Unemployment Risk and Payout Policies
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Agrawal, Ashwini K. & Matsa, David A., 2013.
"Labor unemployment risk and corporate financing decisions,"
Journal of Financial Economics, Elsevier, vol. 108(2), pages 449-470.
- Agrawal, Ashwini K. & Matsa, David A., 2013. "Labor unemployment risk and corporate financing decisions," LSE Research Online Documents on Economics 69608, London School of Economics and Political Science, LSE Library.
- Malcolm Baker & Jeremy C. Stein & Jeffrey Wurgler, 2003.
"When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms,"
The Quarterly Journal of Economics, Oxford University Press, vol. 118(3), pages 969-1005.
- Malcolm Baker & Jeremy C. Stein & Jeffrey Wurgler, 2002. "When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms," NBER Working Papers 8750, National Bureau of Economic Research, Inc.
- Malcolm Baker & Jeremy C. Stein & Jeffrey Wurgler, 2002. "When Does the Market Matter? Stock Prices and the Investsment of Equity-Dependent Firms," Harvard Institute of Economic Research Working Papers 1978, Harvard - Institute of Economic Research.
- David Sraer & David Thesmar, 2007.
"Performance and Behavior of Family Firms: Evidence from the French Stock Market,"
Journal of the European Economic Association, MIT Press, vol. 5(4), pages 709-751, June.
- David Sraer & David Thesmar, 2004. "Performance and Behavior of Family Firms : Evidence from the French Stock Market," Working Papers 2004-24, Center for Research in Economics and Statistics.
- David Thesmar & D. Sraer, 2007. "Performance and Behavior of Family Firms: Evidence From the French Stock Market," Post-Print halshs-00170635, HAL.
- Sraer, David & Thesmar, David, 2004. "Performance and Behaviour of Family Firms: Evidence from the French Stock Market," CEPR Discussion Papers 4520, C.E.P.R. Discussion Papers.
- DeAngelo, Harry & DeAngelo, Linda, 1991. "Union negotiations and corporate policy *1: A study of labor concessions in the domestic steel industry during the 1980s," Journal of Financial Economics, Elsevier, vol. 30(1), pages 3-43, November.
- Heider, Florian & Ljungqvist, Alexander, 2015.
"As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes,"
Journal of Financial Economics, Elsevier, vol. 118(3), pages 684-712.
- Florian Heider & Alexander Ljungqvist, 2013. "As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes," NBER Chapters, in: New Perspectives on Corporate Capital Structure, National Bureau of Economic Research, Inc.
- Marianne Bertrand & Sendhil Mullainathan, 2003.
"Enjoying the Quiet Life? Corporate Governance and Managerial Preferences,"
Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1043-1075, October.
- Bertrand, Marianne & Mullainathan, Sendhil, 2003. "Enjoying the Quiet Life? Corporate Governance and Managerial Preferences," Scholarly Articles 3429713, Harvard University Department of Economics.
- Thomas W. Bates & Kathleen M. Kahle & René M. Stulz, 2009.
"Why Do U.S. Firms Hold So Much More Cash than They Used To?,"
Journal of Finance, American Finance Association, vol. 64(5), pages 1985-2021, October.
- Thomas W. Bates & Kathleen M. Kahle & Rene M. Stulz, 2006. "Why Do U.S. Firms Hold So Much More Cash Than They Used To?," NBER Working Papers 12534, National Bureau of Economic Research, Inc.
- Bates, Thomas W. & Kahle, Kathleen M. & Stulz, Rene M., 2007. "Why Do U.S. Firms Hold So Much More Cash Than They Used To?," Working Paper Series 2006-17, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Matthew Serfling, 2016. "Firing Costs and Capital Structure Decisions," Journal of Finance, American Finance Association, vol. 71(5), pages 2239-2286, October.
- David Card & Raj Chetty & Andrea Weber, 2007.
"Cash-on-Hand and Competing Models of Intertemporal Behavior: New Evidence from the Labor Market,"
The Quarterly Journal of Economics, Oxford University Press, vol. 122(4), pages 1511-1560.
- David Card & Raj Chetty & Andrea Weber, 2006. "Cash-on-Hand and Competing Models of Intertemporal Behavior: New Evidence from the Labor Market," NBER Working Papers 12639, National Bureau of Economic Research, Inc.
- Christina D. Romer & David H. Romer, 2010.
"The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks,"
American Economic Review, American Economic Association, vol. 100(3), pages 763-801, June.
- Christina D. Romer & David H. Romer, 2007. "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks," NBER Working Papers 13264, National Bureau of Economic Research, Inc.
- Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
- Solon, Gary R, 1985.
"Work Incentive Effects of Taxing Unemployment Benefits,"
Econometrica, Econometric Society, vol. 53(2), pages 295-306, March.
- Gary Solon, 1982. "Work Incentive Effects of Taxing Employment Benefits," Working Papers 529, Princeton University, Department of Economics, Industrial Relations Section..
- Gary Solon, 1984. "Work Incentive Effects of Taxing Unemployment Benefits," NBER Working Papers 1260, National Bureau of Economic Research, Inc.
- Chino, Atsushi, 2016. "Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 156-178.
- Browning, Martin & Crossley, Thomas F., 2001.
"Unemployment insurance benefit levels and consumption changes,"
Journal of Public Economics, Elsevier, vol. 80(1), pages 1-23, April.
- Martin Browning & Thomas Crossley, "undated". "Unemployment Insurance Benefit Levels and Consumption Changes," Canadian International Labour Network Working Papers 25, McMaster University.
- Martin Browning & Thomas Crossley, 1996. "Unemployment Insurance Benefit Levels and Consumption Changes," Discussion Papers 96-11, University of Copenhagen. Department of Economics.
- Martin Browning & Thomas Crossley, 1999. "Unemployment Insurance Benefit Levels and Consumption Changes," CEPR Discussion Papers 405, Centre for Economic Policy Research, Research School of Economics, Australian National University.
- Martin Browning & Thomas Crossley, 1996. "Unemployment Insurance Benefit Levels and Consumption Changes," Department of Economics Working Papers 1996-01, McMaster University.
- David A. Matsa, 2010. "Capital Structure as a Strategic Variable: Evidence from Collective Bargaining," Journal of Finance, American Finance Association, vol. 65(3), pages 1197-1232, June.
- Raj Chetty, 2008.
"Moral Hazard versus Liquidity and Optimal Unemployment Insurance,"
Journal of Political Economy, University of Chicago Press, vol. 116(2), pages 173-234, April.
- Chetty, Raj, 2008. "Moral Hazard versus Liquidity and Optimal Unemployment Insurance," Scholarly Articles 9751256, Harvard University Department of Economics.
- Card, David & Levine, Phillip B., 2000.
"Extended benefits and the duration of UI spells: evidence from the New Jersey extended benefit program,"
Journal of Public Economics, Elsevier, vol. 78(1-2), pages 107-138, October.
- David Card & Phillip B. Levine, 1998. "Extended Benefits and the Duration of UI Spells: Evidence from the New Jersey Extended Benefit Program," NBER Working Papers 6714, National Bureau of Economic Research, Inc.
- Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999.
"The determinants and implications of corporate cash holdings,"
Journal of Financial Economics, Elsevier, vol. 52(1), pages 3-46, April.
- Tim Opler & Lee Pinkowitz & Rene Stulz & Rohan Williamson, 1997. "The Determinants and Implications of Corporate Cash Holdings," NBER Working Papers 6234, National Bureau of Economic Research, Inc.
- Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004.
"How Much Should We Trust Differences-In-Differences Estimates?,"
The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 249-275.
- Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2002. "How Much Should We Trust Differences-in-Differences Estimates?," NBER Working Papers 8841, National Bureau of Economic Research, Inc.
- Elena Simintzi & Vikrant Vig & Paolo Volpin, 2015. "Labor Protection and Leverage," Review of Financial Studies, Society for Financial Studies, vol. 28(2), pages 561-591.
- Hans G. Bloemen & Elena G. F. Stancanelli, 2005. "Financial Wealth, Consumption Smoothing and Income Shocks Arising from Job Loss," Economica, London School of Economics and Political Science, vol. 72(3), pages 431-452, August.
- DeAngelo, H,, 1991. "Union Negotiation and Corporate Policy : A Study of Labor "Givebacks" in the Domestic Stel Industry During the 1980s," Papers 91-24, Southern California - School of Business Administration.
- Dou, Yiwei & Khan, Mozaffar & Zou, Youli, 2016. "Labor unemployment insurance and earnings management," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 166-184.
- Gormley, Todd A. & Matsa, David A., 2016. "Playing it safe? Managerial preferences, risk, and agency conflicts," Journal of Financial Economics, Elsevier, vol. 122(3), pages 431-455.
- Hans G. Bloemen & Elena G. F. Stancanelli, 2005. "Financial Wealth, Consumption Smoothing and Income Shocks Arising from Job Loss," Economica, London School of Economics and Political Science, vol. 72(287), pages 431-452, August.
- Laurent Frésard & Philip Valta, 2016.
"How Does Corporate Investment Respond to Increased Entry Threat?,"
Review of Corporate Finance Studies, Oxford University Press, vol. 5(1), pages 1-35.
- Valta, Philip & Frésard , Laurent, 2014. "How Does Corporate Investment Respond to Increased Entry Threat?," HEC Research Papers Series 1046, HEC Paris.
- Raj Chetty, 2008.
"Moral Hazard versus Liquidity and Optimal Unemployment Insurance,"
Journal of Political Economy, University of Chicago Press, vol. 116(2), pages 173-234, April.
- Raj Chetty, 2008. "Erratum: Moral Hazard versus Liquidity and Optimal Unemployment Insurance," Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 1197-1197, December.
- Feldstein, Martin S, 1976. "Temporary Layoffs in the Theory of Unemployment," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 937-957, October.
- Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March.
- Gruber, Jonathan, 1997. "The Consumption Smoothing Benefits of Unemployment Insurance," American Economic Review, American Economic Association, vol. 87(1), pages 192-205, March.
- Malcolm Baker & Jeffrey Wurgler, 2002.
"Market Timing and Capital Structure,"
Journal of Finance,
American Finance Association, vol. 57(1), pages 1-32, February.
- Jeffrey A. Wurgler & Malcolm P. Baker, 2001. "Market Timing and Capital Structure," Yale School of Management Working Papers ysm181, Yale School of Management.
- Saul J. Blaustein, 1993. "Unemployment Insurance in the United States: The First Half Century," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number uius, January.
- Patricia M. Anderson & Bruce D. Meyer, 1997. "Unemployment Insurance Takeup Rates and the After-Tax Value of Benefits," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 913-937.
- Laurent Fresard, 2010. "Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings," Journal of Finance, American Finance Association, vol. 65(3), pages 1097-1122, June.
- Martin Neil Baily, 1974. "Wages and Employment under Uncertain Demand," Review of Economic Studies, Oxford University Press, vol. 41(1), pages 37-50.
- Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
- Schmalz, Martin, 2018. "Unionization, Cash, and Leverage," CEPR Discussion Papers 12595, C.E.P.R. Discussion Papers.
- Xavier Giroud & Joshua Rauh, 2015. "State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data," NBER Working Papers 21534, National Bureau of Economic Research, Inc.
- Laurent Fresard, 2010. "Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings," Post-Print hal-00537081, HAL.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Agrawal, Ashwini K. & Matsa, David A., 2013.
"Labor unemployment risk and corporate financing decisions,"
Journal of Financial Economics, Elsevier, vol. 108(2), pages 449-470.
- Agrawal, Ashwini K. & Matsa, David A., 2013. "Labor unemployment risk and corporate financing decisions," LSE Research Online Documents on Economics 69608, London School of Economics and Political Science, LSE Library.
- Pagano, Marco, 2020.
"Risk Sharing Within the Firm: A Primer,"
Foundations and Trends(R) in Finance, now publishers, vol. 12(2), pages 117-198, October.
- Marco Pagano, 2019. "Risk Sharing within the Firm: A Primer," CSEF Working Papers 553, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 20 Sep 2020.
- Pagano, Marco, 2020. "Risk Sharing within the Firm: A Primer," CEPR Discussion Papers 15046, C.E.P.R. Discussion Papers.
- Marco Pagano, 2020. "Risk Sharing within the Firm: A Primer," EIEF Working Papers Series 2019, Einaudi Institute for Economics and Finance (EIEF), revised Jul 2020.
- Parsons, Donald O., 2014. "Job Displacement Insurance: An Overview," IZA Discussion Papers 8223, Institute of Labor Economics (IZA).
- Serdar Birinci & Kurt Gerrard See, 2018.
"How Should Unemployment Insurance vary over the Business Cycle?,"
2018 Meeting Papers
69, Society for Economic Dynamics.
- Serdar Birinci & Kurt See, 2019. "How Should Unemployment Insurance Vary over the Business Cycle?," Working Papers 2019-022, Federal Reserve Bank of St. Louis, revised 18 Feb 2020.
- Serdar Birinci & Kurt See, 2020. "How Should Unemployment Insurance Vary over the Business Cycle?," Staff Working Papers 20-47, Bank of Canada.
- Karpuz, Ahmet & Kim, Kirak & Ozkan, Neslihan, 2020. "Employment protection laws and corporate cash holdings," Journal of Banking & Finance, Elsevier, vol. 111(C).
- Konstantinos Tatsiramos & Jan C. Ours, 2014.
"Labor Market Effects Of Unemployment Insurance Design,"
Journal of Economic Surveys, Wiley Blackwell, vol. 28(2), pages 284-311, April.
- Tatsiramos, Konstantinos & van Ours, Jan C, 2012. "Labor Market Effects of Unemployment Insurance Design," CEPR Discussion Papers 9196, C.E.P.R. Discussion Papers.
- Tatsiramos, K. & van Ours, J.C., 2012. "Labor Market Effects of Unemployment Insurance Design," Discussion Paper 2012-082, Tilburg University, Center for Economic Research.
- Tatsiramos, K. & van Ours, J.C., 2012. "Labor Market Effects of Unemployment Insurance Design," Other publications TiSEM 0550ec64-1dd7-4fd8-a559-7, Tilburg University, School of Economics and Management.
- Tatsiramos, Konstantinos & van Ours, Jan C., 2012. "Labor Market Effects of Unemployment Insurance Design," IZA Discussion Papers 6950, Institute of Labor Economics (IZA).
- repec:hrv:faseco:34330197 is not listed on IDEAS
- Schmalz, Martin, 2018. "Unionization, Cash, and Leverage," CEPR Discussion Papers 12595, C.E.P.R. Discussion Papers.
- Dou, Yiwei & Khan, Mozaffar & Zou, Youli, 2016. "Labor unemployment insurance and earnings management," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 166-184.
- Andrew Ellul & Marco Pagano & Fabiano Schivardi, 2018.
"Employment and Wage Insurance within Firms: Worldwide Evidence,"
Review of Financial Studies, Society for Financial Studies, vol. 31(4), pages 1298-1340.
- Andrew Ellul & Marco Pagano & Fabiano Schivardi, 2014. "Employment and Wage Insurance within Firms - Worldwide Evidence," EIEF Working Papers Series 1402, Einaudi Institute for Economics and Finance (EIEF), revised Sep 2017.
- Ellul, Andrew & Pagano, Marco & Schivardi, Fabiano, 2015. "Employment and Wage Insurance within Firms: Worldwide Evidence," CEPR Discussion Papers 10711, C.E.P.R. Discussion Papers.
- Andrew Ellul & Marco Pagano & Fabiano Schivardi, 2015. "Employment and Wage Insurance within Firms: Worldwide Evidence," Working Papers CELEG 1506, Dipartimento di Economia e Finanza, LUISS Guido Carli.
- Ellul, Andrew & Pagano, Marco & Schivardi, Fabiano, 2015. "Employment and wage insurance within firms: Worldwide evidence," CFS Working Paper Series 517, Center for Financial Studies (CFS).
- Andrew Ellul & Marco Pagano & Fabiano Schivardi, 2014. "Employment and Wage Insurance within Firms: Worldwide Evidence," CSEF Working Papers 369, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 16 Sep 2017.
- Camille Landais & Pascal Michaillat & Emmanuel Saez, 2018.
"A Macroeconomic Approach to Optimal Unemployment Insurance: Applications,"
American Economic Journal: Economic Policy, American Economic Association, vol. 10(2), pages 182-216, May.
- Landais, Camille & Michaillat, Pascal & Saez, Emmanuel, 2018. "A macroeconomic approach to optimal unemployment insurance: applications," LSE Research Online Documents on Economics 88303, London School of Economics and Political Science, LSE Library.
- Keum, Daniel & Meier, Stephan, 2020. "License to Fire? Unemployment Insurance and the Moral Cost of Layoffs," IZA Discussion Papers 13497, Institute of Labor Economics (IZA).
- Chino, Atsushi, 2016. "Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 156-178.
- Christoph Basten & Andreas Fagereng & Kjetil Telle, 2016.
"Saving and Portfolio Allocation Before and After Job Loss,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(2-3), pages 293-324, March.
- Christoph Basten & Andreas Fagereng & Kjetil Telle, 2012. "Saving and portfolio allocation before and after job loss," Discussion Papers 672, Statistics Norway, Research Department.
- Christoph Basten & Andreas Fagereng & Kjetil Telle, 2012. "Saving and portfolio allocation before and after job loss," KOF Working papers 12-298, KOF Swiss Economic Institute, ETH Zurich.
- Raj Chetty, 2008.
"Erratum: Moral Hazard versus Liquidity and Optimal Unemployment Insurance,"
Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 1197-1197, December.
- Raj Chetty, 2008. "Moral Hazard versus Liquidity and Optimal Unemployment Insurance," Journal of Political Economy, University of Chicago Press, vol. 116(2), pages 173-234, April.
- Chetty, Raj, 2008. "Moral Hazard versus Liquidity and Optimal Unemployment Insurance," Scholarly Articles 9751256, Harvard University Department of Economics.
- Jiang, Zhan & Lie, Erik, 2016. "Cash holding adjustments and managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 190-205.
- Ellul, Andrew & Wang, Cong & Zhang, Kuo, 2016. "Labor Unemployment Risk and CEO Incentive Compensation," CEPR Discussion Papers 11634, C.E.P.R. Discussion Papers.
- Chava, Sudheer & Danis, András & Hsu, Alex, 2020. "The economic impact of right-to-work laws: Evidence from collective bargaining agreements and corporate policies," Journal of Financial Economics, Elsevier, vol. 137(2), pages 451-469.
- Joanne W. Hsu & David A. Matsa & Brian T. Melzer, 2014. "Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit," NBER Working Papers 20353, National Bureau of Economic Research, Inc.
- East, Chloe N. & Kuka, Elira, 2015. "Reexamining the consumption smoothing benefits of Unemployment Insurance," Journal of Public Economics, Elsevier, vol. 132(C), pages 32-50.
- Egbert Jongen, 2009. "An analysis of individual accounts for the unemployment risk in the Netherlands," CPB Document 186.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
More about this item
Keywords
Unemployment Insurance; Dividend Payout; Implicit Contract;JEL classification:
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
- J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
NEP fields
This paper has been announced in the following NEP Reports:- NEP-IAS-2018-02-12 (Insurance Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:83918. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.