发布时间:2022-05-09 18:19:16 作者:万茜 来源:金融研究院 阅读:

主  题: Stock Market and Demand for Labor Skill

时  间: 2022年5月13日(周五)14:00-15:30

主讲人: 陆瑶  教授(长聘)(清华大学经管学院、教育部青年长江学者)

地  点: 腾讯会议 (ID: 219 225 351)



Stock price movements, even when driven by non-fundamental factors, can have pronounced effects on firms’ labor decisions. We use detailed job posting data to examine changes in demand for skills around the 2015 A-share stock market crash in China, which was caused by deleveraging fire sales from speculative investors. We adopt a fuzzy regression discontinuity design (RDD) in an instrumental variable approach to address the potential endogeneity concern. Our analysis shows that firms affected by these adverse shocks shift skill composition downward and replace high-skilled workers with low-skilled workers. The effect is stronger for financially constrained firms. The downward shift in skill composition coincides with an increase in wage premium demanded by high-skilled workers. The increase in skill premium is more substantial in locations that labor supply is lower and high-skilled workers have more bargaining power. Firms that are more adversely affected by the stock market crash also cut their technology investments and have worse performance in productivity and sales growth. Our findings suggest that the stock market has real impacts on firm decisions and is far from a sideshow.


陆瑶,清华大学经管学院, 金融系教授(长聘),副系主任。教育部青年长江学者;曾获国家自然科学基金委,“优秀青年科学基金”,“清华大学学术新人奖”,国家自然科学基金 “特优” 结题。

2009 年获得美国密歇根大学-安娜堡分校(University of Michigan -- Ann Arbor)罗斯商学院(Ross School of Business) 博士 Ph.D. in Business Economics; 在这之前获得美国纽约大学斯特恩商学院 (New York University, Stern School of Business) 统计学-金融工程方向硕士学位,中央财经大学经济学学士学位。


曾经在国内外顶级权威学术期刊发表(或接收)论文 44 篇。其中,包括《Journal of Finance》,《Management Science》,《Journal of Financial Economics》,《Journal of Financial and Quantitative Analysis》,《Review of Economics and Statistics》《Review of Finance》,《Journal of Corporate Finance》,《经济研究》,《管理世界》,《管理科学学报》,《金融研究》,《经济学(季刊)》,等顶级国内外学术期刊。主持纵向研究课题 11 项。