Seminarios

Autores: Elizabeth Gutiérrez, Ben Lourie, Alex Nekrasov y Terry Shevlin.
Presenta: Elizabeth Gutiérrez

Abstract: Human capital is a key factor in value creation in the modern corporation; yet the disclosure on investment in human capital is scant. We propose that a company’s job postings (JPs) are disclosures made outside of the investor relations channel that contain forward-looking information about hiring new employees. We find a positive association between changes in the number of JPs and announcement returns. Changes in JPs are also positively related to future stock return performance and future changes in employee count, employee-related expenditures, and financial performance. The findings suggest that JP disclosures contain new information about hiring that investors consider as value increasing. Finally, we find that the market response to hiring news is influenced by firm economic conditions and information environment.