TY - JOUR T1 - Labor Conditions and Future Capital Market Performance JF - The Journal of Portfolio Management SP - 54 LP - 71 DO - 10.3905/jpm.2016.43.1.054 VL - 43 IS - 1 AU - Rob Arnott AU - Feifei Li AU - Xi Liu Y1 - 2016/10/31 UR - https://pm-research.com/content/43/1/54.abstract N2 - 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 ER -