| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22651 |
| 来源ID | Working Paper 22651 |
| Capital Share Dynamics When Firms Insure Workers | |
| Barney Hartman-Glaser; Hanno Lustig; Mindy Z. Xiaolan | |
| 发表日期 | 2016-09-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Although the aggregate capital share of U.S. firms has increased, the firm-level capital share of a typical U.S. firm has decreased. This divergence is due to mega-firms that now produce a larger output share without a proportionate increase in labor compensation. We develop a model in which firms insure workers against firm-specific shocks, where more productive firms allocate more rents to shareholders, while less productive firms endogenously exit. Increasing firm-level risk delays exit and increases the measure of mega-firms, which raises the aggregate capital share while lowering the average firm's capital share. An increase in the level of rents quantitatively magnifies this effect. We present evidence supporting this mechanism. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w22651 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580324 |
| 推荐引用方式 GB/T 7714 | Barney Hartman-Glaser,Hanno Lustig,Mindy Z. Xiaolan. Capital Share Dynamics When Firms Insure Workers. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22651.pdf（650KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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