Plant Closings and the Value of the Firm
研究发现负面产品市场冲击会降低工资增长并增加工厂关闭概率，且工厂关闭概率与工作任期呈U型关系，后者代表提升企业价值的特定人力资本。基于1977-81年收入动态面板数据，结果显示即将失业的工人工资增长较慢，大幅工资让步仅略微降低工厂关闭风险。
Negative product-market shocks reduce wage growth and increase the probability of plant closing. There is a U-shaped relation between th is probability and job tenure that proxies the specific human capital that raises a firm's value. Estimates based on Panel Study of Income Dynamics data for 1977-81 generally support the model. They show that wages grow less rapidly among workers who will subsequently be displaced and imply that large wage concessions reduce the risk of pl ant closing only slightly. Copyright 1988 by MIT Press.