ABSTRACT This paper presents direct measures of capital costs, equal to the product of the required rate of return on capital and the value of the capital stock. The capital share, equal to the ratio of capital costs and gross value added, does not offset the decline in the labor share. Instead, a large increase in the share of pure profits offsets declines in the shares of both labor and capital. Industry data show that increases in concentration are associated with declines in the labor share.
Subjective Cash Flow and Discount Rate Expectations
Ricardo De la O, Sean Myers · Journal of Finance
What Matters to Individual Investors? Evidence from the Horse's Mouth
James J. Choi, Adriana Robertson · Journal of Finance
Anomalies and the Expected Market Return
Xi Dong, Yan Li, David E. Rapach, Guofu Zhou · Journal of Finance
Taming the Factor Zoo: A Test of New Factors
Guanhao Feng, Stefano Giglio, Dacheng Xiu · Journal of Finance
The Misguided Beliefs of Financial Advisors
Juhani T. Linnainmaa, Brian Melzer, Alessandro Previtero · Journal of Finance
Prospect Theory and Stock Market Anomalies
Nicholas Barberis, Lawrence J. Jin, BAOLIAN WANG · Journal of Finance
The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies
Yongqiang Chu, David Hirshleifer, Liang Ma · Journal of Finance
Global Pricing of Carbon‐Transition Risk
Patrick Bolton, Marcin Kacperczyk · Journal of Finance