Does Main Street Benefit from What Benefits Wall Street?
研究发现，尽管上市公司构成与整体经济存在差异，但股票市场回报仍能预测美国就业变化，尤其在制造业中股东与工人利益一致。
Abstract Yes. We show that aggregate stock returns predict aggregate U.S. employment, despite the industrial composition of publicly traded firms differing markedly from that of all firms, and the representativeness of public firms declining over time. We also show that appropriately reweighted stock returns predict industry and local labor market outcomes. We find the strongest evidence of an alignment of interests between shareholders and workers in the manufacturing sector, despite its declining labor share of output. Our findings suggest that at quarterly frequencies, product demand shocks are more important drivers of industry- and city-level stock returns than technology shocks.