04824oam 22012134 450 991016294410332120230808201422.01-4755-6772-31-4755-6775-8(CKB)3710000001045033(MiAaPQ)EBC4800297(IMF)WPIEA2016255(EXLCZ)99371000000104503320020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierStrategic Corporate Layoffs /Ruchir Agarwal, Julian KolevWashington, D.C. :International Monetary Fund,2016.1 online resource (78 pages) illustrations (some color), graphs, tablesIMF Working Papers1-4755-6392-2 Includes bibliographical references.Firms in the S&P 500 often announce layoffs within days of one another, despite the fact that the average S&P 500 constituent announces layoffs once every 5 years. By contrast, similarsized privately-held firms do not behave in this way. This paper provides empirical evidence that such clustering behavior is largely due to CEOs managing their reputation in financial markets. To interpret these results we develop a theoretical framework in which managers delay layoffs during good economic states to avoid damaging the markets perception of their ability. The model predicts clustering in the timing of layoff announcements, and illustrates a mechanism through which the cyclicality of firms layoff policies is amplified. Our findings suggest that reputation management is an important driver of layoff policies both at daily frequencies and over the business cycle, and can have significant macroeconomic consequences.IMF Working Papers; Working Paper ;No. 2016/255Layoff systemsChief executive officersFinance: GeneralimfLaborimfMacroeconomicsimfLabor TurnoverimfVacanciesimfLayoffsimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfInformation and Market EfficiencyimfEvent StudiesimfBusiness FluctuationsimfCyclesimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfLabor Force and Employment, Size, and StructureimfGeneral Financial Markets: General (includes Measurement and Data)imfLabor Economics: GeneralimfWages, Compensation, and Labor Costs: GeneralimfEconomic growthimfLabourimfincome economicsimfFinanceimfBusiness cyclesimfLabor forceimfStock marketsimfWagesimfFinancial marketsimfLabor marketimfStock exchangesimfLabor economicsimfUnited StatesimfLayoff systems.Chief executive officers.Finance: GeneralLaborMacroeconomicsLabor TurnoverVacanciesLayoffsFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillInformation and Market EfficiencyEvent StudiesBusiness FluctuationsCyclesPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Labor Force and Employment, Size, and StructureGeneral Financial Markets: General (includes Measurement and Data)Labor Economics: GeneralWages, Compensation, and Labor Costs: GeneralEconomic growthLabourincome economicsFinanceBusiness cyclesLabor forceStock marketsWagesFinancial marketsLabor marketStock exchangesLabor economics331.137Agarwal Ruchir1450647Kolev Julian1450648DcWaIMFBOOK9910162944103321Strategic Corporate Layoffs3650129UNINA