财务与金融系学术讲座系列2021年第13讲

主 题：成长之痛：劳动力流动对商业周期中企业投资的影响

主讲人: John Bai（金融学副教授，东北大学D'Amore-McKim商学院）

协调人: 李晨煦、任泓霖

时 间：2021-10-29 09:00

地 点：Zoom会议室

语 言：中英文

地点： Zoom会议室

https://zoom.us/j/83714007129?pwd=Q0dKVFJhNCtKR01pSGNhb3B4QmtCQT09 

会议 ID：837 1400 7129

密码：852464

讲座摘要:

Procyclical investment opportunities and labor demand create time series-variation in the importance of labor mobility for corporate investment. Firms located in more mobile labor markets, captured by variation in state courts’ enforcement of covenants not to compete, increase investment rates more during economic expansions. This effect is stronger for younger firms and those with fewer employees that rely more on recruiting skilled and experienced workers to grow. This increased investment is also associated with higher sales growth rates, profits, and valuations. Overall, our results suggest that greater labor mobility reduces an important friction that constrains investment during economic expansions.

主讲人简介:

John Bai is an associate professor in Finance at D’Amore-McKim School of Business at Northeastern University. John Bai’s research and teaching interests are in empirical corporate finance with a focus on labor finance and most recently using machine learning and textual analysis to study asset price movements and interactions between firms and markets. He has published in Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Harvard Business Review. He holds a Ph.D. in Financial Economics from University of Southern California.