How does the local labor market contribute to firm value? This study identifies employee-firm matches as a new channel and presents empirical evidence that labor-matching efficiency positively affects establishment growth. Using a shift-share instrumental variable approach, we document that a...

We examine the effects of investor disagreement on price discovery using a recurring public information event in the highly liquid crude oil futures market, a market free of short-sale constraints. We show that prices reflect positive news within one-half second of trading, but continue to drift...

We exploit new flight connections from small cities to international airportsas a quasi-natural experiment to study the effects of local labor match oncorporate investments. Using a cosine similarity of occupational makeups,we find that capital expenditures, R&D, and acquisitions are higher...

We examine whether neighboring firms’ employee treatments explain the disparity in employee treatment. Using a sample of 10,118 firm-year observations over the period 2003–2009, we find that MSA fixed effect explains 22.7% of the variation in positive employee treatment in addition to firm...

We study the effects of workplace automation on employee treatment. We show that a firm’s likelihood of workplace automation reduces (1) employee stock option grants, (2) corporate social responsibility (CSR) rating, and (3) employee satisfaction. The reduction of stock option grants is...