of market share between 1996 and 2023. We document persistent anomalies in growth forecasts and stock returns for software companies, indicating significant deviations from rational expectations over multiple decades. Our findings are consistent with Bayesian investors gradually learning about software's growing importance, highlighting how markets can be very slow to discern fundamental shifts from transient shocks in noisy data.


Scope of Project

Subject Terms:  View help for Subject Terms AER-2023-0463
JEL Classification:  View help for JEL Classification
      D84 Expectations; Speculations
      G11 Portfolio Choice; Investment Decisions
      G12 Asset Pricing; Trading Volume; Bond Interest Rates
Data Type(s):  View help for Data Type(s) event/transaction data


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Published Versions

V1 [2025-08-27]

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