The Market's Reaction to Changes at the Employee Level: Evidence from the Boston Celtics

39 Pages Posted: 28 Aug 2016

See all articles by Kelly Carter

Kelly Carter

Morgan State University - Department of Accounting and Finance

Date Written: August 26, 2016

Abstract

Using data on the National Basketball Association’s (NBA) Boston Celtics, which traded on the New York Stock Exchange from 1986 to 1998, I investigate the effect of changes in labor on stock prices. Several findings emerge. The market positively values a top-level education when hiring inexperienced employees. The market punishes firms that dismiss employees with many years of professional experience. The results of this study are generalizable to traditional firms.

Keywords: Labor and Finance, Corporate Governance

JEL Classification: G30, G34, J24, J42

Suggested Citation

Carter, Kelly, The Market's Reaction to Changes at the Employee Level: Evidence from the Boston Celtics (August 26, 2016). Available at SSRN: https://ssrn.com/abstract=2830703 or http://dx.doi.org/10.2139/ssrn.2830703

Kelly Carter (Contact Author)

Morgan State University - Department of Accounting and Finance ( email )

Baltimore, MD 21251
United States
(443) 885-4472 (Phone)
(443) 885-8251 (Fax)

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