 The information externality of public firms’ employment in the municipal corporate bond market in ChinaHongling Han, Yidan Mao and Qiang Liu Journal of Asian Economics, 2024, vol. 95, issue C Abstract: This study focuses on the informativeness of the labour force in the municipal corporate bond (MCB) market in China. We aggregate the annual employment of public firms to the prefecture-city level and find that aggregate employment is positively associated with the scale of the MCB, while it is negatively associated with the issuing rate of the MCB. Further, we find that such information externality is conditional on the attributes of the employment characteristics, including the education, functional departments, and ownership nature. Mechanism analyses indicate that information accessibility, processing, dissemination, and efficacy are important channels through which aggregate employment exerts informativeness. The information externality is reinforced after an administration enhances the authenticity of employment information. This paper echoes previous studies of the macro value of aggregate firm-level information and enriches the literature in labour and finance by revealing that the labour dividend still exists and triggers the MCB issuance in China. Keywords: Regional labour intensity; municipal corporate bond; aggregate information; emerging market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:asieco:v:95:y:2024:i:c:s1049007824001416 DOI: 10.1016/j.asieco.2024.101846 Access Statistics for this article Journal of Asian Economics is currently edited by C. Wiemer More articles in Journal of Asian Economics from Elsevier |
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