股票市场
业务
股市泡沫
库存(枪支)
劳动经济学
经济
货币经济学
金融经济学
金融体系
工程类
机械工程
生物
古生物学
马
作者
Teng Li,Wenlan Qian,Wei Xiong,Xin Zou
出处
期刊:Social Science Research Network
[Social Science Electronic Publishing]
日期:2021-10-07
摘要
This paper uses individual-level data linking stock investments with work performance to examine how changes in stock market wealth affect worker output. We document that a 10% increase in monthly income from stock market investments is associated with a decrease of 3.8% in the same investor’s next-month work output. The negative output response is not driven by concurrent economic conditions and is unexplained by investor-specific liquidity needs. Consistent with the reference dependence interpretation, the response is short-lived and the effect is stronger when the total income has reached a reference income. Overall, our results highlight a novel channel of transmitting stock market fluctuation through labor supply.
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