Asymmetric information and employment: evidence from the U.S. banking sector

Acemoglu, 1998, Why do firms train? theory and evidence, Quarterly Journal of Economics, 113, 79, 10.1162/003355398555531 Adam, T., & Goyal, V. (1999). The investment opportunity set and its proxy variables: theory and evidence. Working paper, Hong Kong University of Science and Technology. Ahuja, 2013, 1318 Amable, 2011, The effect of unemployment protection and product market regulation on labour market performance: substitution or complementarity?, Applied Economics, 43, 449, 10.1080/00036840903317367 Banerji, S., & Basu, P. (2012). Universal banking, asymmetric information and the stock market. Available at: 〈https://community.dur.ac.uk/parantap.basu/ Universal_final.pdf〉. Accessed 13.08.16. Barry, 1985, Differential information and security market equilibrium, Journal of Financial and Quantitative Analysis, 20, 407, 10.2307/2330758 Bernhardt, 1995, Strategic promotion and compensation, Review of Economic Studies, 62, 315, 10.2307/2297807 Chung, 1991, Investment options, assets in place, and the risk of stocks, Financial Management, 20, 21, 10.2307/3665748 Clarke, J., & Shastri, K. (2001). On information asymmetry metrics. Working paper, University of Pittsburgh. Demirguc-Kunt, 1999 Devereux, 1990, Investment, financial factors, and cash flow: evidence from U.K. panel data Djankov, 2007, Private credit in 129 countries, Journal of Financial Economics, 84, 299, 10.1016/j.jfineco.2006.03.004 Doukas, 2006, Divergence of opinion and equity returns under different states of earnings expectations, Journal of Financial Markets, 9, 310, 10.1016/j.finmar.2006.02.002 Gibbons, 1991, Layoffs and Lemons, Journal of Labor Economics, 9, 351, 10.1086/298273 Halov, N. (2006). Dynamics of asymmetric information and capital structure. Working paper, New York University. Haltiwanger, J., Jarmin, R.S., & Miranda, J. (2010). Who creates jobs? Small vs. large vs. young. Working paper, No. 16300. National Bureau of Economic Research. Im, 2003, Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115, 53, 10.1016/S0304-4076(03)00092-7 Japelli, T., & Pagano, M. (2000). Information sharing in credit markets: the European experience. Working Paper No. 35, University of Salerno. Kahn, 2009, Asymmetric information between employers, Mimeo Kao, 1999, Spurious regression and residual-based tests for cointegration in panel data, Journal of Econometrics, 90, 1, 10.1016/S0304-4076(98)00023-2 Krishnaswami, 1999, Information asymmetry, valuation, and the corporate spin-off decision, Journal of Financial Economics, 53, 73, 10.1016/S0304-405X(99)00017-3 Leybourne, 1995, Testing for unit roots using forward and reverse Dickey-Fuller regressions, Oxford Bulletin of Economics and Statistics, 57, 559, 10.1111/j.1468-0084.1995.tb00040.x Lofgren, 2002, Markets with asymmetric information: the contributions of George Akerlof, Michael Spence and Joseph Stiglitz, The Scandinavian Journal of Economics, 104, 195, 10.1111/1467-9442.00280 Maddala, 1999, A comparative study of unit root tests with panel data and a new simple test, Oxford Bulletin of Economics and Statistics, 631, 10.1111/1468-0084.61.s1.13 McLaughlin, 1998, The information content of corporate offerings of seasoned securities: an empirical analysis, Financial Management, 27, 31, 10.2307/3666291 Milgrom, 1987, Job discrimination, market forces, and the invisibility hypothesis, Quarterly Journal of Economics, 102, 453, 10.2307/1884213 Nyblom, 2000, Tests of common stochastic trends, Econometric Theory, 16, 176, 10.1017/S0266466600162024 Ordine, 2008, Local banks efficiency and employment, Labour, 22, 469, 10.1111/j.1467-9914.2008.00422.x Pedroni, 2001, Purchasing power parity tests in cointegrated panels, Review of Economics and Statistics, 83, 727, 10.1162/003465301753237803 Pesaran, 2007, A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22, 265, 10.1002/jae.951 Pesaran, M. (2004). General diagnostic tests for cross section dependence in panels. Cambridge working papers in economics, No. 435 and CESifo working paper, No. 1229. Smith, 2004, More powerful panel unit root tests with an application to the mean reversion in real exchange rates, Journal of Applied Econometrics, 19, 147, 10.1002/jae.723 Solo, 1984, The order of differencing in ARIMA models, Journal of the American Statistical Association, 79, 916, 10.1080/01621459.1984.10477111 Stiglitz, 1981, Credit rationing in markets with imperfect information, American Economic Review, 71, 393 Stock, J., & Watson, M. (2012). Disentangling the channels of the 2007-09 recession. Brookings Papers on Economic Activity, 81–130. Van Ness, 2001, How well do adverse selection components measure adverse selection?, Financial Management, 77, 10.2307/3666377 Waldman, 1984, Job assignments, signalling, and efficiency, RAND Journal of Economics, 15, 255, 10.2307/2555679