We study the relationship between country-level investment opportunities and international labor mobility in Europe. Based on a gravity model analogous to those frequently utilized in the international trade literature, we find that (1) migration is not sensitive to investment opportunities at home and (2) individuals who migrate are more likely to move to countries with higher investment opportunities. As such, country-level investment opportunities appear to cause a reallocation of human capital supply internationally. The results are largely robust to alternative proxies for investment opportunities and to delays in labor market adjustment. Our findings should be of interest to corporations seeking talent and policy makers responsible for immigration regulations.

中文翻译：

---

投资机会和劳动力流动性：来自欧洲的证据

我们研究了国家层面的投资机会与欧洲国际劳动力流动之间的关系。基于类似于国际贸易文献中经常使用的引力模型，我们发现 （1） 移民对国内的投资机会不敏感，以及 （2） 移民的个人更有可能搬到投资机会更高的国家。因此，国家层面的投资机会似乎会导致国际人力资本供应的重新配置。结果在很大程度上对投资机会的替代替代指标和劳动力市场调整的延迟是稳健的。我们的调查结果应该会引起寻找人才的公司和负责移民法规的政策制定者的兴趣。