Information of employee decisions and stock returns in the Korean stock market

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2022-10-04 DOI:10.1111/irfi.12394

Jaewan Bae, Jangkoo Kang

引用次数: 0

Abstract

We study the role of rank-and-file employees on asset prices in the Korean stock market using monthly labor flow data from the national pension subscription descriptions. We find that firms experiencing high net labor outflows have lower future risk-adjusted returns. This return predictability is found to originate mainly from gross labor outflows. We further show that the workers' labor market decisions better reflect information on the firms' fundamentals when firm sales are greater related to wages or when workers can more easily transfer to better jobs. Finally, we confirm the workers' ability to predict firm performance.

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韩国股市的员工决策和股票收益信息

我们研究了普通员工的作用，在韩国股票市场的资产价格使用月度劳动力流动数据从国民养老金认购说明。我们发现，经历高净劳动力外流的公司未来风险调整后的回报率较低。这种回报可预测性主要来自劳动力总流出。我们进一步表明，当公司销售与工资的关系更大，或者当工人更容易转到更好的工作时，工人的劳动力市场决策更好地反映了公司的基本面信息。最后，我们证实了员工预测公司绩效的能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.