Palacios-Huerta, Ignacio (2003) The robustness of the conditional CAPM with human capital. Journal of Financial Econometrics, 1 (2). pp. 272-289. ISSN 1479-8409
Full text not available from this repository.Abstract
An empirical evaluation is provided of the robustness of the conditional capital asset pricing model (CAPM) with human capital to explain the cross-sectional variability of security returns. This model has been evaluated in the literature using the growth rate in per capita labor income. This article looks at richer measures of human capital returns. It develops measures that incorporate the costs and benefits of educational investment, skill premiums, worker experience, and other relevant features of human capital markets. It also considers variables that help to forecast future human capital returns. We find that some of these richer measures help improve substantially the performance of the model.
| Item Type: | Article |
|---|---|
| Official URL: | http://jfec.oxfordjournals.org/ |
| Additional Information: | © 2003 Oxford University Press |
| Divisions: | Management |
| Subjects: | H Social Sciences > HB Economic Theory |
| Date Deposited: | 11 Jan 2010 09:52 |
| Last Modified: | 11 Dec 2024 22:39 |
| URI: | http://eprints.lse.ac.uk/id/eprint/26563 |
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