Income Fluctuations and Firm Choice
利用交易数据研究家庭收入变化如何影响其在不同零售商之间的支出转移，发现收入增加促使家庭转向更高质量、更小规模、更高利润、更高劳动密集度和研发强度的零售商，且这种转移不会相互抵消，从而影响总体盈利和劳动力需求。
Abstract How households shift spending across firms in response to income fluctuations is an important source of firm risk. Using transaction-level data, we study how households interact with the universe of retailers following income changes. We find that income increases within and across households result in substitution toward retailers in a category that are higher quality; smaller; more profitable; and have higher labor intensity, research and development (R&D) intensity, and equity betas. Although not all shifts are economically large, they do not average out across retailers. Thus, retailer choice has implications for key financial and macroeconomic outcomes, such as aggregate profitability and labor demand.