Employees’ reviews and stock price informativeness
研究了美国公司员工满意度与股价信息含量的关系，发现员工满意度高的公司股价中公司特有信息更多，且该效应在人力资本依赖度高的公司中更强。
We investigate the relationship between employee reviews and stock price informativeness. Using a sample of US firms, we find that firms with higher employee satisfaction are associated with greater stock price informativeness in terms of idiosyncratic volatility. We find this result to be more pronounced for firms that have a greater reliance on human capital assets. Overall, our study suggests that employee reviews have implications for financial markets.