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December 2, 2022 (Friday)
11:00am-noon
SL406
Zoom hyperlink
https://wpi.zoom.us/j/95251780313
Robots, Labor Market Frictions,
and Company Monetary Coverage
Summary:Â
Utilizing a novel dataset on industrial robots from the Worldwide Federation of Robotics (IFR), we discover that the usage of robots results in increased leverage and decrease money holdings. Utilizing an instrumental variable primarily based on the comparative benefit of robots in particular duties, we discover that impact is prone to be causal. Additional analyses present that the impact is pushed by the decreases in working leverage when companies use extra robots. We additionally discover that the impact is stronger when companies are hit by detrimental shocks, suggesting that the usage of robots mitigates labor market frictions and will increase working flexibility. Companies with extra robots pay out extra and use fewer company hedging contracts.
Dr. Alice Liu
Alice Liu graduated from the College of Arizona with Ph.D. in finance in 2021 and now could be a tenure-track assistant professor of finance on the College of South Dakota.
Her analysis pursuits are in FinTech, Machine Studying, Company Finance, Labor and Finance, Enterprise Capital, Mergers and Acquisitions, Innovation, and Tax Avoidance. Her papers have been printed elite finance journals similar to Journal of Banking & Finance. Her latest working papers have been accepted for presentation in a number of prime finance conferences together with AEA, NFA, FIRS, and MFA and obtained greatest paper award in a number of conferences.
Contact:Â yliu46@arizona.edu
