Bonus Season: A Theory of Periodic Labor Markets and Coordinated Bonuses
构建了一个一般均衡模型，解释企业和工人如何协调薪酬，使得劳动力流动在某些时期高、某些时期低，并预测合同常在流动高峰期前支付大额奖金，与金融和律所行业的典型事实吻合。
We present a general equilibrium model in which firms and workers coordinate compensation so that turnover is high in some periods and low in others. This ensures that firms and workers typically search for new matches when other firms and workers are available. If firms and workers find themselves in a periodic equilibrium, contracts often feature large bonuses paid just prior to periods of high labor market turnover. The theory’s predictions match stylized facts concerning compensation and turnover in high finance and biglaw. This paper was accepted by Gustavo Manso, finance.