Human Capital and Stock Returns: Is the Value Premium an Approximation for Return on Human Capital?
用公司内部工资增长率直接衡量人力资本，发现价值股和成长股之间的工资增长差异能解释大部分股票回报差异，价值股对人力资本租金冲击的暴露更小。
This study, using a direct measure of the wage growth rate within firms, examines the value premium in relation to human capital. The results suggest that the dispersion in wage growth in value and growth stocks explains a large portion of the differences in stock returns. It appears that value stocks are less exposed to shocks in rents to human capital. Differences in labor force characteristics among value and growth stocks also proved to be an important factor in determining both the impact of future changes in labor income growth rate and firm value. The present findings are understood to mean that the ability of investors to forecast the dispersion in wage growth in firms is limited.