Liu Yang (Anderson School, UCLA) presenting 'The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets'. The authors estimate the labor market consequences of corporate diversification using worker-firm matched data from the U.S. Census Bureau. The authors find evidence that workers in diversified firms have greater cross-industry mobility. Displaced workers experience significantly smaller losses when they switch jobs or industries internally and when they move to a firm in a new industry in which their former firm also operates. The authors also find more active internal labor markets in diversified firms. Diversified firms exploit the option to redeploy workers internally from declining to expanding industries. Overall, internal labor markets provide a bright side to corporate diversification.