Research Seminar, ReFi – Ariell Reshef – Paris School of Economics
16/02/2018 Visiter le site sourceAriell Reshef
Paris School of Economics
(cv & bio)
Wages and Human Capital in
Finance:
International Evidence, 1970–2011
Abstract
We study the allocation and
compensation of human capital in the finance industry in a
set of developed economies in 1970–2011. Finance relative wages generally increase—
but not in all countries, and to varying degrees. Trading-related activities account for
50% of the increases, despite accounting for only 13% of finance employment, on average.
Financial deregulation is the most important factor driving up wages in finance; it
has a larger effect in environments where informational rents and socially inefficient
risk taking are likely to be prevalent. Differential investment in information and communication
technology does not have causal explanatory power. High finance wages attract
skilled international immigration to finance, raising concerns for “brain drain.”
set of developed economies in 1970–2011. Finance relative wages generally increase—
but not in all countries, and to varying degrees. Trading-related activities account for
50% of the increases, despite accounting for only 13% of finance employment, on average.
Financial deregulation is the most important factor driving up wages in finance; it
has a larger effect in environments where informational rents and socially inefficient
risk taking are likely to be prevalent. Differential investment in information and communication
technology does not have causal explanatory power. High finance wages attract
skilled international immigration to finance, raising concerns for “brain drain.”
(Paper)
ESCP EUROPE
79 avenue de la République 75011
Paris
Friday 16 February 2018
12:00am to 13:30pm,
Room 4110
For security reason, please register
before the deadline.
Deadline: 15 February
2018
NB. If you are prevented from
coming, we would be obliged if you could inform us as soon as
possible at contact@labex-refi.com.