In this paper, I examine how labor shortage affects hiring-return relationship. I construct firm-year level measure of labor shortage using textual analysis of firms' SEC fillings. I show that the negative relationship between firm's hiring rate and its future return is only significant for...

In this paper, we propose an approach based on mean-conditional-value-at-risk (MCVaR) to Euler capital allocation via adjusting the probability level, which takes into account the different attitudes of investors towards risk by considering the optimistic coefficient. We obtain a new probability...