How Does Labor Mobility Affect Corporate Leverage and Investment?
构建动态模型研究劳动力流动性对公司融资和投资决策的影响，发现高技能企业在流动性增加时会降低杠杆、减少投资，而低技能企业不受影响，并用数据验证了预测。
Abstract I develop a dynamic model to investigate how labor mobility impacts firms’ decisions. In the model, firms make investment and financing decisions, hire labor with different skill and mobility levels, and set wages through bargaining. The model predicts that, in response to an increase in labor mobility, high-skill firms operate with lower financial leverage, become less responsive to investment opportunities, and invest at lower rates, while low-skill firms remain unaffected. I confirm these predictions in the data using shocks to workers’ mobility across firms. The results are useful in understanding the effects of labor mobility changes driven by government policies or technological shocks, such as the rise of remote work.