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. Its host-choice argument engages resource bundling and global staffing, with explicit conditions for shared recruitment, competition and border disruption. Version 3.64.0 gives the existing Bayesian restrictions an economic interpretation. For the primary machinery specification, the probability that every measured workforce response loses at most five per cent of assets is 0.2%, compared with 20.1% under the reference prior. The largest adverse response has posterior median 22.5% and a 90% credible interval of 10.5–44.5%. Appendix K10 reports prior sensitivities, doubled and quadrupled likelihood standard errors, and independent probability and quantile checks. These are conditional asset associations, not causal values of employees. No observations or regressions are added. The article explains common tenure, competition and closure through their consequences for staffing. The Nitra–Puebla appraisal retains the documented bid bounds and conditional staffing scenarios, including the distinct value of recruitment after year fourteen. The observed award leaves recruitment-offer odds unchanged under the flat-margin benchmark. All previous numerical results, formal propositions and eight figures are retained. Start with Main_Manuscript_ANONYMOUS.pdf, Online_Appendix_ANONYMOUS.pdf and README.txt. Compilable sources, public inputs, code, figure files and aggregate outputs are supplied. The current replication overlay and nine frozen base archives restore the complete permitted replication. Licensed WRDS rows require subscriber access; queries and reconstruction instructions are supplied. Editor-only cover and title pages are excluded.