企业间的人力资本重新配置：来自非同步冲击的证据

IF 1.9 Q2 BUSINESS, FINANCE Review of Corporate Finance Studies Pub Date : 2024-05-09 DOI:10.1093/rcfs/cfae014

Erik P Gilje, Jérôme P Taillard, Linghang Zeng

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引用次数: 0

摘要

我们研究了企业特异性冲击后的人力资本重新配置。我们分析了英格兰足球超级联赛中的保级战，这种情况提供了明确的特异性冲击以及个人层面和企业层面的生产率指标。在受到负面特异性冲击后，我们发现生产率相对较高的球员会转会到生产率更高的俱乐部，并保持其长期生产率。而生产率较低的球员则会取而代之。总之，我们的研究结果表明，在技能具有高度可转移性和可观测性的情况下，特异性冲击会导致人力资本的重新配置，从而使产业朝着个人层面与企业层面的生产率更加匹配的方向发展。(JEL G31, G32, G33, J24)

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Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks

We study human capital reallocation following firm-specific idiosyncratic shocks. We analyze relegation battles in the English Premier League, a setting that offers well-identified idiosyncratic shocks as well as both individual-level and firm-level productivity metrics. Following a negative idiosyncratic shock, we find that relatively more productive players move to more productive clubs and maintain their long-term productivity. They get replaced with lower productivity players. Overall, our results show that in a setting with highly transferable and observable skills, idiosyncratic shocks lead to a reallocation of human capital that moves the industry toward a better overall match between individual-level and firm-level productivity. (JEL G31, G32, G33, J24)

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.

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