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Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
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Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
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Journal Article
Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
2016
Overview
We use novel data from a leading online job search platform to examine the impact of corporate distress on firms' ability to attract job applicants. Survey responses suggest that job seekers accurately perceive firms' financial condition, as measured by companies' credit default swap prices and accounting data. Analyzing responses to job postings by major financial firms during the Great Recession, we find that an increase in an employer's distress results in fewer and lower quality applicants. These effects are particularly evident when the social safety net provides workers with weak protection against unemployment and for positions requiring a college education.
Publisher
Blackwell Publishing Ltd,Wiley Periodicals, Inc,Blackwell Publishers Inc
Subject
