The Impact of the Opioid Crisis on Firm Value and Investment
研究发现阿片类药物处方增加会降低当地就业和工厂增长，但企业通过增加技术投资来应对劳动力短缺，且限制处方法规的通过使依赖劳动力的企业股价上涨。
Abstract We show a negative effect of opioid prescriptions on subsequent individual employment among employers in our sample using doctor-opioid-prescribing propensity as our instrument. This finding has implications for firms that must now contend with lower local labor supply. We find a negative relationship between opioid prescriptions and subsequent establishment growth. However, firms respond to labor shortages by investing more in technology, replacing the relatively scarcer labor with capital, especially when they are not financially constrained. We find positive abnormal returns, upon the passage of state laws intended to limit opioid prescriptions, that are driven by firms more reliant on labor.