Labor-Replacing Automation and Finance

References

• Acemoglu D, Restrepo P (2020) Robots and jobs: Evidence from US labor markets. J. Political Econom. 128(6):2188–2244.Crossref, Google Scholar
• Acemoglu D, LeLarge C, Restrepo P (2020) Competing with robots: Firm-level evidence from france. AEA Paper Proc. 110:356–361.Crossref, Google Scholar
• Adachi D, Kawaguchi D, Saito Y (2019) Robots and employment: Evidence from Japan. Working paper, Yale University, New Haven, CT.Google Scholar
• Almeida H, Campello M (2007) Financial constraints, asset tangibility, and corporate investment. Rev. Financial Stud. 20(5):1429–1460.Crossref, Google Scholar
• Arntz M, Gregory T, Zierahn U (2020) Revisiting the risk of automation. Econom. Lett. 159:157–160.Crossref, Google Scholar
• Autor D, Salomons A (2018) Is automation labor-displacing? Productivity growth, employment, and the labor share. Working paper, Massachusetts University of Technology, Cambridge.Google Scholar
• Barclay MJ, Smith CW, Watts RL (1995) The determinants of corporate leverage and dividend policies. J. Appl. Corporate Finance 7(4):4–19.Crossref, Google Scholar
• Bates T, Du F, Wang J (2021) Workplace automation and corporate financial policy. Working paper, Arizona State University, Tempe.Google Scholar
• Benmelech E, Zator M (2022) Robots and firm investment. Technical report, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Berg A, Buffie E, Zanna L-F (2018) Should we fear the robot revolution? (the correct answer is yes). J. Monetary Econom. 97:117–148.Crossref, Google Scholar
• Bessen J, Goos M, Salomons A, van den Berge W (2020) Firm-level automation: Evidence from the Netherlands. AEA Paper Proc. 110:389–393.Crossref, Google Scholar
• Bloom N, Cheng H, Duggan M, Hongbin L, Qian F (2018) Do CEOs know best? Evidence from China. Working paper, Stanford University, Palo Alto, CA.Google Scholar
• Bonfiglioli A, Crinò R, Fadinger H, Gancia G (2020) Robot imports and firm-level outcomes. Working paper, Queen Mary University of London, London.Google Scholar
• Bosker M, Brakman S, Garretsen H, Schramm M (2012) Relaxing hukou: Increased labor mobility and China’s economic geography. J. Urban Econom. 72(2–3):252–266.Crossref, Google Scholar
• Brynjolfsson E, McAfee A (2014) The second machine age: Work, progress, and prosperity in a time of brilliant technologies. Econom. Lett. 159:157–160.Google Scholar
• Cai F, Wang D, Du Y (2002) Regional disparity and economic growth in China: The impact of labor market distortions. China Econom. Rev. 13(2–3):197–212.Crossref, Google Scholar
• Chen K, Ren J, Zha T (2018) The nexus of monetary policy and shadow banking in China. Amer. Econom. Rev. 108(12):3891–3936.Crossref, Google Scholar
• Chen D, Ma Y, Martin X, Michaely R (2022) On the fast track: Information acquisition costs and information production. J. Financial Econom. 143(2):794–823.Crossref, Google Scholar
• Cheng H, Fan H, Hoshi T, Hu D (2019a) Do innovation subsidies make Chinese firms more innovative? Evidence from the China Employer Employee Survey. Working paper, Stanford University, Palo Alto, CA.Google Scholar
• Cheng H, Jia R, Li D, Li H (2019b) The rise of robots in China. J. Econom. Perspect. 33(2):71–88.Crossref, Google Scholar
• Cong LW, Gao H, Ponticelli J, Yang X (2019) Credit allocation under economic stimulus: Evidence from China. Rev. Financial Stud. 32(9):3412–3460.Crossref, Google Scholar
• Danis A, Rettl DA, Whited TM (2014) Refinancing, profitability, and capital structure. J. Financial Econom. 114(3):424–443.Crossref, Google Scholar
• Dauth W, Findeisen S, Suedekum J, Woessner N (2019) Adjusting to robots: Worker-level evidence. Working paper, University of Mannheim, Mannheim, Germany.Google Scholar
• Denis DJ, Sibilkov V (2010) Financial constraints, investment, and the value of cash holdings. Rev. Financial Stud. 23(1):247–269.Crossref, Google Scholar
• Devos E, Rahman S (2018) Labor unemployment insurance and firm cash holdings. J. Corporate Finance 49:15–31.Crossref, Google Scholar
• Dixit AK, Stiglitz JE (1977) Monopolistic competition and optimum product diversity. Amer. Econom. Rev. 67(3):297–308.Google Scholar
• Dixon J, Hong B, Wu L (2021) The robot revolution: Managerial and employment consequences for firms. Management Sci. 67(9):5586–5605.Link, Google Scholar
• Donangelo A (2014) Labor mobility: Implications for asset pricing. J. Finance 69(3):1321–1346.Crossref, Google Scholar
• Donangelo A, Gourio F, Kerrig M, Palacios M (2019) The cross-section of labor leverage and equity returns. J. Financial Econom. 132(2):497–518.Crossref, Google Scholar
• Duffy J, Papageorgiou C, Perez-Sebastian F (2004) Capital-skill complementarity? Evidence from a panel of countries. Rev. Econom. Statist. 86(1):327–344.Crossref, Google Scholar
• Fallon P, Layard R (1975) Capital-skill complementarity, income distribution, and output accounting. J. Political Econom. 83(2):279–302.Crossref, Google Scholar
• Fan H, Hu Y, Tang L (2021) Labor costs and the adoption of robots in China. J. Econom. Behav. Organ. 186:608–631.Crossref, Google Scholar
• Favilukis J, Lin X, Zhao X (2020) The elephant in the room: The impact of labor obligations on credit markets. Amer. Econom. Rev. 110(6):1673–1712.Crossref, Google Scholar
• Frey C, Osborne M (2017) The future of employment: How susceptible are jobs to computerization? Tech. Forecasting Soc. Change 114:254–280.Crossref, Google Scholar
• Ghaly M, Anh Dang V, Stathopoulos K (2017) Cash holdings and labor heterogeneity: The role of skilled labor. Rev. Financial Stud. 30(10):3636–3668.Crossref, Google Scholar
• Graetz G, Michaels G (2018) Robots at work. Rev. Econom. Statist. 100(5):753–768.Crossref, Google Scholar
• Griliches Z (1969) Capital-skill complementarity. Rev. Econom. Statist. 51(4):465–468.Crossref, Google Scholar
• Guerreiro J, Rebelo S, Teles P (2022) Should robots be taxed? Rev. Econom. Stud. 89(1):279–311.Crossref, Google Scholar
• Hadlock CJ, Pierce JR (2010) New evidence on measuring financial constraints: Moving beyond the kz index. Rev. Financial Stud. 23(5):1909–1940.Crossref, Google Scholar
• Heider F, Ljungqvist A (2015) As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes. J. Financial Econom. 118(3):684–712.Crossref, Google Scholar
• Hering L, Poncet S (2010) Market access and individual wages: Evidence from China. Rev. Econom. Statist. 92(1):145–159.Crossref, Google Scholar
• Hodges DJ (1969) A note on estimation of Cobb-Douglas and CES production function models. Econometrica 37(4):721–725.Crossref, Google Scholar
• Hovakimian A, Opler T, Titman S (2001) The debt-equity choice. J. Financial Quant. Anal. 36(1):1–24.Crossref, Google Scholar
• Humlum A (2019) Robot adoption and labor market dynamics. Working paper, Princeton University, Princeton, NJ.Google Scholar
• Kaplan SN, Zingales L (1997) Do investment-cash flow sensitivities provide useful measures of financing constraints? Quart. J. Econom. 112(1):169–215.Crossref, Google Scholar
• Karabarbounis L, Neiman B (2014) The global decline of the labor share. Quart. J. Econom. 129(1):61–103.Crossref, Google Scholar
• Klasa S, Maxwell WF, Ortiz-Molina H (2009) The strategic use of corporate cash holdings in collective bargaining with labor unions. J. Financial Econom. 92(3):421–442.Crossref, Google Scholar
• Kleibergen F, Paap R (2006) Generalized reduced rank tests using the singular value decomposition. J. Econometrics 133(1):97–126.Crossref, Google Scholar
• Kmenta J (1967) On estimation of the CES production function. Internat. Econom. Rev. 8(2):180–189.Crossref, Google Scholar
• Koch M, Manuylov I, Smolka M (2021) Robots and firms. Econom. J. (London) 131(638):2553–2584.Google Scholar
• Kromann L, Sørensen A (2019) Automation, performance and international competition: A firm-level comparison of process innovation. Econom. Policy 34(100):691–722.Crossref, Google Scholar
• Leduc S, Liu Z (2020) Can pandemic-induced job uncertainty stimulate automation? Working paper, Federal Reserve Bank of San Francisco, San Francisco, CA.Google Scholar
• Leone F (2021) Foreign ownership and robot adoption. Working paper, London School of Economics and Political Science, London.Google Scholar
• Li H, Ma Y, Meng L, Qiao X, Shi X (2017) Skill complementarities and returns to higher education: Evidence from college enrollment expansion in China. China Econom. Rev. 46:10–26.Crossref, Google Scholar
• Melitz MJ, Redding SJ (2014) Missing gains from trade? Amer. Econom. Rev. 104(5):317–321.Crossref, Google Scholar
• Qiu J, Wan C, Wang Y (2021) Labor-capital substitution and capital structure: Evidence from automation. Working paper, McMaster University, Hamilton, ON.Google Scholar
• Rodrigo R (2022) Robot adoption, organizational capital, and the productivity paradox. Technical report, Department of Economics, Georgetown University, Washington, DC.Google Scholar
• Simintzi E, Vig V, Volpin P (2015) Labor protection and leverage. Rev. Financial Stud. 28(2):561–591.Crossref, Google Scholar
• Wang Y, Dong W (2020) How the rise of robots has affected China’s labor market: Evidence from China’s listed manufacturing firms (translated). Econom. Res. J. (10):159–175.Google Scholar
• Whited TM, Wu G (2006) Financial constraints risk. Rev. Financial Stud. 19(2):531–559.Crossref, Google Scholar
• Yang DT (2002) What has caused regional inequality in China? China Econom. Rev. 13(4):331–334.Crossref, Google Scholar
• Yun T (1996) Nominal price rigidity, money supply endogeneity, and business cycles. J. Monetary Econom. 37(2):345–370.Crossref, Google Scholar
• Zhang MB (2019) Labor-technology substitution: Implications for asset pricing. J. Finance 74(4):1793–1839.Crossref, Google Scholar