Do Ex-Bankers Benefit Nonfinancial Firms? Evidence from Job Transitions
研究发现，雇佣前银行家的非金融企业资产和就业增长更快，且更容易获得银行贷款。利用俄罗斯员工-雇主匹配数据和银行分行网络重组带来的外生变化，证实了因果关系。
Abstract We document the beneficial impact of human capital transfer from banks to nonfinancial firms: firms hiring ex-bankers have higher asset and employment growth and easier access to bank loans. Using a unique employee-employer-matched data set from Russia and exogenous variation in ex-bankers’ supply due to bank-branch-network restructurings, we establish the causal interpretation of these patterns. We also show that ex-bankers’ human capital consists of bank-specific and banking industry expertise (with the latter being acquired through interbank connections). Firms recognize the value of ex-bankers, who receive significant salary bonuses when a new bank loan is issued to the firm. Received August 17, 2020; editorial decision January 5, 2022; by editor: Isil Erel. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.