Are Executives in Short Supply? Evidence from Death Events
利用意大利社保数据衡量高管本地劳动力市场厚度，发现高管死亡仅对薄市场中的企业绩效产生持续负面影响，且新聘高管教育水平更低、更易被替换。
Abstract Using exhaustive administrative data on Italian social security records, we construct measures of local labour market thickness for executives that vary by industry and location. We show that firm performance is strongly and persistently affected by executive death, but only in thin local labour markets. The new executives hired after death events in thin local labour markets have lower education levels and are more likely to be replaced. These predictions are consistent with a simple model of executive search in which market thickness determines the arrival rate of applications for executive positions.