Grades and Employer Learning
利用丹麦大学成绩评分标准的全国性改革，研究发现成绩提高在毕业初期带来更高收入，但效果随时间消退，且对替代信号较少的个体影响更大，表明雇主会快速学习工人生产力。
We identify the labor market returns to university grade point average (GPA) by leveraging a nationwide change in the scaling of grades in Danish universities. Our results show that a reform-induced increase in GPA that is unrelated to ability causes higher earnings immediately after graduation, but the effect fades in subsequent years. The effect at labor market entry is largest for individuals with fewer alternative signals. Although employers initially screen candidates on the basis of skill signals, our findings are consistent with a model in which employers rapidly learn about worker productivity.