Wisdom of the Employee Crowd: Employer Reviews and Stock Returns

Green, T. Clifton; Huang, Ruoyan; Wen, Quan; Zhou, Dexin

doi:10.2139/ssrn.3002741

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“…Fedyk and Hodson (2019) present a descriptive analysis of a firm's technical and social skill sets and its equity returns. Other related papers argue that employee satisfaction surveys can be used to predict stock prices (Edmans, 2011;Green et al, 2017;Sheng, 2019).…”

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confidence: 99%

Information Dispersion across Employees and Stock Returns

Agrawal

Hacamo

2020

The Review of Financial Studies

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Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock prices. We analyze new data from the individual CV’s of public company employees and find that rank-and-file labor flows can be used to predict abnormal stock returns. Accounting data and survey evidence indicate that workers’ labor market decisions reflect information about future corporate earnings. Investors, however, do not appear to fully incorporate this information into their earnings expectations. The findings support the hypothesis that rank-and-file employees’ entry and exit decisions reveal valuable insights into their employers’ future stock performance.

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confidence: 99%