Abstract
This study examines the predictions of human capital theory in relation to on-the-job training. The analysis is based on a unique dataset from a consulting establishment and includes direct measures of profitability, training, and each employee's acquired human capital stock. Consistent with recent findings in the training literature, the present observations indicate that the employer is financing as well as extracting the rents from marketable human capital investments. A salary increase in connection with employer-sponsored training may function as a means of safeguarding these investments and, to a lesser extent, as a consequence of shared return.
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