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引用次数: 0
摘要
本文研究了信用违约掉期（CDS）交易是否会抑制企业就业。我们的研究表明，有 CDS 交易的企业就业增长明显较低。我们的基线结果对其他企业就业增长衡量方法、各种缓解因遗漏变量和反向因果关系导致的内生性问题的方法以及额外的控制变量都是稳健的。CDS 交易后企业就业增长的下降在财务约束较大和 CEO 风险承担较低的企业中更为明显。此外，我们还发现，CDS 交易的开始是通过财务困境渠道影响就业增长的。进一步分析发现，CDS 交易的启动可以缓解劳动力过度投资问题，从而提高就业效率。我们的证据表明，CDS 交易启动后，由于违约成本的增加，企业的就业增长会降低。
The real effect of CDS trading: Evidence from corporate employment
This paper examines whether the inception of credit default swaps (CDS) trading curbs corporate employment. We show that firms with CDS trading have significantly lower employment growth. Our baseline results are robust to alternative measures of corporate employment growth, various approaches that mitigate endogeneity concerns due to omitted variables and reverse causality, and additional control variables. The decrease in firms' employment growth after CDS trading is more pronounced in firms with larger financial constraints and lower CEO risk‐taking. In addition, we find that the inception of CDS trading affects employment growth through the financial distress channel. Further analysis finds that the inception of CDS trading could mitigate the labor over‐investment problem, stimulating employment efficiency. Our evidence suggests that corporate employment growth is reduced after the initiation of CDS trading due to the heightened cost of defaults.
期刊介绍：
The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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