A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Does Main Street Benefit from What Benefits Wall Street?
Resource type
Authors/contributors
- Flynn, Sean J. (Author)
- Ghent, Andra (Author)
Title
Does Main Street Benefit from What Benefits Wall Street?
Abstract
Yes. We show that aggregate stock returns predict aggregate U.S. employment, despite the industrial composition of publicly traded firms differing markedly from that of all firms, and the representativeness of public firms declining over time. We also show that appropriately reweighted stock returns predict industry and local labor market outcomes. We find the strongest evidence of an alignment of interests between shareholders and workers in the manufacturing sector, despite its declining labor share of output. Our findings suggest that at quarterly frequencies, product demand shocks are more important drivers of industry- and city-level stock returns than technology shocks.
Publication
Journal of Financial and Quantitative Analysis
Volume
59
Issue
3
Pages
1300-1336
Date
2024/05
Language
en
ISSN
0022-1090, 1756-6916
Accessed
6/17/24, 9:36 AM
Library Catalog
Cambridge University Press
Citation
Flynn, S. J., & Ghent, A. (2024). Does Main Street Benefit from What Benefits Wall Street? Journal of Financial and Quantitative Analysis, 59, 1300–1336.
Link to this record