Using the first reported case of COVID-19 in a given US county as the event day, we find that
firms headquartered in an affected county experience, on average, a 27-bps lower return in …

Expectations of returns and cash flows are linked to firms' labor search decisions. Using a
dataset that covers the near-universe of online job vacancy postings, I show that vacancy …

Price Rigidities and Credit Risk∗ Page 1 Price Rigidities and Credit Risk∗ Patrick Augustin,†
Linxiao Francis Cong,‡ Alexandre Corhay,§ and Michael Weber¶ This draft: March 18, 2024 …

This study investigates the influence of local crime on corporate employment in China.
Leveraging a comprehensive data set of 85 million court judicial documents, we construct …

Yes. We show that aggregate stock returns predict aggregate US employment, despite the
industrial composition of publicly traded firms differing markedly from that of all firms, and the …

Prior studies focus on how investors' sustainability preferences incentivize firms to reallocate
resources from dirty to clean physical capital. However, the impact of investors' preferences …

Sectoral labor reallocation shocks change the optimal allocation of workers across
industries. We show that the cross-sectional dispersion in industry-specific stock returns …

We introduce a novel approach to quantifying labor market competitiveness, focusing on the
heightened competition arising from the increased demand for identical occupations. Using …

The job openings-to-employment ratio (JOE), defined as the number of job postings divided
by the employment level, is among the strongest known predictors of the equity premium …

Employment growth (EG) is related to liquidity fundamentals of investment opportunities, firm
health, and information environment and quality. This, in turn, implies that liquidity risk may …