Workplace Automation and Corporate Liquidity Policy
References
- (2011) Skills, tasks and technologies: Implications for employment and earnings. Card D, Ashenfelter O, eds. Handbook of Labor Economics, vol. 4 (Elsevier, Amsterdam), 1043–1171.Google Scholar
- (2018) The race between man and machine: Implications of technology for growth, factor shares, and employment. Amer. Econom. Rev. 108(6):1488–1542.Crossref, Google Scholar
- (2020) Robots and jobs: Evidence from US labor markets. J. Political Econom. 128(6):2188–2244.Crossref, Google Scholar
- (2013) Labor unemployment risk and corporate financing decisions. J. Financial Econom. 108(2):449–470.Crossref, Google Scholar
- (1961) Capital-labor substitution and economic efficiency. Rev. Econom. Statist. 43(3):225–250.Crossref, Google Scholar
- (2013) The growth of low-skill service jobs and the polarization of the US labor market. Amer. Econom. Rev. 103(5):1553–1597.Crossref, Google Scholar
- (2018) Is automation labor share-displacing? Productivity growth, employment, and the labor share. Brookings Papers Econom. Activity 49:1–63.Google Scholar
- (2003) The skill content of recent technological change: An empirical exploration. Quart. J. Econom. 118(4):1279–1333.Crossref, Google Scholar
- (2016) Can changes in the cost of carry explain the dynamics of corporate “cash” holdings? Rev. Financial Stud. 29(8):2194–2240.Crossref, Google Scholar
- (2009) Why do U.S. firms hold so much more cash than they used to? J. Finance 64(5):1985–2021.Crossref, Google Scholar
- (2009) What matters in corporate governance? Rev. Financial Stud. 22(2):783–827.Crossref, Google Scholar
- (2014) Labor hiring, investment, and stock return predictability in the cross section. J. Political Econom. 122(1):129–177.Crossref, Google Scholar
- (2017) Labor-force heterogeneity and asset prices: The importance of skilled labor. Rev. Financial Stud. 30(10):3669–3709.Crossref, Google Scholar
- (2012) Negotiating with labor under financial distress. Rev. Corporate Finance Stud. 1(1):28–67.Crossref, Google Scholar
- Biddle GC, Hilary G (2006) Accounting quality and firm-level capital investment. Accounting Rev. 81(5):963–982.Google Scholar
- (2009) How many US jobs might be offshorable? World Econom. 10(2):41–78.Google Scholar
- (2014) Financial flexibility, risk management, and payout choice. Rev. Financial Stud. 27(4):1074–1101.Crossref, Google Scholar
- (2002) Temporary jobs: Stepping stones or dead ends? Econom. J. 112(480):F189–F213.Google Scholar
- (2002) Information technology, workplace organization, and the demand for skilled labor: Firm-level evidence. Quart. J. Econom. 117(1):339–376.Crossref, Google Scholar
- (2014) The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (W. W. Norton & Company, New York).Google Scholar
- (2017) Customer-supplier relationships and corporate tax avoidance. J. Financial Econom. 132(2):377–394.Crossref, Google Scholar
- (2011) Labor unions, operating flexibility, and the cost of equity. J. Financial Quant. Anal. 46(1):25–58.Crossref, Google Scholar
- (2023) Labor-replacing automation and finance. Working paper, Zhongnan University of Economics and Law, Wuhan, China.Google Scholar
- (2008) σ: The long and short of it. J. Macroeconomics 30(2):671–686.Crossref, Google Scholar
- (2018) The minimum wage, fringe benefits, and worker welfare. NBER Working Paper No. 24635, National Bureau of Economic Research, Cambridge, MA.Google Scholar
- (2008) Economic links and predictable returns. J. Finance 63(4):1977–2011.Crossref, Google Scholar
- (2016) The effect of institutional ownership on payout policy: Evidence from index thresholds. Rev. Financial Stud. 29(6):1377–1408.Crossref, Google Scholar
- (2014) Mergers and acquisitions accounting and the diversification discount. J. Finance 69(1):219–240.Crossref, Google Scholar
- (2018) Flexible prices and leverage. J. Financial Econom. 129(1):46–68.Crossref, Google Scholar
- (2007) Corporate governance and the value of cash holdings. J. Financial Econom. 83(3):599–634.Crossref, Google Scholar
- (2014) Labor mobility: Implications for asset pricing. J. Finance 69(3):1321–1346.Crossref, Google Scholar
- (2019) The cross-section of labor leverage and equity returns. J. Financial Econom. 132(2):497–518.Crossref, Google Scholar
- (1994) Union attitudes to labor-saving innovation: When are unions Luddites? J. Labor Econom. 12(2):316–344.Crossref, Google Scholar
- (2022) Rising intangible capital, shrinking debt capacity, and the US corporate savings glut. J. Finance 77(2):2799–2852.Crossref, Google Scholar
- (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(1):3–56.Crossref, Google Scholar
- (1997) Industry costs of equity. J. Financial Econom. 43(2):153–193.Crossref, Google Scholar
- (2006) Corporate financial policy and the value of cash. J. Finance 61(4):1957–1990.Crossref, Google Scholar
- (2016) Wage rigidity: A quantitative solution to several asset pricing puzzles. Rev. Financial Stud. 29(1):148–192.Crossref, Google Scholar
- (2020) The elephant in the room: The impact of labor obligations on credit markets. Amer. Econom. Rev. 110(6):1673–1712.Crossref, Google Scholar
- (2013) The future of employment: How susceptible are jobs to computerisation? Working paper, University of Oxford, Oxford, UK.Google Scholar
- (2017) The future of employment: How susceptible are jobs to computerisation? Tech. Forecasting Soc. Change 114:254–280.Crossref, Google Scholar
- (2019) Short-termism and capital flows. Rev. Corporate Finance Stud. 8(1):207–233.Crossref, Google Scholar
- (2021) Managing liquidity in production networks: The role of central firms. Rev. Finance 25(3):819–861.Crossref, Google Scholar
- (2012) Geographic dispersion and stock returns. J. Financial Econom. 106(3):547–565.Crossref, Google Scholar
- (2017) Cash holdings and labor heterogeneity: The role of skilled labor. Rev. Financial Stud. 30(10):3636–3668.Crossref, Google Scholar
- (2003) Corporate governance and equity prices. Quart. J. Econom. 118(1):107–155.Crossref, Google Scholar
- (2014) Explaining job polarization: Routine-biased technological change and offshoring. Amer. Econom. Rev. 104(8):2509–2526.Crossref, Google Scholar
- (2018) Robots at work. Rev. Econom. Statist. 100(5):753–768.Crossref, Google Scholar
- (1999) Corporate cash reserves and acquisitions. J. Finance 54(6):1969–1997.Crossref, Google Scholar
- (2008) Corporate governance and firm cash holdings in the US. J. Financial Econom. 87(3):535–555.Crossref, Google Scholar
- (2020) Asymmetric cost behavior and dividend policy. J. Accounting Res. 58(4):989–1021.Crossref, Google Scholar
- (1932) The Theory of Wages (Macmillan and Co., London).Google Scholar
- (2003) Union membership and coverage database from the current population survey: Note. Indust. Labor Relations Rev. 56(2):349–354.Crossref, Google Scholar
- (2014) Product market threats, payouts, and financial flexibility. J. Finance 69(1):293–324.Crossref, Google Scholar
- (2009) Idiosyncratic return volatility, cash flows, and product market competition. Rev. Financial Stud. 22(3):1149–1177.Crossref, Google Scholar
- (2000) Financial flexibility and the choice between dividends and stock repurchases. J. Financial Econom. 57(3):355–384.Crossref, Google Scholar
- (2005) Tradable services: Understanding the scope and impact of services offshoring. Working Paper No. 05-9, Peterson Institute for International Economics, Washington, DC.Google Scholar
- (1997) Evidence of nominal wage stickiness from microdata. Amer. Econom. Rev. 87(5):993–1008.Google Scholar
- (2023) Automation and the displacement of labor by capital: Asset pricing theory and empirical evidence. J. Financial Econom. 147(2):271–296.Crossref, Google Scholar
- (2017) A labor capital asset pricing model. J. Finance 72(5):2131–2178.Crossref, Google Scholar
- (2023) Operating flexibility and capital structure: Evidence from a natural experiment. Management Sci. 69(9):4992–5017.Link, Google Scholar
- (2023) Automation, bargaining power, and labor market fluctuations. Federal Reserve Bank of San Francisco Working Paper No. 2019-17, Federal Reserve Bank of San Francisco, San Francisco.Google Scholar
- (1969) Labor-capital substitution in U.S. manufacturing. Harberger A, Bailey MJ, eds. The Taxation of Income from Capital (The Brookings Institution, Washington, DC), 223–274.Google Scholar
- (1984) The impact of the degrees of operating and financial leverage on systematic risk of common stock. J. Financial Quant. Anal. 19(1):45–57.Crossref, Google Scholar
- (1962) Labor as a quasi-fixed factor. Amer. Econom. Rev. 70(6):538–555.Google Scholar
- Organization for Economic Development and Cooperation (2002) Taking the measure of temporary employment. OECD Employment Outlook (OECD, Paris), 127–185.Google Scholar
- (2017) Intangible capital and the investment-q relation. J. Financial Econom. 123(2):251–272.Crossref, Google Scholar
- Qiu J, Wan C, Wang Y (2024) Labor-saving innovations and capital structure. J. Corporate Finance 84:102510.Google Scholar
- (2016) Production flexibility, product markets, and capital structure decisions. Rev. Financial Stud. 29(6):1501–1548.Crossref, Google Scholar
- (2016) Firing costs and capital structure decisions. J. Finance 71(5):2239–2286.Crossref, Google Scholar
- (2015) Labor protection and leverage. Rev. Financial Stud. 28(2):561–591.Crossref, Google Scholar
- (1983) On layoffs and unemployment insurance. Amer. Econom. Rev. 73(4):541–559.Google Scholar
- (2020) The impact of artificial intelligence on the labor market. Working paper, Stanford University, Stanford, CA.Google Scholar
- (2019) Labor‐technology substitution: Implications for asset pricing. J. Finance 74(4):1793–1839.Crossref, Google Scholar

