Labor Mobility: Implications for Asset Pricing
研究了劳动力流动性如何通过影响企业的经营杠杆，进而导致股东在行业低迷时承受更大损失，并发现高流动性行业的公司股票收益比低流动性行业高出5%以上。
ABSTRACT Labor mobility is the flexibility of workers to walk away from an industry in response to better opportunities. I develop a model in which labor flows make bad times worse for shareholders who are left with capital that is less productive. The model shows that firms face greater operating leverage by providing flexibility to mobile workers. I construct an empirical measure of labor mobility consistent with the model and document an economically significant cross‐sectional relation between mobility, operating leverage, and stock returns. I find that firms in mobile industries earn returns over 5% higher than those in less mobile industries.