کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9548643 | 1371519 | 2005 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Employment protection and the stock market: the common shock case
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
This paper considers the consequences of employment protection with a fully diversified stock arket when firms face a common shock. The analysis focuses on the interaction between employment protection and the stock market when wages are sluggish or fixed. We build and calibrate a dynamic model where firms decide upon capital utilization, investment, vacancy posting and layoffs in order to maximize shareholder value. Public policy, devoted to employment protection, is parameterized through firing costs. Due to the capital and employment irreversibilities, the model has to be solved using numerical techniques. Two series of scenarios are presented, first considering the effect of alternative level of firing costs in a benchmark economy, thus examining interactions between firing cost and successively, (i) higher market price of risk, (ii) higher separation rates, (iii) fixed wages, (iv) fixed capital utilization and (v) alternative cyclical features.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 22, Issue 1, January 2005, Pages 127-146
Journal: Economic Modelling - Volume 22, Issue 1, January 2005, Pages 127-146
نویسندگان
Pierre-Yves Hénin, Thomas Weitzenblum,