据JFQA官网显示，来自美国佐治亚大学的贺劼、香港中文大学（深圳）的任逍、香港中文大学的舒涛，以及马萨诸塞大学阿默斯特分校（曾）的Huan Yang，合作的论文“The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification”在国际金融学顶刊《Journal of Financial and Quantitative Analysis》线上正式发表。
Title: The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification
企业杠杆的员工客户群体：来自家庭劳动收入多样化的证据
贺劼
美国佐治亚大学
任逍
香港中文大学（深圳）经管学院
舒涛
香港中文大学商学院
Huan Yang
马萨诸塞大学阿默斯特分校（曾）
Consistent with theories on the equilibrium matching between capital structure and employee job risk aversion, we find a robust, positive association between a firm’s leverage and its employees’ family labor income diversification. Higher-leverage firms also recruit new employees with greater income diversification. For identification, we exploit two policy shocks that exogenously change employee income diversification and firm leverage, respectively. Individual employee-level tests further reveal that workers with differential risk attitudes adjust their job choices and household labor income portfolios in response to significant shifts in their employers’ leverage. Finally, human bankruptcy costs contribute to the general level of corporate risk-taking.
与资本结构和员工工作风险规避之间的均衡匹配理论一致，我们发现公司杠杆率与其员工家庭劳动收入多样化之间存在稳健的正相关关系。高杠杆公司还招募了具有更大收入多样化的新员工。为了识别，我们利用两个政策冲击，这些政策冲击分别外生地改变了员工收入多样化和公司杠杆率。个别员工层面的测试进一步揭示，具有不同风险态度的工人会根据雇主杠杆率的显著变化调整他们的工作选择和家庭劳动收入组合。最后，人力破产成本对公司风险承担的一般水平有所贡献。
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