Key Human Capital
研究发现，人力资本集中在少数不可替代员工的企业面临关键人力资本风险，这类企业风险更高，表现为异常高的波动性，且关键员工离职时企业价值损失8%。
Firms whose human capital is concentrated in a few irreplaceable employees lack diversification in their human capital stock, exposing them to key human capital risk. Using disclosures of “key man life insurance” to measure this risk, we show that exposed firms are riskier. These younger, smaller, growth firms have abnormally high volatility, and following announcement of key employee departures, the most exposed firms lose 8% of their value. Key employees tend to be highly educated. They are four times more likely to hold PhD degrees than top managers, and firms with key human capital are more innovative.