Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
利用AngelList Talent数据，研究发现COVID-19衰退期间，求职者从不太成熟的初创企业转向更成熟的企业，导致前者申请数量和质量下降，影响其招聘。
Abstract Using proprietary data from AngelList Talent, we study how startup job seekers’ search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applications, ultimately affecting their hiring. Our findings uncover a flight-to-safety channel in the labor market that may amplify the procyclical nature of entrepreneurial activities.