喻园管理论坛2024年第25期(总第957期)

演讲主题: Stock Market and Demand for Labor Skills

主 讲 人: 张叶青，中央财经大学财经研究院助理教授

主 持 人: 藤   敏，计算金融系讲师

活动时间: 2024年4月2日（周二）14:30-16:00

活动地点: 管院大楼107室

主讲人简介：

张叶青，中央财经大学财经研究院助理教授，在清华大学经济管理学院金融系获得博士学位，是密歇根大学（安娜堡分校）罗斯商学院访问学者。研究领域包括技术革新与公司金融，机器学习与大数据，劳动经济学与金融等。曾在《经济研究》、《管理科学学报》、《金融研究》、Economic Development and Cultural Change等国内外重要期刊上发表多篇论文。作为项目负责人承担国家自然科学基金1项和博士后科学基金2项。

活动简介：

We use detailed job posting data and adopt a fuzzy regression discontinuity design (RDD) to examine changes in skill demand around the 2015 A-share stock market crash in China caused by deleveraging fire sales from speculative investors, not firm fundamentals. We find that firms with adverse price changes shift skill composition downward as high-skill workers demand higher wage premiums, especially in locations where they have more bargaining power. More adversely affected firms also cut their technology investments and have lower productivity and sales growth. Our findings suggest that the stock market has real impacts and is far from a sideshow.