I examine the asset pricing implications of technological innovations that allow capital to displace labor: automation. I develop a theory in which firms with displaceable labor are negatively exposed to such technology shocks. In the model, firms optimally adopt technology to gain competitive advantage but in equilibrium competition erodes profits and decreases firm value. Empirically, I find that firms with high share of displaceable labor have negative exposure to technology shocks. A long-short portfolio sorted on this variable mimics macroeconomic measures of technology shocks. Negatively exposed firms earn a 4% annual return premium consistent with displacement risk from technological progress.

我研究了允许资本取代劳动力的技术创新对资产定价的影响：自动化。我发展了一个理论，在这个理论中，拥有可替代劳动力的公司会受到这种技术冲击的负面影响。在该模型中，企业最佳地采用技术来获得竞争优势，但在均衡竞争中，竞争会侵蚀利润并降低企业价值。根据经验，我发现可替代劳动力比例高的公司容易受到技术冲击的负面影响。按此变量排序的多头-空头投资组合模仿了技术冲击的宏观经济指标。受到负面影响的公司获得 4% 的年回报率溢价，这与技术进步带来的替代风险一致。