Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
利用在线求职平台数据，研究企业财务困境如何影响其吸引求职者的能力，发现困境加剧导致申请人数减少且质量下降，尤其在社会保障薄弱和需要大学学历的职位中更明显。
ABSTRACT We use novel data from a leading online job search platform to examine the impact of corporate distress on firms’ ability to attract job applicants. Survey responses suggest that job seekers accurately perceive firms’ financial condition, as measured by companies’ credit default swap prices and accounting data. Analyzing responses to job postings by major financial firms during the Great Recession, we find that an increase in an employer's distress results in fewer and lower quality applicants. These effects are particularly evident when the social safety net provides workers with weak protection against unemployment and for positions requiring a college education.