Labor Income, Relative Wealth Concerns, and the Cross Section of Stock Returns
研究了劳动收入与股票回报横截面之间的关系，发现投资者因相对财富关注而偏好能对冲本地不可分散财富风险的股票，导致这类股票的风险溢价为负，且该效应随地区劳动收入特征变化。
The finance literature documents a relation between labor income and the cross section of stock returns. One possible explanation for this is the hedging decisions of investors with relative wealth concerns. This implies a negative risk premium associated with stock returns correlated with local undiversifiable wealth because investors are willing to pay more for stocks that help their hedging goals. We find evidence that is consistent with these regularities. In addition, we show that the effect varies across geographic areas depending on the size and variability of undiversifiable wealth, proxied by labor income.