应用经济学科青年学者论坛(二)

发布时间:2018-05-22浏览次数:549

拟定于2018522日(周二)下午3:00在万博体育五月免费奖品赛B503进行讲座及交流会。

  

讲座内容:Human Capital and Investment Policy

  

讲座专家:Xinxin LiAssistant Professor of Finance, Department ofFinance and International Business, School of Business, Ithaca College

  

欢迎各位老师、研究生参与交流!

  

  

  

万博体育五月免费奖品赛应用经济学一级学科、金融学系

201857

  

讲座内容简介The literature relates human capital cost to firmleverage (Berk, Stanton, and Zechner (2010) and Chemmanur, Cheng, and Zhang(2013)) and mergers and acquisitions (Lee, Mauer, and Xu (2017)). In thispaper, we study the relation between a firm’s human capital cost and investmentpolicy. We argue that employees demand higher pay to compensate for theadditional unemployment risk borne by a firm’s investment riskiness. We firstpresent a simple theoretical framework to illustrate the positive effect of investmentriskiness on employee pay. We then empirically examine the relation. We find asignificantly positive relation between investment riskiness (as proxied by cashflowvolatility and unlevered stock return volatility) and human capital cost (as measuredby CEO compensation and average employee pay). The effect is stronger in low-payfirms than high-pay firms. We further investigate four channels through which investmentriskiness possibly influences human capital cost: corporate diversification, R&Dexpenditures, advertising expenditures, and total value of acquisitions in ayear. We find that while diversification negatively affects human capital cost,the rest of the three channels have positive effect on human capital cost.Lastly, we show that firms adjust their investment policy based on laborintensity. Our results are robust after accounting for the endogeneityconcerns. Overall, our research contributes to the nascent but growingliterature on the impact of human capital on firm decisions.


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