英文标题：
《Should employers pay their employees better? An asset pricing approach》
---
作者：
Sebastien Valeyre, Denis Grebenkov, Sofiane Aboura, and Francois
Bonnin
---
最新提交年份：
2016
---
英文摘要：
We uncover a new anomaly in asset pricing that is linked to the remuneration: the more a company spends on salaries and benefits per employee, the better its stock performs, on average. Moreover, the companies adopting similar remuneration policies share a common risk, which is comparable to that of the value premium. For this purpose,we set up an original methodology that uses firm financial characteristics to build factors that are less correlated than in the standard asset pricing methodology. We quantify the importance of these factors from an asset pricing perspective by introducing the factor correlation level as a directly accessible proxy of eigenvalues of the correlation matrix. A rational explanation of the remuneration anomaly involves the positive correlation between pay and employee performance.
---
中文摘要：
我们发现了与薪酬相关的资产定价中的一个新异常：一家公司在每个员工的工资和福利上花费越多，其股票平均表现越好。此外，采用类似薪酬政策的公司有一个共同的风险，与价值溢价的风险相当。为此，我们建立了一种原始方法，该方法使用公司财务特征来构建与标准资产定价方法相关性较小的因素。我们从资产定价的角度量化了这些因素的重要性，通过引入因子相关性水平作为相关矩阵特征值的直接可访问代理。对薪酬异常现象的合理解释涉及薪酬与员工绩效之间的正相关。
---
分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
--

---
PDF下载：
-->