Untangling the Value Premium with Labor Shares
用劳动份额分解价值溢价，发现劳动引起的经营杠杆解释了约50%的价值溢价，其余由盈利能力和增长机制解释，并构建了生产型资产定价模型来验证这一发现。
Abstract This paper quantifies the relative importance of labor-induced operating leverage at explaining the value premium. I extend a traditional variance decomposition methodology using labor shares to disentangle labor leverage from the value premium and from the value spread and from the variation in profitability levels and growth. My extended decomposition shows that labor leverage explains approximately 50% of the value premium, whereas profitability and growth-based mechanisms explain the other 50%. I propose a tractable production-based asset-pricing model that qualitatively and quantitatively explains this finding, as well as the relation between book-to-market ratios, discount rates, profitability, and future growth.