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Labor Intensity and Expected Stock Returns

Chemla, Gilles; Pontuch, Peter (2012), Labor Intensity and Expected Stock Returns, 2012 FMA European Conference, 2012-06, Istanbul, TURKEY

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laborintensity.pdf (407.0Kb)
Type
Communication / Conférence
Date
2012
Conference title
2012 FMA European Conference
Conference date
2012-06
Conference city
Istanbul
Conference country
TURKEY
Metadata
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Author(s)
Chemla, Gilles
Dauphine Recherches en Management [DRM]
Pontuch, Peter
Dauphine Recherches en Management [DRM]
Abstract (EN)
This paper analyses the effects of labor intensity on a firm's operating risk and its expected stock returns. We isolate a pure labor intensity effect by using a relative measure with respect to the three-digit industry median level. We show that labor intensity is positively associated with operating leverage, at least in the small and medium-sized firms sub sample. Stock and portfolio returns of small and, to a lesser extent, mid cap firms are positively associated with labor intensity after controlling for traditional risk factors. In particular, the labor-induced operating leverage does not seem to be explained by the book-to-market factor. The relationship between labor intensity and stock returns is stronger in low wage industries and at medium levels of financial leverage.
Subjects / Keywords
operating leverage; expected stock returns; cross-section of stock returns; labor intensity
JEL
G31 - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
G12 - Asset Pricing; Trading Volume; Bond Interest Rates

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