| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25922 |
| 来源ID | Working Paper 25922 |
| Employee Costs of Corporate Bankruptcy | |
| John R. Graham; Hyunseob Kim; Si Li; Jiaping Qiu | |
| 发表日期 | 2019-06-10 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | An employee’s annual earnings fall by 10% the year her firm files for bankruptcy and fall by a cumulative present value of 67% over seven years. This effect is more pronounced in thin labor markets and among small firms that are ultimately liquidated. Compensating wage differentials for this “bankruptcy risk” are approximately 2.3% of firm value for a firm whose credit rating falls from AA to BBB, about the same magnitude as debt tax benefits. Thus, wage premia for expected costs of bankruptcy are of sufficient magnitude to be an important consideration in corporate capital structure decisions. |
| 主题 | Financial Economics ; Corporate Finance ; Labor Economics ; Labor Supply and Demand ; Labor Compensation ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w25922 |
| 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/583596 |
| 推荐引用方式 GB/T 7714 | John R. Graham,Hyunseob Kim,Si Li,et al. Employee Costs of Corporate Bankruptcy. 2019. |
| 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 | ||
| w25922.pdf（324KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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