IPOs, Human Capital, and Labor Reallocation
研究了首次公开募股如何影响企业的人力资本，发现成功IPO后高薪员工更可能离职创业，且企业通过非核心行业就业增长实现产业多元化，但IPO对员工收入增长影响不大。
Abstract How does access to public equity markets affect the human capital of IPO filing firms? While IPO filing firms have high average wages and limited industrial diversification, a successful IPO increases departures of high-wage employees to startups and triggers industrial diversification through employment growth in non-core industries. Surprisingly, IPOs do not significantly affect the earnings growth of pre-IPO workers. Instead, post-IPO hires receive larger earnings increases upon joining. Overall, going public has a significant effect on a firm’s workforce and labor reallocation across firms.