This study addresses the role of human capital as a measure in the predictability of stock returns. The study specifically examines the relationship between the wages-consumption ratio and firm based human capital measure in the predictability of stock returns. Results of our study confirm that...

This study analyses the ability of human capital and other factors affecting share prices like, dividend, treasury bills, and government bonds, in predicting variation of stock returns on the Indian stock market for the period of 1996:04-2005:06. We use variations of Campbell (1996) equilibrium...