Workplace Automation and Corporate Liquidity Policy

The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of anyone else associated with the Federal Reserve System. The authors thank two anonymous referees, an associate editor, Hank Bessembinder, Sreedhar Bharath, Igor Cunha, Slava Fos, Jon Garfinkel, Paul Goldsmith-Pinkham, Rawley Heimer, Jiri Knesl, Evgeny Lyandres, Ronald Masulis, Maurizio Montone, Amrita Nain, Jordan Nickerson, Jeffrey Pontiff, Seth Pruitt, Francisco Queiró, Lukas Schmid (the editor), Matthew Serfling, Denis Sosyura, Tong Yao, and Miao Ben Zhang as well as participants at the 2020 Labor and Finance Group Meeting, the 2020 Early Career Women in Finance Conference, the 2021 Future of Growth Conference, the 6th University of Southern Denmark Finance Workshop, the 2021 China International Conference in Finance, the 2021 National Bureau of Economic Research Economics of Artificial Intelligence Conference, Arizona State University, Boston College, the Federal Reserve Board, Instituto Tecnológico Autónomo de México, the University of Alberta, the University of Iowa, the University of Tennessee, and the University of New South Wales for helpful comments.