Labor and the Market Value of the Firm
用生产型资产定价模型，把雇佣劳动力看作类似资本投资，分析两者互动如何影响企业市场价值的动态变化，对研究企业估值和劳动经济的人有用。
What role does labor play in firms' market value? We use a production-based asset pricing model with factor adjustment costs and forward-looking agents to explore this question. We posit that the hiring of labor is akin to investment in capital and that the two interact, with the interaction being a crucial determinant of the dynamic behavior of market value. Using aggregate US corporate sector data, we estimate firms' optimal hiring and investment decisions and the consequences for firms' value.