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FL-2: Finance and Human Capital Investments
Bankruptcy, Team-Specific Human Capital, and Innovation: Evidence from U.S. Inventors
1Stockholm School of Economics; 2London Business School
This paper studies the impact of bankruptcies on the career and productivity of inventors in the U.S. We find that when inventor teams are dissolved because of bankruptcy, inventors subsequently become less productive. When, instead, inventor teams remain intact and jointly move to a new firm, their post-bankruptcy productivity increases. Consistent with the labor market recognizing the value of team stability, we find that the probability of joint inventor reallocation post-bankruptcy is positively associated with past collaboration. Our results highlight the important role of team-specific human capital and team stability for the production of knowledge in the economy, and shed light on the microeconomic channels by which the process of “creative destruction” operates.
Finance in the New US Economy: Does Local Finance Influence Post-Industrial Job Growth?
This paper studies the role of local banks in facilitating the US economy’s shift into a service economy. The analysis exploits quasi-exogenous shocks to labor-intensive investment opportunities across US counties to identify whether the supply of local finance enables service job creation. Counties with more local finance experience more service job creation and these new jobs offset manufacturing job losses. In the aggregate US labor market, the results show that service job creation occurs only where there is local finance. The results identify a unique role for local finance in the post-industrial US economy.
Drivers of Effort: Evidence from Employee Absenteeism
1INSEAD; 2University of Chicago; 3Columbia University
We analyze determinants of employee effort. We use detailed information on absent spells of all employees in 2,600 firms in Denmark as a proxy for effort in specifications in which we control for important determinants of absenteeism like age, gender and health status. Using movers we decompose absent days into an individual component (e.g., motivation, work ethic) and a firm component (e.g., incentives, corporate culture). We find the firm component to be significant in explaining difference in absenteeism across firms. Moreover, we find the firm component to be correlated with family firm status with family firms causing a decrease in absenteeism. Finally, we analyze the mechanisms behind this effect.
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Conference: EFA 2017
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