4Mar
金山大学商学院研讨会日程, 研讨会
“Chains of Opportunity Revisited” by Dr. Michael Powell
4 Mar 2019 | 4:00 pm - 6:00 pm
910, K. K. Leung Building
Speaker:
Dr. Michael Powell
Associate Professor
Kellogg School of Management
Northwestern University
Associate Professor
Kellogg School of Management
Northwestern University
Abstract:
This paper studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays for workers. We use administrative data on Italian private-sector workers in small to medium firms and leverage across-firm variation to isolate the effect of retirement delays among soon-to-retire workers on the wage growth and promotions of their colleagues. We find evidence of spillover patterns consistent with older workers blocking the careers of their younger colleagues in firms with limited opportunities.