Labor Hiring, Investment, and Stock Return Predictability in the Cross Section
研究了劳动力市场摩擦对资产价格的影响，发现美国公司雇佣率每提高10个百分点，年度风险溢价降低1.5个百分点，并提出了一个基于投资的模型来解释这一现象。
We study the impact of labor market frictions on asset prices. In the cross section of US firms, a 10 percentage point increase in the firm's hiring rate is associated with a 1.5 percentage point decrease in the firm's annual risk premium. We propose an investment-based model with stochastic labor adjustment costs to explain this finding. Firms with high hiring rates are expanding firms that incur high adjustment costs. If the economy experiences a shock that lowers adjustment costs, these firms benefit the most. The corresponding increase in firm value operates as a hedge against these shocks, explaining the lower risk premium of these firms in equilibrium.