Papers written by Author(s): 'Kevin L. McKinney'
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Viewing papers 21 through 25 of 25
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Working PaperThe Relation among Human Capital, Productivity and Market Value: Building Up from Micro Evidence
December 2002
Working Paper Number:
tp-2002-14
This paper investigates and evaluates the direct and indirect contribution of human capital to business productivity and shareholder value. The impact of human capital may occur in two ways: the specific knowledge of workers at businesses may directly increase business performance, or a skilled workforce may also indirectly act as a complement to improved technologies, business models or organizational practices. We use newly created firm-level measures of workforce human capital and productivity to examine links between those measures and the market value of the employing firm. The new human capital measures come from an integrated employer-employee data base under development at the US Census Bureau. We link these data to financial information from Compustat at the firm level, which provides measures of market value and tangible assets. The combination of these two sources permits examination of the link between human capital, productivity, and market value. There is a substantial positive relation between human capital and market value that is primarily related to the unmeasured personal characteristics of the employees, which are captured by the new measures.View Full Paper PDF
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Working PaperThe Measurement of Human Capital in the U.S. Economy
April 2002
Working Paper Number:
tp-2002-09
We develop a new approach to measuring human capital that permits the distinction of both observable and unobservable dimensions of skill by associating human capital with the portable part of an individual's wage rate. Using new large-scale, integrated employer-employee data containing information on 68 million individuals and 3.6 million firms, we explain a very large proportion (84%) of the total variation in wages rates and attribute substantial variation to both individual and employer heterogeneity. While the wage distribution remained largely unchanged between 1992-1997, we document a pronounced right shift in the overall distribution of human capital. Most workers entering our sample, while less experienced, were otherwise more highly skilled, a difference which can be attributed almost exclusively to unobservables. Nevertheless, compared to exiters and continuers, entrants exhibited a greater tendency to match to firms paying below average internal wages. Firms reduced employment shares of low skilled workers and increased employment shares of high skilled workers in virtually every industry. Our results strongly suggest that the distribution of human capital will continue to shift to the right, implying a continuing up-skilling of the employed labor force.View Full Paper PDF
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Working PaperThe LEHD Infrastructure Files and the Creation of the Quarterly Workforce Indicators
March 2002
Working Paper Number:
tp-2002-05
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Working PaperSuccessor/Predecessor Firms
March 2002
Working Paper Number:
tp-2002-04
The goal of this research was to investigate the value added from using worker flows to identify the spurious births and deaths of businesses. We identify four types of "at risk" businesses from ES202 using the successor/predecessor flag and mimic the same categories using UI wage record data. We use two critical decision rules in the analysis: a successor firm has to have at least 80% of employment coming from the donor firm and (in two of the four categories) at least 5 employees have to come from the donor firm. We examine the sensitivity of the categories based on the percentage definition, and find that the results stay very similar, with the exception of the identification of the pure successor. We examine the sensitivity based on the count threshold, and find that there are enormous differences, particularly with identifying spinoff businesses.View Full Paper PDF
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Working PaperChanging the Boundaries of the Firm: Changes in the Clustering of Human Capital
January 2002
Working Paper Number:
tp-2002-02
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