| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21487 |
| 来源ID | Working Paper 21487 |
| Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor | |
| Frederico Belo; Xiaoji Lin; Jun Li; Xiaofei Zhao | |
| 发表日期 | 2015-08-24 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We introduce labor-force heterogeneity in a neoclassical investment model. In the baseline model, we highlight the fact that labor adjustment costs are higher for high skilled workers than for low skilled workers. The model predicts that the negative hiring-expected return relation should be steeper in industries that rely more on high skilled workers because firm's hiring responds less elastically to changes in the discount rate when labor adjustment costs are higher. In an extended version of the model we show that the previous prediction also holds in the presence of additional sources of labor-force heterogeneity such as higher wage rigidity of high skilled workers. Empirically, we document that the negative hiring-expected return relation is between 1.7 and 3.2 times larger in industries that rely more on high skilled workers, than in industries that rely more on low skilled workers. This result is robust: it holds in U.S data, in international data, across sub-samples, and in both firm-level and portfolio-level analyses. Taken together, our results show that labor-force heterogeneity affects asset prices in financial markets. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w21487 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579162 |
| 推荐引用方式 GB/T 7714 | Frederico Belo,Xiaoji Lin,Jun Li,et al. Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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