Entrepreneurs’ Diversification and Labor Income Risk

主讲人: Jan Bena（University of British Columbia）

主持人：余昌华（北京大学国家发展研究院）

时间：4月25日（周二）上午10:30-12:00

地点：承泽园246教室

Zoom会议号：926 3889 7210

密码：908060

摘要：Entrepreneurs with better diversified portfolios provide more insurance to employees against labor income risk: in a sample of over 524,000 Canadian firms and 858,000 owners, firms owned by more diversified entrepreneurs offer more stable jobs and earnings to employees when hit by shocks. A one standard deviation increase in owner’s diversification reduces the shock’s pass-through rate to labor layoffs by 13% and to workers’ earnings by 41%. The data are consistent with such insurance being partly provided to retain valuable human capital and partly to avoid costly terminations.