How the Wealth Was Won: Factor Shares as Market Fundamentals
研究了1989-2017年美国股市上涨的原因，发现40%的涨幅源于股东从劳动报酬中攫取更多份额，而经济增长仅贡献25%。
Why does the stock market rise and fall? From 1989 to 2017, the real per capita value of corporate equity increased at a 7.2% annual rate. We estimate that 40% of this increase was attributable to a reallocation of rewards to shareholders in a decelerating economy, primarily at the expense of labor compensation. Economic growth accounted for just 25% of the increase, followed by a lower risk price (21%) and lower interest rates (14%). The period 1952–88 experienced only one-third as much growth in market equity, but economic growth accounted for more than 100% of it.