| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28815 |
| 来源ID | Working Paper 28815 |
| Human Capitalists | |
| Andrea L. Eisfeldt; Antonio Falato; Mindy Z. Xiaolan | |
| 发表日期 | 2021-05-17 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The widespread and growing use of equity-based compensation has transformed high-skilled labor from a pure labor input to a class of “human capitalists.” High-skilled labor earns substantial income in the form of equity claims to firms’ future dividends and capital gains. Equity-based compensation has increased substantially since the 1980s, representing thirty-six percent of total compensation to high-skilled labor in US manufacturing in recent years. Ignoring equity income causes incorrect measurement of the returns to high-skilled labor, with substantial effects on macroeconomic trends. In manufacturing, the inclusion of equity-based compensation almost eliminates the decline in the high-skilled labor share, and reduces the total decline in the labor share by about one-third. Only by including equity pay does our structural estimation support complementarity between high-skilled labor and physical capital greater than that of Cobb and Douglas (1928). We also provide additional regression evidence of such complementarity. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w28815 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586487 |
| 推荐引用方式 GB/T 7714 | Andrea L. Eisfeldt,Antonio Falato,Mindy Z. Xiaolan. Human Capitalists. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28815.pdf（812KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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