1{"text": "{\"genre\":\"empirical\",\"subfield\":\"asset_pricing\",\"subfield_secondary\":\"macro_finance\",\"primary_method\":\"reduced_form_regression\",\"identification\":{\"estimand\":\"Cross-sectional risk prices (lambda) on exposures (betas) to multi-quarter capital share growth across portfolio cross-sections\",\"strategy\":\"Two-pass Fama-MacBeth expected return-beta regressions using long-horizon (H-quarter) capital share betas, with horse races against Fama-French and intermediary factors; household-level income-share proxy as an alternative SDF\",\"key_assumptions\":[\"Linearized SDF in capital share growth (and consumption) is an adequate representation\",\"Long-horizon betas capture the relevant risk exposure\",\"Mimicking income-share factor based on capital share proxies top-wealth consumption growth\"],\"threats_addressed\":[\"Explanatory power could reflect aggregate consumption risk rather than capital share risk\",\"Overlap with existing pricing factors (SMB, HML, intermediary factors)\",\"Estimation uncertainty in two-pass regressions, handled via bootstrapped confidence intervals\"],\"causal_language_strength\":2,\"uses_causal_claim\":false},\"abstract_moves\":{\"question\":{\"present\":false,\"sentence_index\":-1},\"gap\":{\"present\":false,\"sentence_index\":-1},\"method\":{\"present\":false,\"sentence_index\":-1},\"results\":{\"present\":true,\"sentence_index\":0},\"magnitude\":{\"present\":false,\"sentence_index\":-1},\"contribution\":{\"present\":true,\"sentence_index\":1}},\"introduction\":{\"moves\":[{\"paragraph_index\":0,\"move\":\"motivation\"},{\"paragraph_index\":0,\"move\":\"preview_of_results\"},{\"paragraph_index\":1,\"move\":\"tension_or_puzzle\"},{\"paragraph_index\":1,\"move\":\"mechanism_or_theory_sketch\"},{\"paragraph_index\":2,\"move\":\"preview_of_approach\"},{\"paragraph_index\":2,\"move\":\"preview_of_results\"},{\"paragraph_index\":3,\"move\":\"related_literature_positioning\"},{\"paragraph_index\":4,\"move\":\"related_literature_positioning\"},{\"paragraph_index\":5,\"move\":\"other\"},{\"paragraph_index\":6,\"move\":\"roadmap\"}],\"contribution_paragraph_index\":2,\"contribution_types\":[\"new_evidence\"],\"roadmap_present\":true,\"literature_positioning_location\":\"inside_introduction\"},\"section_roles\":[{\"idx\":0,\"role\":\"introduction\"},{\"idx\":1,\"role\":\"data\"},{\"idx\":2,\"role\":\"empirical_design\"},{\"idx\":3,\"role\":\"results\"},{\"idx\":4,\"role\":\"conclusion\"}],\"results_presentation\":{\"economic_significance_discussed\":true,\"statistical_significance_language\":\"mixed\",\"magnitude_statements_in_intro\":false},\"robustness\":{\"location\":\"within_results\",\"types\":[\"alternative_specification\",\"alternative_measure\",\"subsample\"]},\"tables\":{\"convention_notes\":\"Risk-price tables share boilerplate notes: estimates scaled by 100, bootstrapped 95% confidence intervals in square brackets, sample period stated, and the cross-sectional regression equation reproduced. 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It then challenges representative-agent pricing using wealth-concentration facts and sketches the redistributive-shock mechanism. Results are previewed via a figure, the paper is positioned against the limited-participation and redistributive-risk literatures, and the authors openly state the factor's failures before giving a roadmap. The body proceeds through data with preliminary distributional evidence, the econometric SDF/beta setup, and a results section of sequential horse races, beta spreads and a household-data SDF. 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The 'other' move in paragraph 5 marks a discussion of the factor's limitations.\"}", "json": {"genre": "empirical", "subfield": "asset_pricing", "subfield_secondary": "macro_finance", "primary_method": "reduced_form_regression", "identification": {"estimand": "Cross-sectional risk prices (lambda) on exposures (betas) to multi-quarter capital share growth across portfolio cross-sections", "strategy": "Two-pass Fama-MacBeth expected return-beta regressions using long-horizon (H-quarter) capital share betas, with horse races against Fama-French and intermediary factors; household-level income-share proxy as an alternative SDF", "key_assumptions": ["Linearized SDF in capital share growth (and consumption) is an adequate representation", "Long-horizon betas capture the relevant risk exposure", "Mimicking income-share factor based on capital share proxies top-wealth consumption growth"], "threats_addressed": ["Explanatory power could reflect aggregate consumption risk rather than capital share risk", "Overlap with existing pricing factors (SMB, HML, intermediary factors)", "Estimation uncertainty in two-pass regressions, handled via bootstrapped confidence intervals"], "causal_language_strength": 2, "uses_causal_claim": false}, "abstract_moves": {"question": {"present": false, "sentence_index": -1}, "gap": {"present": false, "sentence_index": -1}, "method": {"present": false, "sentence_index": -1}, "results": {"present": true, "sentence_index": 0}, "magnitude": {"present": false, "sentence_index": -1}, "contribution": {"present": true, "sentence_index": 1}}, "introduction": {"moves": [{"paragraph_index": 0, "move": "motivation"}, {"paragraph_index": 0, "move": "preview_of_results"}, {"paragraph_index": 1, "move": "tension_or_puzzle"}, {"paragraph_index": 1, "move": "mechanism_or_theory_sketch"}, {"paragraph_index": 2, "move": "preview_of_approach"}, {"paragraph_index": 2, "move": "preview_of_results"}, {"paragraph_index": 3, "move": "related_literature_positioning"}, {"paragraph_index": 4, "move": "related_literature_positioning"}, {"paragraph_index": 5, "move": "other"}, {"paragraph_index": 6, "move": "roadmap"}], "contribution_paragraph_index": 2, "contribution_types": ["new_evidence"], "roadmap_present": true, "literature_positioning_location": "inside_introduction"}, "section_roles": [{"idx": 0, "role": "introduction"}, {"idx": 1, "role": "data"}, {"idx": 2, "role": "empirical_design"}, {"idx": 3, "role": "results"}, {"idx": 4, "role": "conclusion"}], "results_presentation": {"economic_significance_discussed": true, "statistical_significance_language": "mixed", "magnitude_statements_in_intro": false}, "robustness": {"location": "within_results", "types": ["alternative_specification", "alternative_measure", "subsample"]}, "tables": {"convention_notes": "Risk-price tables share boilerplate notes: estimates scaled by 100, bootstrapped 95% confidence intervals in square brackets, sample period stated, and the cross-sectional regression equation reproduced. 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