capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call “displacement risk.” This risk helps explain several empirical patterns, including the existence of the growth …-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of misplacement risk using …

capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call "displacement risk.'' This risk helps explain several empirical patterns, including the existence of the … growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk …

capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call "displacement risk.'' This risk helps explain several empirical patterns, including the existence of the … growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk …

capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call "displacement risk.'' This risk helps explain several empirical patterns, including the existence of the … growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk …