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1{2 "validation_errors": [3  "no json"4 ],5 "doc_id": "jof_12504",6 "ontology_version": "1.0",7 "prompt_version": "1.0",8 "model": "claude-opus-5-5",9 "effort": "medium",10 "annotated_at": "2026-11-03T22:58:59+00:00",11 "source_sha256": "52d5b46ca492ea351913566bc1147928b95420efc304b364cee587e47e003f1e",12 "parser": "pymupdf-jof-heuristics-1.3",13 "payload_chars": 26051,14 "usage": {15  "input": 8938,16  "output": 2405,17  "cache_read": 3968,18  "cache_write": 019 },20 "cost_usd": 0.084646,21 "request_id": "req_011Cggpi1Y7G1FaQpkW64PC5",22 "annotation": null,23 "deterministic_checks": {24  "roadmap_regex": true,25  "contribution_regex_in_intro": true,26  "magnitude_in_abstract": true,27  "abstract_n_sentences": 5,28  "intro_n_paragraphs": 11,29  "intro_n_words": 1440,30  "causal_words_in_abstract": 0,31  "hedge_words_in_abstract": 0,32  "stars_mentioned": false,33  "clustered_se_mentioned": false,34  "internet_appendix_mentioned": true,35  "section_roles_rule": {36   "0": "introduction",37   "1": "results",38   "2": "other",39   "3": "theory",40   "4": "results",41   "5": "theory",42   "6": "conclusion",43   "7": "appendix",44   "8": "appendix",45   "9": "appendix"46  }47 },48 "schema_valid": false,49 "code_version": "feb6c9e-dirty",50 "raw_text": "{\"genre\":\"mixed_theory_empirical\",\"subfield\":\"asset_pricing\",\"subfield_secondary\":\"macro_finance (labor search frictions, production-based asset pricing)\",\"primary_method\":\"calibration_simulation\",\"identification\":{\"estimand\":\"Cross-sectional return premium associated with firm stock-return loadings on changes in aggregate labor market tightness, interpreted as compensation for exposure to matching efficiency shocks\",\"strategy\":\"Rolling firm-level regressions estimate loadings on log changes in labor market tightness, controlling for the market. These feed portfolio sorts and Fama-MacBeth regressions with factor-model alphas. A calibrated partial-equilibrium search model is then used to interpret the premium.\",\"key_assumptions\":[\"Loadings on labor market tightness proxy for exposure to priced matching efficiency shocks\",\"Exogenous pricing kernel with both productivity and matching efficiency shocks priced\",\"Positive matching efficiency shocks raise discount rates\",\"Approximate aggregation via equilibrium forecasting rules\"],\"threats_addressed\":[\"Explanation by standard factor models (four-factor alphas)\",\"Overlap with known characteristics such as size, value, momentum, hiring rate, investment and asset growth\",\"Alternative portfolio formation timing\",\"Alternative calibrations shutting down priced shocks\"],\"causal_language_strength\":3,\"uses_causal_claim\":true},\"abstract_moves\":{\"question\":{\"present\":true,\"sentence_index\":0},\"gap\":{\"present\":false,\"sentence_index\":-1},\"method\":{\"present\":true,\"sentence_index\":2},\"results\":{\"present\":true,\"sentence_index\":1},\"magnitude\":{\"present\":true,\"sentence_index\":1},\"contribution\":{\"present\":true,\"sentence_index\":0}},\"introduction\":{\"moves\":[{\"paragraph_index\":0,\"move\":\"motivation\"},{\"paragraph_index\":1,\"move\":\"contribution_statement\"},{\"paragraph_index\":1,\"move\":\"preview_of_approach\"},{\"paragraph_index\":1,\"move\":\"preview_of_results\"},{\"paragraph_index\":2,\"move\":\"preview_of_approach\"},{\"paragraph_index\":3,\"move\":\"mechanism_or_th"51}
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