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点击蓝字 关注我们 01 原文： Gao J, Wang W, Wu Y. Human Capital Portability and Careers in Finance[J]. The Review of Financial Studies, 2024, 37(9): 2732-2778. Human Capital Portability and Careers in Finance ABSTRACT: How does firm-specific human capital shape careers in the finance industry? We build a dynamic model where workers accumulate portable and nonportable (firm-specific) human capital and learn about their match quality with employers. Estimating the model using granular data on M advisory bankers, we show that a large fraction of bankers ’ human capital is nonportable, ranging from 12% to 46% across different firm types. Bankers make a dynamic trade-off between portability and returns on human capital, leading to time-varying job preferences over their life cycle. Our results have broad implications for careers in finance and the provision of financial services. 人力资本可转移性与金融职业 摘要 ：公司特有的人力资本如何塑造金
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