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Finance and Economics Discussion Series - The Human Capital That Matters: Expected Returns and the Income of Affluent Households (Paperback) Loot Price: R440
Discovery Miles 4 400
Finance and Economics Discussion Series - The Human Capital That Matters: Expected Returns and the Income of Affluent...

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

Sean D. Campbell

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Loot Price R440 Discovery Miles 4 400

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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.

General

Imprint: Bibliogov
Country of origin: United States
Release date: February 2013
First published: February 2013
Authors: Sean D. Campbell
Dimensions: 246 x 189 x 3mm (L x W x T)
Format: Paperback - Trade
Pages: 52
ISBN-13: 978-1-288-70792-8
Categories: Books > Social sciences > Politics & government > General
LSN: 1-288-70792-4
Barcode: 9781288707928

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