第５回金融研究会を開催しました。

（論文要旨）

Does protecting employment of older workers affect the value of a firm? We answer this question by exploiting a labor-market reform in 2012 in Japan, which mandated firms to continue employment of their existing regular workers, regardless of their abilities, beyond the statutory retirement age (60) if they wished to work. Our event-study analysis shows lower short-run abnormal returns surrounding the announcement of the reform in firms with higher treatment intensity. A long-run analysis reveals larger declines in firm value, operating performance, and average labor productivity in those firms, indicating a negative effect of delayed retirement of older workers on firm value when their employment is protected.

Keywords:Employment protection, Delayed retirement, Firm value
JEL codes: G3, J1, J2