Automation and the displacement of labor by capital: Asset pricing theory and empirical evidence
研究了自动化技术冲击对资产定价的影响，发现可替代劳动比例高的公司对技术冲击有负向暴露，且这些公司每年有4%的回报溢价，反映了技术进步带来的替代风险。
I examine the asset pricing implications of technological innovations that allow capital to displace labor: automation. I develop a theory in which firms with displaceable labor are negatively exposed to such technology shocks. In the model, firms optimally adopt technology to gain competitive advantage but in equilibrium competition erodes profits and decreases firm value. Empirically, I find that firms with high share of displaceable labor have negative exposure to technology shocks. A long-short portfolio sorted on this variable mimics macroeconomic measures of technology shocks. Negatively exposed firms earn a 4% annual return premium consistent with displacement risk from technological progress.