detailed personnel data from a large number of banks. We find that, on average, new hires earn more than comparable incumbent … capital specificity. -- wages ; job mobility ; wage premia ; human capital ; new hires …

We analyze the joint determination of wage levels, wage growth and firm tenure. Our analysis is built on estimating a … reduced form for tenure, a structural wage level equation and a structural wage growth equation. We disentangle returns to a … latent type variable from estimates of general returns to tenure and wage gains from job changes. This type is related to …

the most rigorous evidence to date on several related dimensions of enduring debates surrounding upward-sloping earnings-tenure … in accounting for upward-sloping earnings-tenure profiles; our findings strongly support the agency view. Our second area … find that earnings-tenure profiles for employee owners are not upward-sloping but horizontal. In addition we find that pay …

It is well known that, unless worker-firm match quality is controlled for, returns to firm tenure (RTT) estimated … between 3.5% and 4.5% of wages at 20 years of tenure - over 80% (50%) of the estimated RTT level itself. The results extend to … tenure correlates used in macroeconomics such as the minimum unemployment rate since joining the firm. Adding firm-year fixed …