@article {Arnott54, author = {Rob Arnott and Feifei Li and Xi Liu}, title = {Labor Conditions and Future Capital Market Performance}, volume = {43}, number = {1}, pages = {54--71}, year = {2016}, doi = {10.3905/jpm.2016.43.1.054}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The authors find a linkage between labor market conditions and future capital market returns: An increase in the unemployment rate is linked to positive excess returns in both stock and bond markets for the 24-month period following the unemployment rate announcement. Furthermore, by controlling for some well-known market and macroeconomic variables, the authors find that the unemployment rate still preserves, in general, its power in predicting future capital market performance.TOPIC: Performance measurement}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/43/1/54}, eprint = {https://jpm.pm-research.com/content/43/1/54.full.pdf}, journal = {The Journal of Portfolio Management} }