Unemployment Insurance as a Subsidy to Risky Firms
研究发现更慷慨的失业保险使劳动力从安全企业流向风险企业，降低风险企业需支付的补偿性工资差异，从而提升其价值并促进创业。基于巴西改革数据，同一企业内不同保障程度的工人对比强化了结论。
Abstract We document that a more generous unemployment insurance (UI) system shifts labor supply from safer to riskier firms and reduces the compensating wage differentials that risky firms need to pay. Consequently, a more generous UI system increases risky firms’ value and fosters entrepreneurship by reducing new firms’ labor costs. Exploiting a UI reform in Brazil that affects only part of the workforce allows us to compare labor supply for workers with different degrees of UI protection within the same firm, sharpening the identification of the results. Altogether, our results suggest that UI provides a transfer system from safe to risky firms.