{'fraction_non_alphanumeric': 0.020958083832335328, 'fraction_numerical': 0.0, 'mean_word_length': 5.69, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Capital Share, Consumption Volatility and Long-run Redistribution Risks

Capital return variability is a macroeconomic factor that exhibits significant explanatory power of long-run equity prices. In short-run, capital share risks create strong volatility effects on equity premium, as redistributive shocks that shift the share of income between the wealthy and the poor are not persistent. In long-run, capital return variability is positively correlated to stockholder consumption growth prospects and captures the long-term wealth redistribution trend. Exposure to capital return variability risks generates over a half of cross-sectional equity return variations.