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We estimate the firm-level returns to retaining employees using difference-in-differences analysis and a natural experiment where the enforcement of employee noncompete agreements was inadvertently reversed in Michigan. We find that noncompete enforcement boosted the short-term value of publicly traded companies by approximately 9%. The effect is increasing in local competition and growth opportunities, and offset by patenting.
Alexandre Massoud Alahi, Dolaana Khovalyg, Mohamed Ossama Ahmed Abdelfattah, Mohamad Rida
Seyed Javad Kashizadeh, Pejman Abedifar