作者：Belo, Frederico; Li, Jun; Lin, Xiaoji; Zhao, Xiaofei
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Texas System; University of Texas Dallas; University System of Ohio; Ohio State University
摘要：Previous studies have identified a negative relation between firms' hiring rates and future stock returns in the cross-section. We document that this relation is significantly steeper in industries that rely relatively more on high-skill workers than low-skill workers. A long-short portfolio sorted on firm-level hiring rate earns an average annual return of 8.6% in high-skill industries, and only 0.9% in low-skill industries. Moreover, this pattern is not explained by the standard CAPM. These ...
