Notes: Three separate regressions, corresponding to Equations 9–11, were estimated separately for each firm in the data that met the conditions described in the data section. The coefficients on log earnings in each regression were combined, weighted by the share of recruits and separations to employment, separation rates, and growth rates according to Equation 6 to obtain the estimate of the labor supply elasticity to the firm. Demographic and human capital controls include age, age-squared, and indicator variables for gender, ethnicity, racial status, and education level. Employer controls include number of employees working at the firm and industry indicator variables. Year effects are included in all models.