The external business environment in which enterprises operate is often subject to constant
change. This paper explores how the business environment affects firms' labor income …

The expansion of investment strategies and capital markets is altering the significance and
empirical rationality of the Efficient Market Hypothesis. The vitality of capital markets is …

The relative size and inflexibility of labor expenses lead to a form of operating leverage,
which we call labor leverage. We derive a set of conditions for the existence of labor …

The economics literature has made important strides towards explaining the dynamics of
labor markets. While that literature focuses on studying labor markets at the individual …

Why do stocks rise and fall? From the beginning of 1989 to the end of 2017, $34 trillion of
real equity wealth (2017: Q4 dollars) was created by the US corporate sector. We estimate …

This study investigates how tax enforcement affects corporate employment in China. We
utilize the merger of the State Tax Bureau and Local Tax Bureaus as a quasi-natural …

We examine the effects of adoption of labor-replacing automation technology on corporate
financing. Empirically, using Chinese firm-level panel data on deployment of industrial …

The frequency with which firms adjust output prices helps explain persistent differences in
capital structure across firms. Unconditionally, the most flexible-price firms have a 19 …

This study investigates whether and how social security contributions affect corporate
financing decisions. Treating the 2011 Social Insurance Law in China as a quasi-natural …

Corporate liquidity management is closely related to firms' labor costs. The relationship
between cash holdings and labor costs proxied by social insurance premiums is …