Show simple item record

dc.contributor.authorChemla, Gilles*
dc.contributor.authorPontuch, Peter*
dc.date.accessioned2012-04-23T15:16:44Z
dc.date.available2012-04-23T15:16:44Z
dc.date.issued2012
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/9017
dc.language.isoenen
dc.subjectoperating leverage
dc.subjectexpected stock returns
dc.subjectcross-section of stock returns
dc.subjectlabor intensity
dc.subject.ddc332en
dc.subject.classificationjelG.G3.G31en
dc.subject.classificationjelD.D2.D24en
dc.subject.classificationjelG.G1.G12en
dc.titleLabor Intensity and Expected Stock Returns
dc.typeCommunication / Conférence
dc.contributor.editoruniversityotherImperial College London
dc.description.abstractenThis 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.
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitle2012 FMA European Conference
dc.relation.confdate2012-06
dc.relation.confcityIstanbul
dc.relation.confcountryTURKEY
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.date.updated2017-02-09T16:52:55Z
hal.person.labIds1032*
hal.person.labIds1032*
hal.identifierhal-01634053*


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record