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Insurance within the Firm
Open accessAbstract
We evaluate the allocation of risk between firms and their workers using matched employer‐employee panel data. Unlike previous contributions, this paper focuses on idiosyncratic shocks to the firm, which are the correct empirical counterpart of the theoretical notion of diversifiable risk. We allow for both temporary and permanent shocks to output and find that firms absorb temporary fluctuations fully but insure workers against permanent shocks only partially. Risk‐sharing considerations can account for about 15 percent of overall earnings variability, the remainder originating from idiosyncratic shocks to individual workers. Our welfare calculations indicate that firms are an important vehicle of insurance provision.
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Citations
Cites
Risk Aversion, Wealth, and Background Risk
Guiso, L., & Paiella, M. (2008) · Journal of the European Economic Association · doi:10.1162/jeea.2008.6.6.1109 · Cited by 1,057
Self-citation
Cited by
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Card, D., Cardoso, A. R., Heining, J., & Kline, P. (2018) · Journal of Labor Economics · doi:10.1086/694153 · Cited by 919
Human Capital, Bankruptcy, and Capital Structure
BERK, J. B., STANTON, R., & ZECHNER, J. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01556.x · Cited by 599
Family succession and firm performance: Evidence from Italian family firms
Cucculelli, M., & Micucci, G. (2008) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2007.11.001 · Cited by 512
PORTFOLIO SELECTION WITH MONOTONE MEAN‐VARIANCE PREFERENCES
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The financing of small innovative firms: the Italian case
Magri, S. (2009) · Economics of Innovation and New Technology · doi:10.1080/10438590701738016 · Cited by 409
Metadata
- Authors
- Guiso, L., Pistaferri, L., & Schivardi, F.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2005-10
- Volume
- 113
- Issue
- 5
- Pages
- 1054-1087
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2172282108
- Cited by
- 397
- References
- 1
- FWCI
- 75.93
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
