I show that a firm's capital intensity determines the asset pricing implications of investment-specific technology shocks. Capital-intensive stocks sorted by exposure to the investment shock generate a highly significant abnormal return of up to 5% annually. This pattern of abnormal stock...

I examine the asset pricing implications of technological innovations that allow capital to displace labor: automation. I develop a theory in which firms with high share of displaceable labor are negatively exposed to such technology shocks. In the model, firms optimally adopt technology to gain...

I study how an investment shock affects different types of labor. I show that investment shocks are an important source of job displacement and labor income risk. I use geographical variation in labor routine intensity and show that investment shock have differential and long lasting effects on...