Human capital acquired while working in other industries before joining fund management provides fund managers with an information advantage. Fund managers exploit this advantage by overweighting their experience industries and by picking outperforming stocks from these industries. These...

Human capital acquired while working in other industries before joining fund management provides fund managers with an information advantage. Fund managers exploit this advantage by overweighting their experience industries, picking outperforming stocks from these industries, and timing...

Firms with high levels of organization capital, a firm-specific production factor provided by key employees, are known to be risky and earn high stock returns. We argue that fragility of organization capital -- its sensitivity to potential disruptions -- is an independently important determinant...

From the optimal behavior of arbitrary number of consumer-investors who act as to maximize their life-time utility of consumption and leisure, this paper derives a continuous-time intertemporal asset pricing model with stochastic human capital, leisure, consumption, and investment opportunities....

This article examines the relation between labor matching and long-term equity returns. A long short portfolio of high minus low labor matching firms generates four-factor abnormal returns of 6.67% annually. The returns are 5.77% over industry- and 5.28% over characteristics-matched benchmarks....