Marijuana Legalization and Firms’ Cost of Equity
研究发现美国各州医用大麻合法化后，企业股权资本成本下降，尤其对增长机会多、生产率高或劳动力技能强的企业影响更大，原因在于合法化缓解了劳动力搜寻摩擦。
Abstract After medical marijuana legalization (MML) by U.S. states, firms’ cost of equity (COE) decreases, especially for those with more growth opportunities, higher productivity, or a more skilled workforce. This policy change also reduces firm risk and leads to an increase in labor supply through increased labor force participation, employment, hours worked, and net migration. Further, home prices rise after MML, reflecting increased local housing demand due to a growing supply of workers. These findings align with theoretical models that link asset prices to labor markets and suggest that MML can lower firms’ COE by mitigating labor search frictions.