期刊
FINANCE RESEARCH LETTERS
卷 48, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2022.102947
关键词
Aggregate recruiting intensity; Stock returns; Labor market
This study investigates the effects of aggregate recruiting intensity (ARI) on cross-sectional stock returns. The procyclicality of ARI implies that the risk inherent in ARI should be positively priced and stocks whose returns are more sensitive to ARI risk should provide higher expected returns.
This study investigates the effects of aggregate recruiting intensity (ARI) on cross-sectional stock returns. The procyclicality of ARI implies that the risk inherent in ARI should be positively priced and stocks whose returns are more sensitive to ARI risk should provide higher expected returns. When forming decile portfolios sorted by individual stocks' estimated beta to ARI risk, we find that the highest-minus-lowest ARI beta portfolio earns a positive mean return. Furthermore, the link between the ARI beta and stock returns is stronger among firms in traditional industries or with less organization capital, because these firms face more flexibly adjustable labor.
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