We further find that the subsequent pay raise of the job-hopping firm (the firm that loses its executives in a job-hopping event)
for its incumbent executives is positively associated with its incumbent executives’ mobility in the managerial labor market. We use
a few proxies to measure a manager's employment mobility. First, considering that it is more difficult for a CEO to find an equivalent
or higher-ranking job in another firm, a CEO is expected to have lower mobility than non-CEO executives. Second, high stock
ownership helps to retain managerial talent (Balsam and Miharjo, 2007); for this reason, we expect executives with higher stock
ownership to have lower employment mobility