题　目：The Product-Market Effects of Labor-Market Information: Evidence from Peer Firms' Earnings Announcements

嘉　宾：王仁诚，Associate Professor，Singapore Management University

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2026年10月21日（周三）14:00-15:30

地　点：上海交通大学安泰经济与管理学院包兆龙图书馆A407

内容简介:

We examine whether labor-market information available to job seekers spills over into the product market and affects consumer purchasing behavior. Job seekers frequently consult Glassdoor to evaluate potential employers. Information encountered during this process can affect product demand either through job seekers' own purchases or through its diffusion to consumers in their social networks. We exploit variation in the timing and intensity of peer firms' earnings announcements to identify periods when employee-generated information is more likely to be salient to local consumers. We find that negative content in a firm's employee reviews is associated with lower product sales during periods of heightened exposure to its peer firms' earnings announcements, while positive content in employee reviews shows no comparable effect. In a placebo test, negative content has no effect where the focal firm has no local establishment in the state, consistent with the effect operating through the firm's role as a local employer. The effect of negative content is stronger when conditions support greater employee attention to peer firms' earnings announcements, when local job opportunities are more abundant, when the pool of potentially affected workers is larger, and when the firm's brand names more closely resemble their corporate name. The effect is also directionally stronger in areas where local labor-market and social preferences make consumers more likely to respond to workplace information. Overall, our findings provide evidence of a channel through which employee-generated information flows from the labor market to the product market.

演讲人简介：

Rencheng Wang joined SMU in 2019. He has previously taught at the University of Queensland and University of Melbourne in Australia. He received his Ph.D. from Hong Kong University of Science and Technology. Rencheng has a broad range of interests in research at the intersection of accounting and finance. His works have been published in the Journal of Accounting Research, Journal of Accounting and Economics, and The Accounting Review. Learn more about Rencheng at https://acrcwang.github.io/.

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