I study whether human capital investments are based on local rather than national demand, and whether this is explained by migration or information frictions. I analyze three sector-specific shocks with differential local effects, including the dot-com crash, the 2008 financial crisis, and a shock transforming Delaware into an international financial center. I find universities in areas more exposed to sectoral shocks experience greater changes in sector-relevant majors. Using rich student-level data, I find this is not explained by information frictions, but more likely by migration frictions. The results suggest encouraging human capital investments based on national demand may increase mismatch.

中文翻译：

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当地劳动力市场和人力资本投资

我研究人力资本投资是否基于本地需求而非国家需求，以及这是否由迁移或信息摩擦来解释。我分析了三种具有不同局部影响的特定行业冲击，包括互联网泡沫破灭、2008 年金融危机以及将特拉华州转变为国际金融中心的冲击。我发现更容易受到行业冲击的地区的大学在与行业相关的专业方面经历了更大的变化。使用丰富的学生级数据，我发现这不能用信息摩擦来解释，而更可能是由迁移摩擦来解释。结果表明，鼓励基于国家需求的人力资本投资可能会增加错配。