دانلود مقاله ISI انگلیسی شماره 90275
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
90275 2017 9 صفحه PDF سفارش دهید 2540 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Human capital measures and stock return predictability: Macroeconomic versus microeconomic approaches
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Finance Research Letters, Volume 21, May 2017, Pages 53-56

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

This letter measures human capital returns in a microeconomic sense as returns to education using Korean survey data, and compares them to the traditional macroeconomic measures, such as labor income growth. Both measures exhibit similar patterns of correlation with important economic variables and financial returns. However, returns to education are distinguished from labor income growth by a notable positive correlation with stock cash flow innovation and the consumption–wealth ratio (cay). Further, in a predictive regression of financial asset returns, labor income growth presents a negative effect for future excess stock returns, whereas returns to education exert a positive influence similar to cay. These results show that returns to education reflect another aspect of human capital returns that labor income growth does not reveal.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.