Corporate Hiring under Uncertainty
利用职位发布和员工流动数据，研究了州长选举带来的不确定性如何影响企业的人力资本投资，发现企业在选举前减少招聘，尤其是难以逆转的高技能岗位。
Abstract Using granular data on job postings and employee flows, we examine how firms adjust human capital investments during periods of uncertainty brought on by gubernatorial elections. We find that firms reduce job postings in the 6 months leading up to an election, particularly advertisements for more costly to reverse positions (highly skilled, less flexible, or unionized). We also explore the sources of election uncertainty and find stronger effects in elections where public interests more heavily focus on labor issues. Our results are consistent with the real options framework, where firms adopt a “wait and see” approach in response to uncertainty.