Equity Risk and the Labor Stock: The Case of Union Contracts
研究工会化劳动力存量如何影响股权风险，用预期薪酬成本估算劳动力存量，发现其与总资产规模相当，且劳动力风险指标能提供超越财务杠杆和经营杠杆的额外风险信息。
This paper investigates the role of the stock of unionized labor in determining equity investment risk. I estimate a labor stock measure based on expected compensation costs, and use the ratio of labor stock to total assets as a risk proxy. At the median, the labor stock is comparable in magnitude to total assets. Regression estimates show the associations between labor‐based risk proxies and equity market risk measures are both economically and statistically significant. In addition, the labor‐based measures provide risk information over and above information contained in standard risk proxies such as financial and operating leverage.