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Article: Employee Output Response to Stock Market Wealth Shocks

TitleEmployee Output Response to Stock Market Wealth Shocks
Authors
Issue Date2021
Citation
Journal of Financial Economics, 2021, Forthcoming How to Cite?
AbstractThis paper uses individual-level data linking stock investments with work performance to examine how changes in stock market wealth affect worker output. We document that a 10% increase in monthly income from stock market investments is associated with a decrease of 3.8% in the same investor's next-month work output. The negative output response is not driven by concurrent economic conditions and is unexplained by investor-specific liquidity needs. Consistent with the reference dependence interpretation, the response is short-lived and the effect is stronger when the total income has reached a reference income. Overall, our results highlight a novel channel of transmitting stock market fluctuation through labor supply.
Persistent Identifierhttp://hdl.handle.net/10722/309366
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLi, T-
dc.contributor.authorQian, W-
dc.contributor.authorXiong, W-
dc.contributor.authorZou, X-
dc.date.accessioned2021-12-29T02:14:05Z-
dc.date.available2021-12-29T02:14:05Z-
dc.date.issued2021-
dc.identifier.citationJournal of Financial Economics, 2021, Forthcoming-
dc.identifier.urihttp://hdl.handle.net/10722/309366-
dc.description.abstractThis paper uses individual-level data linking stock investments with work performance to examine how changes in stock market wealth affect worker output. We document that a 10% increase in monthly income from stock market investments is associated with a decrease of 3.8% in the same investor's next-month work output. The negative output response is not driven by concurrent economic conditions and is unexplained by investor-specific liquidity needs. Consistent with the reference dependence interpretation, the response is short-lived and the effect is stronger when the total income has reached a reference income. Overall, our results highlight a novel channel of transmitting stock market fluctuation through labor supply.-
dc.languageeng-
dc.relation.ispartofJournal of Financial Economics-
dc.titleEmployee Output Response to Stock Market Wealth Shocks-
dc.typeArticle-
dc.identifier.emailQian, W: wqian@hku.hk-
dc.identifier.authorityQian, W=rp02908-
dc.identifier.doi10.1016/j.jfineco.2021.11.005-
dc.identifier.scopuseid_2-s2.0-85121529697-
dc.identifier.hkuros331343-
dc.identifier.volumeForthcoming-
dc.identifier.isiWOS:000870285000007-

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