| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14767 |
| DP14767 Careers in Finance | |
| Andrew Ellul; Marco Pagano; Annalisa Scognamiglio | |
| 发表日期 | 2020-05-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Employees in finance are known to earn higher wages and returns to talent than non-finance workers since the 1990s, suggesting that finance may have attracted talent at the expense of other industries. However, the allocation of talent is likely to respond to differences in career paths across industries, not in wages at a given date. We analyze the careers of 9,964 individuals from 1980 to 2017 based on their resumes, and find that they tend to remain in the same industry for most of their working lives, consistently with them choosing occupations based on comparisons of entire career paths. Comparing various aspects of careers - levels, slopes, PDV and risk of pay profiles - we document that finance as a whole offers a career premium compared to manufacturing and high tech, through higher and steeper pay profiles. This however masks significant diversity within finance: while asset managers enjoy a large career premium and no commensurate career risks, the opposite applies to banking and insurance employees. Furthermore, relative to manufacturing, the asset management career premium has risen for cohorts entering soon before and during the financial crisis, even after controlling for career risk, while the high-tech career premium has become commensurately large for the latest cohorts. |
| 主题 | Financial Economics ; Labour Economics |
| 关键词 | Careers Hedge funds Asset managers Market discipline Scarring effects |
| URL | https://cepr.org/publications/dp14767 |
| 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/543695 |
| 推荐引用方式 GB/T 7714 | Andrew Ellul,Marco Pagano,Annalisa Scognamiglio. DP14767 Careers in Finance. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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