| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12296
|
| DP12296 The Effect of Superstar Firms on College Major Choice |
| Dong Lou
|
| 发表日期 | 2017-09-12
|
| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | We study the effect of superstar firms on an important human capital decision — college students’ choice of major. Past salient, extreme events in an industry, as proxied by cross-sectional skewness in stock returns (or in favorable news coverage), are associated with a disproportionately larger number of college students choosing to major in related fields, even after controlling for the average industry return. This tendency to follow the superstars, however, results in a temporary over-supply of human capital. Specifically, we provide evidence that the additional labor supply due to salient, extreme events lowers the average wage earned by entry-level employees when students enter the job market. At the same time, employment size and employee turnover stay roughly constant in related industries, consistent with the view that labor demand is relatively inelastic in the short run. In the longer term, firms cope with the supply increase by gradually expanding the number of positions that require prior experience. |
| 主题 | Financial Economics
; Labour Economics
|
| URL | https://cepr.org/publications/dp12296
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541107
|
推荐引用方式
GB/T 7714 |
Dong Lou. DP12296 The Effect of Superstar Firms on College Major Choice. 2017.
|
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