There's a surprising culprit behind mass layoffs, says a prominent management professor at Wharton

Businesswoman standing alone at cubicle in empty office

Good morning,

Most bosses blame layoffs on economic downturns, a decline in demand for services, or even overhiring. But one Wharton professor has a different view: It's how U.S. accounting rules force companies to classify human capital that makes them seem like an expense to be cut, rather than an asset to be protected.