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Information Dispersion across Employees and Stock Returns

Abstract

Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock prices. We analyze new data from the individual CV's of public company employees and find that rank-and-file labor flows can be used to predict abnormal stock returns. Accounting data and survey evidence indicate that workers' labor market decisions reflect information about future corporate earnings. Investors, however, do not appear to fully incorporate this information into their earnings expectations. The findings support the hypothesis that rank-and-file employees' entry and exit decisions reveal valuable insights into their employers'? future stock performance.

摘要

普通员工对许多公司来说变得越来越重要，而对于员工就业动态对股价影响的情况，我们知之甚少。我们分析了来自上市公司员工个人简历的新数据，发现普通劳动力流动可用于预测股票超额收益率。数据和调查证据表明，员工的劳动力市场决策反映了雇主企业未来的盈利信息。然而，投资者似乎并未将这些信息完全纳入他们的盈利预测之中。研究结果支持了我们的假设，即普通员工入职与离职的决定对企业股价走势有一定的可预测性。

了解更多

Ashwini Agrawal, Isaac Hacamo, Zhongchen Hu, Information Dispersion across Employees and Stock Returns,?The Review of Financial Studies, Volume 34, Issue 10, October 2021, Pages 4785–4831,?https://doi.org/10.1093/rfs/hhaa105

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文章转自经管学院微信公众平台，链接为https://mp.weixin.qq.com/s/b8B0Hs86W5vH_21lVWzISQ