We examine workers' reactions to signals of their firms' credit deterioration using anonymized networking activity on LinkedIn. Connection formation significantly increases after firms are placed on negative credit watch. We document labor reactions to credit events across the entire...

We develop a measure of corporate culture using coworker connectivity on LinkedIn's platform, and show it is strongly correlated with positive employee relations and satisfaction. Using state-level changes to employment agreements as shocks to explicit contracts, we find that these changes...