主题：Employee output response to stock market wealth shocks
主讲人：李腾（中山大学）
主持人：林智韬（太阳城集团）
会议时间：2021 年 12 月 29 日（周三）10:00-11:30
会议地点：tyc1286太阳成集团（中惠楼）102
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.
主讲人简介
李腾，中山大学国际金融学院副教授，中山大学高级金融研究院研究员，硕士生导师，中山大学“百人计划”引进人才。李腾副教授重点研究劳动金融学和环境经济学。研究发表（含录用）于 Journal of Financial Economics, Journal of Environmental Economics and Management（2篇）, Regional Science and Urban Economics, 《经济研究》《管理世界》《经济学（季刊）》和《世界经济》等国内外高水平期刊，主持国家自然科学基金项目1项。
