题目：Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World
报告人：英国华威大学 张晨迪 副教授
We study the relationship between employee satisfaction and stock returns across 14 countries. Employee satisfaction is associated with superior long-run returns in flexible labor markets, such as the US and UK, but not rigid labor markets, such as Germany. The same results hold for current valuation ratios, future profitability, and future earnings surprises, inconsistent with an omitted risk explanation and identifying channels through which employee satisfaction may affect stock returns. These results are consistent with employee satisfaction improving recruitment, retention, and motivation in flexible labor markets, where firms face fewer constraints on hiring and firing and employees have greater ability to respond to higher satisfaction. The findings have implications for the differential profitability of socially responsible investing strategies around the world – in particular, the importance of considering institutional factors when forming such strategies.
张晨迪副教授，为华威大学9965必赢棋官方网站金融学副教授。其研究领域为企业融资、可持续和负责任投资、行为金融和新兴市场金融。他曾在剑桥大学、蒂尔堡大学、波士顿大学、迈阿密大学和北京师范大学担任访问研究和教学职位。曾在顶级期刊Management Science，以及Journal of Financial Intermediation、Journal of Money, Credit and Banking、Journal of Corporate Finance上发表文章。