Market Reactions, Characteristics, and the Effectiveness of Corporate Layoffs
检验了企业裁员的两种假说，发现股市对裁员公告反应负面，支持投资机会下降假说；大规模、永久性、意外的裁员市场反应更大；裁员后企业效率提升。
Two hypotheses are considered to explain employee layoffs by corporations: (1) the declining investment opportunities hypothesis; and (2) the efficiency hypothesis. The stock market response to employee layoff announcements is estimated to be negative, which is consistent with the declining investment opportunities hypothesis as opposed to the efficiency hypothesis. Large, permanent, and unanticipated layoffs are associated with higher market reaction relative to small, temporary, and anticipated layoffs. A significant difference exists between industry type and for the stated reason of the layoff. Corporate layoffs per se increased the efficiency of the firm, as evidenced by a significant increase in return on equity and net income to employee in the post‐announcement relative to the pre‐announcement period.