Firm-Level Labor Shortage Exposure
从财报电话会议文本中提取企业劳动力短缺暴露度指标，发现暴露度高的企业短期市场反应、未来股票回报和经营业绩更差，但企业通过增加资本和研发投入、申请更多生产工艺专利来应对，从而缓解负面影响。
Abstract We extract information from earnings call transcripts to develop a comprehensive and reliable measure of labor shortage exposure. After validating the measure at the state, industry, and firm levels, we show that firms with labor shortage exposures experience lower earnings call CARs, future stock returns and operating performance. Firms respond to labor shortages by substituting labor with capital and R&D investments, and by producing more production-process patents. Such responses help mitigate the negative effects on future performance. Our measure has broad applicability, and our findings provide new insight into labor-capital substitution in imperfectly competitive labor markets.