Credit Supply and Human Capital: Evidence from Bank Pension Liabilities

Barbosa, Luciana; Bilan, Andrada; Célérier, Claire

doi:10.2139/ssrn.3377145

Cited by 4 publications

(4 citation statements)

References 34 publications

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“…The dependent variable is the share of workers with a college degree. This is measured using the 2010 employee pool; considering all workers, workers who were present in 2007, and workers who were not present in 2007, in columns ( 1)-( 2), ( 3)-(4), and ( 5)-( 6 The finding of a reduction in the educational attainment among new hires is consistent with concurrent work by Barbosa, Bilan, and Célérier (2019). However, they also find that financial constraints also lead to an exit of more skilled workers, which does not appear to be the case in my setting.…”

Section: Effect On the Educational Composition Of Workersmentioning

confidence: 79%

“…22 A concurrent paper by Barbosa, Bilan, and Célérier (2019) also uses this decomposition to look at the effects of credit supply on human capital retention and acquisition.…”

Section: Decomposing Employment Growth Into Firing and Hiringmentioning

confidence: 99%

“…A concurrent paper byBarbosa, Bilan, and Célérier (2019) also uses this decomposition to look at the effects of credit supply on human capital retention and acquisition.22 I decompose the numerator in the employment growth variable ( # Nonowner Employment Days) into new hires ( # Nonowner Employment Days for workers not present at time t) and existing workers ( # Nonowner Employment Days for workers present at time t). As before, the denominator contains the total number of employment days.…”

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confidence: 99%

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Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash

RING

2023

The Journal of Finance

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Using the dispersion in stock returns during the financial crisis as a source of exogenous variation in the wealth of Norwegian entrepreneurs who held listed stocks, I show that adverse shocks to the wealth of business owners had large effects on their firms' financing, employment, and investment. The effects on investment and employment are driven by young firms, who obtain differentially less bank financing following an owner wealth shock. The effects on employment operate primarily through reduced hiring. My findings highlight that equity‐financing frictions and the procyclicality of entrepreneurial wealth are important channels that can amplify economic shocks.This article is protected by copyright. All rights reserved

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Section: Effect On the Educational Composition Of Workersmentioning

confidence: 79%

“…22 A concurrent paper by Barbosa, Bilan, and Célérier (2019) also uses this decomposition to look at the effects of credit supply on human capital retention and acquisition.…”

Section: Decomposing Employment Growth Into Firing and Hiringmentioning

confidence: 99%

mentioning

confidence: 99%

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Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash

RING

2023

The Journal of Finance

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“…Two purely empirical papers that study the differential effects of credit-supply shocks on firms' hiring of workers with different levels of education areBerton et al [2018] andBarbosa et al [2019].…”

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confidence: 99%

Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications

Allub,

Gomes,

Kuehn

2023

The Economic Journal

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Capital-skill complementarity in production implies non-trivial interactions between the availability of human capital and financial constraints. Firms that are constrained in their access to finance hire a lower proportion of skilled workers than do unconstrained firms. Conversely, a lack of human capital increases skilled wages, reducing firms’ desired capital intensity and thus loosening firms’ effective financial constraints. To assess the macroeconomic implications of such firm-level interactions, we build an occupational-choice model with capital-skill complementarity in production, which we calibrate to US data. We vary financial frictions, educational attainment, and total factor productivity across countries, and we quantify how aggregate output, wage inequality, and entrepreneurship are affected by these variations. For aggregate output, the joint effect of both factors is, on average 30 % larger than the sum of the individual effects. Taking the educational attainment of the population as given, in countries with a negligible share of tertiary educated workers and low TFP, financial development has only small effects on aggregate output.

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Financial development and labor market outcomes: Evidence from Brazil

Fonseca

Doornik

2022

Journal of Financial Economics

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Credit Supply and Human Capital: Evidence from Bank Pension Liabilities

Cited by 4 publications

References 34 publications

Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash

Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash

Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications

Financial development and labor market outcomes: Evidence from Brazil

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