Minimum Wages and Firm Value
利用英国最低工资意外大幅上涨的公告，通过事件研究法分析股市反应，发现低工资企业市值显著下降，并讨论企业长期调整方式。
How does firm value change in response to a minimum wage hike? This paper exploits the announcement of a big change in the UK minimum wage that was both totally unanticipated and free of uncertainty. The stock market response to this is examined in an event study setting. The analysis uncovers significant falls in the stock market value of low-wage firms. In light of this finding, the paper concludes by discussing magnitudes of response, including longer-term modes of firm adjustment to the cost shock induced by the minimum wage hike.