Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 27, 2023 erstellt
Description:
Combining the daily productivity records of individual manufacturing workers with stock market data, we find that worker productivity is negatively associated with market overnight returns. This effect is instantaneous, and the economic loss is quantitatively important. Mechanism analysis suggests that the effect results from workers’ limited attention rather than consumption considerations. There is no significant relationship between worker productivity and other stock market indices retail investors often care about. Workers are more distracted by stocks geographically or economically related to their employer. These findings provide new insights into the comovement between the stock market and labor productivity in emerging markets