The Effect of the Minimum Wage on Shareholder Wealth
The Effect of the Minimum Wage on Shareholder Wealth
复制标题
最低工资对股东财富的影响
DOI：
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发表时间：
1994
期刊：
影响因子：
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通讯作者：
David Card
中科院分区：
文献类型：
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作者：
A. Krueger;David Card
本文提出了一系列的事件研究，衡量股票市场对最低工资新闻的反应。我们使用了两个公司样本：一个是低工资行业的广泛样本公司;另一个是在最近的年度报告中提到联邦最低工资成本影响的公司的狭窄样本。我们对1989年《公平劳动标准法》修正案的立法事件进行了分析，结果表明，对低薪公司的市场价值几乎没有系统性影响。我们还分析了一系列与1993年年中泄露的劳工部长机密备忘录有关的事件。在这里，股市的反应表明，最低工资可能发生变化的消息可能会对低工资公司的价值产生适度的影响。
This paper presents a series of event studies that measure the stock market reaction to news about the minimum wage. We use two samples of firms: a broad sample of companies in low-wage industries; and a narrow sample of firms that mentioned the cost effects of the federal minimum wage in their recent annual reports. Our analysis of legislative events leading up to the 1989 amendments to the Fair Labor Standards Act shows little systematic effect on the market value of low-wage companies. We also analyze a series of events associated with a confidential memo from the Secretary of Labor that was leaked in mid-1993. Here, the stock market reactions suggest that news of a possible change in the minimum wage may have a modest effect on value of low-wage companies.