What role does labor play in a firm's market value? This question is explored using a production-based asset pricing model with frictions in the adjustment of both capital and labor. The authors posit that hiring of labor is akin to investment in capital and that the two interact, with the...
During the nineties, workers began to spurn secure jobs in large organizations, which were formerly considered prestigious. They developed more positive attitudes towards jobs in small, innovative startups, although these involved less job security. This model identifies some of the economic forces behind this trend. Small firms with little capital...
This paper presents a model of international trade that features heterogeneous firms, relative endowment differences across countries, and consumer taste for variety. The paper demonstrates that firm reactions to trade liberalization generate endogenous Ricardian productivity responses at the industry level that magnify countries' comparative advantage. Focusing on the wide range...
There is little doubt that technology has had the most profound effect on altering the tasks that we humans do in our jobs. Economists have long speculated on how technical change affects both the absolute demand for labour as a whole and the relative demands for different types of labour....
Labour turnover is typically higher in low productivity jobs. This paper suggests that this empirical finding is due to the matching process being less efficient at the bottom than at the top of the jobs' distribution. A simple theoretical model of employers' search shows that firms find it optimal to...
IF YOU have "undisputed integrity, standing and authority" the Financial Services Authority would like to hear from you, as part of its search for a new full-time chairman which begins this week. The City regulator confirmed yesterday that it intends to split the top job, with...
A REPORT published by the Joseph Rowntree Foundation Everything under a fiver: recruitment and retention in lower paying labour markets documents the full staff turnover process from vacancy posting through to staff leaving. The study, by researchers at the Centre for Economic Performance at the London School of Economics, explores...
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