@TechReport{iza:izadps:dp1348,
            	author={Wachter, Till von and Bender, Stefan},
            	title={In the Right Place at the Wrong Time: The Role of Firms and Luck in Young Workers' Careers},
            	year={2004},
	month={Oct},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={1348},
            	url={https://www.iza.org/index.php/publications/dp1348},
	abstract={We exploit administrative data on young German workers and their employers to study the
long-term effects of an early job loss. To account for non-random sorting of workers into firms
with different turnover rates and for selective job mobility, we use changes over time in firm-
and age-specific labor demand as an instrument for displacement. We find that wage losses
of young job losers are initially 15% but fade to zero within five years. Only workers leaving
very large establishments suffer persistent losses. A comparison of estimators implies that
initial sorting, negative selection, and voluntary job mobility may have biased previous U.S.
studies finding permanent effects of early displacements.},
	keywords={adverse selection;job displacement;job search;initial assigment},
            }