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The Market's Reaction to Changes at the Employee Level

其他書名	Evidence from the Boston Celtics
出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=Jnj9zgEACAAJ&hl=&source=gbs_api

註釋Using data on the National Basketball Association's (NBA) Boston Celtics, which traded on the New York Stock Exchange from 1986 to 1998, I investigate the effect of changes in labor on stock prices. Several findings emerge. The market positively values a top-level education when hiring inexperienced employees. The market punishes firms that dismiss employees with many years of professional experience. The results of this study are generalizable to traditional firms.