Borrowed Youth: Demographic Change and Multinational Location Advantage — Article and Replication Materials

This article connects demographic renewal with multinational recruitment control and the operating life of committed capital. The theory identifies when different recruitment arrangements separate firms' host choices, how shared affiliates alter that comparison, and how admission institutions affect delivered recruitment.

Version 3.63.0 adds a decomposition of the existing four-response Bayesian posterior, using the existing estimates, covariance and unchanged prior specifications. Main Table 3F and Appendix K9 show that simultaneous positive workforce responses receive below 0.1% probability in the primary machinery specification even before imposing duration rotation. The code reports sensitivities and independent integration checks. All prior reported results, formal statements and eight figures are retained. No new observations or regressions are introduced.

The Nitra–Puebla appraisal now identifies financial-margin regions under the stated staffing terms: at twenty years, the UK route adds EUR7.19–19.06 million. Its loss overturns a funded lead smaller than the lowest route value in every reconstruction; a lead exceeding the highest survives every reconstruction. These are conditional decision boundaries, not observations of JLR recruitment. Its award constrains the margin but leaves recruitment-offer odds unchanged under the flat-margin specification.

Start with Main_Manuscript_ANONYMOUS.pdf, Online_Appendix_ANONYMOUS.pdf and README.txt. Compilable sources, figures, public inputs, code and aggregate outputs are supplied. The current replication overlay and nine frozen base archives restore the permitted replication. Licensed WRDS rows require subscriber access; queries and reconstruction instructions are provided. Editor-only cover and title pages are excluded.