Layoff Announcements: Stock Market Impact and Financial Performance
研究裁员公告对股价的影响，发现因效率提升而裁员的企业在公告日附近有正异常收益，因需求下降而裁员的企业则有负异常收益，为投资者提供了有用信号。
Announcing a layoff decision could trigger either an increase or decrease in firm value, depending upon whether adverse market conditions or efficiency improvement are motivating it. Layoff announcements often contain information that indicates the motivation. This article finds that the layoff announcement is a useful signal for investors. There are significantly positive (negative) abnormal stock returns around the announcement date for firms that cite efficiency improvements (demand declines) as the reason for the layoffs.