A Labor Capital Asset Pricing Model
研究发现劳动力搜寻摩擦显著影响股票收益，低劳动力市场紧度暴露的公司年化收益比高暴露公司高6%，并构建模型解释这一现象。
ABSTRACT We show that labor search frictions are an important determinant of the cross‐section of equity returns. Empirically, we find that firms with low loadings on labor market tightness outperform firms with high loadings by 6% annually. We propose a partial equilibrium labor market model in which heterogeneous firms make dynamic employment decisions under labor search frictions. In the model, loadings on labor market tightness proxy for priced time‐variation in the efficiency of the aggregate matching technology. Firms with low loadings are more exposed to adverse matching efficiency shocks and require higher expected stock returns.