Human Capital Portability and Careers in Finance
研究了金融行业中公司特定人力资本如何影响职业发展，通过并购咨询银行家的数据发现，人力资本中不可携带部分占比12%至46%，且银行家会在可携带性与回报之间动态权衡。
Abstract How does firm-specific human capital shape careers in the finance industry? We build a dynamic model where workers accumulate portable and nonportable (firm-specific) human capital and learn about their match quality with employers. Estimating the model using granular data on M&A advisory bankers, we show that a large fraction of bankers’ human capital is nonportable, ranging from 12% to 46% across different firm types. Bankers make a dynamic trade-off between portability and returns on human capital, leading to time-varying job preferences over their life cycle. Our results have broad implications for careers in finance and the provision of financial services.