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portada Finance and Economics Discussion Series: The Human Capital That Matters: Expected Returns and the Income of Affluent Households (in English)
Type
Physical Book
Author
Publisher
Language
Inglés
Pages
52
Format
Paperback
Dimensions
24.6 x 18.9 x 0.3 cm
Weight
0.11 kg.
ISBN13
9781288707928
Categories

Finance and Economics Discussion Series: The Human Capital That Matters: Expected Returns and the Income of Affluent Households (in English)

United States Federal Reserve Board (Author) · George M. Korniotis (Author) · Sean D. Campbell (Author) · Bibliogov · Paperback

Finance and Economics Discussion Series: The Human Capital That Matters: Expected Returns and the Income of Affluent Households (in English) - Campbell, Sean D. ; Korniotis, George M. ; United States Federal Reserve Board

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Synopsis "Finance and Economics Discussion Series: The Human Capital That Matters: Expected Returns and the Income of Affluent Households (in English)"

We implement the human capital CAPM (HCAPM) using the income growth of high income households, rather than aggregate income growth, to proxy the return to human capital (HCRT). We find that identifying the HCRT with the income growth of affluent households, those who are most likely to hold stocks, substantially improves the performance of the HCAPM. Specifically, the pricing errors, R-square's, average returns on factor mimicking portfolios, and performance relative to other macro-finance models uniformly improve as the HCRT is identified with the income growth of successively more affluent households.

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