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Results 1 - 10
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5,077
Labor income and predictable stock returns
- Review of Financial Studies
, 2006
"... We propose and test a novel economic mechanism that generates stock return predictability on both the time series and the cross section. In our model, investors’ income has two sources, wages and dividends, that grow stochastically over time. As a consequence, the fraction of total income produced b ..."
Abstract
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Cited by 112 (2 self)
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of the labor income to consumption ratio produces statistically significant coefficients and adjusted R 2 ’s that are larger than those generated when using the dividend price ratio. Tests of the cross sectional implication find considerable improvements on the performance of both the conditional CAPM
An Empirical Investigation of Labor Income Processes
, 2007
"... In this paper we reassess the evidence on labor income risk. There are two leading views on the nature of the income process in the current literature. The first view, which we call the Restricted Income Profiles(RIP) process, holds that individuals are subject to large and very persistent shocks, w ..."
Abstract
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Cited by 118 (8 self)
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In this paper we reassess the evidence on labor income risk. There are two leading views on the nature of the income process in the current literature. The first view, which we call the Restricted Income Profiles(RIP) process, holds that individuals are subject to large and very persistent shocks
Hedging labor income risk
- Journal of Financial Economics
"... We investigate the relationship between workers ’ labor income and capital market investment. Using a detailed Swedish data set on employment and portfolio holdings we estimate wage volatility, and labor productivity for Swedish industries and, motivated by theory, demonstrate that highly labor prod ..."
Abstract
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Cited by 2 (1 self)
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We investigate the relationship between workers ’ labor income and capital market investment. Using a detailed Swedish data set on employment and portfolio holdings we estimate wage volatility, and labor productivity for Swedish industries and, motivated by theory, demonstrate that highly labor
of LaborIncome Inequality and Saving
"... Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The ..."
Abstract
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Cited by 1 (0 self)
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. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn
Labor income; Portfolio
"... We test whether relative risk aversion varies with wealth using the Panel Study of In-come Dynamics data. Our analytical results indicate that: (1) for each household, there are two channels through which the risky share responds to wealth fluctuations, the income channel and the habit channel; (2) ..."
Abstract
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We test whether relative risk aversion varies with wealth using the Panel Study of In-come Dynamics data. Our analytical results indicate that: (1) for each household, there are two channels through which the risky share responds to wealth fluctuations, the income channel and the habit channel; (2
of LaborIncome and Population Growth
"... Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The ..."
Abstract
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. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn
of LaborIncome Volatility and Health
"... Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international r ..."
Abstract
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Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international
Results 1 - 10
of
5,077
