{"id":7264,"date":"2023-01-06T14:19:00","date_gmt":"2023-01-06T13:19:00","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-esther-eiling-amsterdam-business-school\/"},"modified":"2024-02-22T09:36:27","modified_gmt":"2024-02-22T08:36:27","slug":"df-lunch-seminar-professor-esther-eiling-amsterdam-business-school","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-esther-eiling-amsterdam-business-school\/","title":{"rendered":"DF Lunch Seminar, Professor Esther Eiling, Amsterdam Business School"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>Labor income risk displays strong horizon effects. We show that a shock in stock returns is reflected in aggregate wages with a delay of two to four years. This medium\u2013run horizon is consistent with wage rigidity and has significant implications for asset pricing. We find that medium\u2013run aggregate labor income risk is a robustly priced macro risk factor. In contrast, short\u2013 and long\u2013run labor income risk are not priced. The effect of a simple horizon adjustment is strong: the cross\u2013sectional R2 for 50 size, book\u2013to\u2013market and investment sorted portfolios increases from 5% to 64% when going from quarterly labor income growth to medium\u2013run labor income growth as the risk factor. Labor income risk is nearly uncorrelated with consumption risk when measured over the same medium\u2013term horizon. Our empirical specification follows directly from a stylized labor asset pricing model in which investors have different career lengths over which they earn labor income, leading to horizon\u2013 specific prices of labor income risk.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":7265,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2022-11-24 12:15:00","event_end_date":"2022-11-24 13:30:00","event_speaker_name":"Professor Esther Eiling","event_speaker_link":"","event_is_online":false,"event_location":"Nancy\/Metz ","event_street":"University of Luxembourg 29, avenue John F. Kennedy JFK Building,","event_location_link":"","event_zip_code":"1855","event_city":"Luxembourg","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[116],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar, Professor Esther Eiling, Amsterdam Business School - FDEF events I Uni.lu<\/title>\n<meta name=\"description\" content=\"Abstract: Labor income risk displays strong horizon effects. We show that a shock in stock returns is reflected in aggregate wages with a delay of two to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-esther-eiling-amsterdam-business-school\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar, Professor Esther Eiling, Amsterdam Business School\" \/>\n<meta property=\"og:description\" content=\"Abstract: Labor income risk displays strong horizon effects. 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