The value of talents
利用反歧视和家庭假法案作为准自然实验，研究发现企业留住人才的能力越强，估值越高，且创新是人才提升企业价值的关键渠道。
Abstract We exploit Employment Non‐Discrimination Acts, Paid Family Medical Leave Acts, and Lilly Ledbetter Fair Pay Act as quasi‐natural experiments to study the value of talents. Our findings suggest that firms with larger capacity to secure and maintain talent pipelines enjoy higher valuations. We further identify a channel through which talents increase firm value: innovation. The value of talents is more significant among high innovation intensity industries in which talents exhibit their value most evidently. Our findings also indicate that talents are costly to obtain and replace.