主题:Stock Market and Demand for Labor Skills

Abstract：

We use detailed job posting data and adopt a fuzzy regression discontinuity design (RDD) to examine changes in skill demand around the 2015 A-share stock market crash in China caused by deleveraging fire sales from speculative investors, not firm fundamentals. We find that firms with adverse price changes shift skill composition downward as high-skill workers demand higher wage premiums, especially in locations where they have more bargaining power. More adversely affected firms also cut their technology investments and have lower productivity and sales growth. Our findings suggest that the stock market has real impacts and is far from a sideshow.

报告时间：2023年6月20日下午14:00

线下地点：威廉希尔6-210

腾讯会议ID: 539-553-955

主办单位：william hill中文网

          英国威廉希尔公司数量经济研究中心

嘉宾简介：

张叶青，中央财经大学财经研究院助理教授，毕业于清华大学经济管理学院金融系，密歇根大学（安娜堡分校）罗斯商学院访问学者。研究领域包括技术革新与公司金融，机器学习与大数据，劳动经济学与金融等。研究成果发表于《经济研究》、《管理科学学报》、《金融研究》、《Pacific-Basin Finance Journal》、《International Review of Economics & Finance》等学术期刊，主持国家自然科学基金1项，博士后科学基金2项。