| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14236 |
| DP14236 The Impact of the Opioid Crisis on Firm Value and Investment | |
| Paige Ouimet; Elena Simintzi; Kailei Ye | |
| 发表日期 | 2019-12-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | High rates of opioid abuse have had a significant impact on the United States including implications for firms which must now contend with a lower pool of available and productive workers. This paper documents a negative effect of instrumented opioid prescriptions and subsequent individual employment outcomes. In turn, this impacts firms as we show a negative relationship between opioid prescriptions and subsequent firm growth. We also show that firms respond to the labor shortage by investing more in technology, substituting capital for labor to mitigate some of the costs otherwise expected due to the decline in labor supply. Moreover, we establish a causal link between opioids and firm values using the staggered passage of state laws intended to limit opioid prescriptions. Following the passage of these laws, we find a 40 basis point increase in the cumulative abnormal return of the average firm and a 70 basis point increase for firms that are less capital intensive pre-treatment and thus more dependent on labor inputs. |
| 主题 | Financial Economics ; Labour Economics |
| 关键词 | Opioid Technological change Firm value |
| URL | https://cepr.org/publications/dp14236 |
| 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/543122 |
| 推荐引用方式 GB/T 7714 | Paige Ouimet,Elena Simintzi,Kailei Ye. DP14236 The Impact of the Opioid Crisis on Firm Value and Investment. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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