Review of Finance, Volume 21, Issue 6, October 2017

工人劳动时间的增长对未来股票收益、雇佣和盈利能力的影响

作者：Li Gu (Federal Reserve Board, USA),

Dayong Huang (University of North Carolina at Greensboro, USA)

摘要：工人平均劳动时间的高增长率预示着未来的低股票回报率和高雇佣率。随着劳动时间被替换为雇佣，雇佣对未来贴现率变得不再那么敏感。工人劳动时间的增长率似乎与未来的盈利能力无关。我们的研究结果与动态劳动时间资产定价模型大体一致，该模型以在调整工人数量时的高不对称性成本和在调整每个工人劳动时间时的低成本为特征。

The Effect of the Growth in Labor Hours per Worker on Future Stock Returns, Hiring, and Profitability

Li Gu (Federal Reserve Board, USA), Dayong Huang (University of North Carolina at Greensboro, USA)

ABSTRACT

High growth rate of labor hours per worker signals low future stock returns and high future hiring rate. As labor hours are substituted for hiring, hiring becomes less responsive to future discount rate. The growth rate of the number of labor hours per worker does not appear to be related to future profitability. Our findings are largely consistent with a dynamic labor hours asset pricing model that features large asymmetric costs in adjusting the number of workers and small costs in adjusting the number of hours per worker.

原文链接：https://academic.oup.com/rof/article-abstract/21/6/2249/2670123?redirectedFrom=fulltext

翻译：阙江静