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Liquidity constraints and occupational choice

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Author Info

  • Giannetti, Mariassunta

Abstract

I show that liquidity constraints are related to individuals' occupational choice. A proxy for the prospect of becoming liquidity constrained affects negatively the probability of being self-employed as opposed to being employed in the private or the public sectors. Furthermore, individuals with higher probability of facing liquidity constraints are more likely to be employed in the public sector, which offers the highest level of job and income security, instead of being employed in the private sector.

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File URL: http://www.sciencedirect.com/science/article/B7CPP-50VTWMP-1/2/96050019a90398cff2a7d29c874db526
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Bibliographic Info

Article provided by Elsevier in its journal Finance Research Letters.

Volume (Year): 8 (2011)
Issue (Month): 1 (March)
Pages: 37-44

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Handle: RePEc:eee:finlet:v:8:y:2011:i:1:p:37-44

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Web page: http://www.elsevier.com/locate/frl

Related research

Keywords: Occupational choice Sorting in labor markets Liquidity constraints;

References

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  1. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1996. "Income Risk, Borrowing Constraints, and Portfolio Choice," American Economic Review, American Economic Association, vol. 86(1), pages 158-72, March.
  2. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004. "Does Local Financial Development Matter?," The Quarterly Journal of Economics, MIT Press, vol. 119(3), pages 929-969, August.
  3. Schivardi, Fabiano & Torrini, Roberto, 2005. "Identifying the Effects of Firing Restrictions Through Size-Contingent Differences in Regulation," CEPR Discussion Papers 5303, C.E.P.R. Discussion Papers.
  4. Friebel, Guido & Giannetti, Mariassunta, 2002. "Fighting for Talent: Risk-Shifting, Corporate Volatility, and Organizational Change," CEPR Discussion Papers 3610, C.E.P.R. Discussion Papers.
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Cited by:
  1. C. Giannetti & M. Madia & L. Moretti, 2013. "Job Insecurity and Financial Distress," Working Papers wp887, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Spiros Bougheas & Richard Upward, . "Endogenous Participation in Imperfect Labour and Capital Markets," Discussion Papers 12/13, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).

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