Labor Conditions and Future Capital Market Performance
研究发现失业率上升后24个月内，股票和债券市场会出现超额正回报，且失业率对资本市场表现的预测能力不受其他宏观变量影响。
The authors find a linkage between labor market conditions and future capital market returns: An increase in the unemployment rate is linked to positive excess returns in both stock and bond markets for the 24-month period following the unemployment rate announcement. Furthermore, by controlling for some well-known market and macroeconomic variables, the authors find that the unemployment rate still preserves, in general, its power in predicting future capital market performance. <b>TOPIC:</b>Performance measurement