Data for: Labor-Technology Substitution: Implications for Asset Pricing

This data provide the share of routine-task labor (iRShare) at the detailed SIC 3-digit (before 2002) and NAICS 4-digit (after 2002) industry level during 1990-2018. The measure is constructed following the methodology in Zhang (2019) but using the publicly available Occupational Employment Statistic data provided by the Bureau of Labor Statistics. Some features of iRShare are:

1. iRShare features a time-varying definition of routine-task labor, and hence it accounts for occupations that changed from not been replaceable by technology in early years to been replaceable in later years as technology progresses.

2. iRShare can be easily matched to the Compustat firms and CRSP stocks.

3. iRShare is updated yearly during 1990-2018.

A note on the construction of iRShare and using iRShare to replicate two key findings in Zhang (2019) regarding the cross-section of firm risks and firm investment in technology over the business cycle is available in www.MiaoBenZhang.com.

本数据集提供了1990年至2018年间，按详细的三位SIC（2002年之前）和四位NAICS（2002年之后）行业分类，常规任务劳动力（iRShare）在行业层面的占比。该指标构建遵循了张（2019年）的方法论，但使用了劳工统计局提供的公开职业就业统计数据。iRShare的一些特点如下：

1. iRShare具有随时间变化的常规任务劳动力的定义，因此它考虑了那些在早期由于技术发展而不可替代的职业，在技术进步后变得可替代的职业。

2. iRShare可以轻松匹配至Compustat公司和CRSP股票。

3. iRShare在1990年至2018年期间每年更新一次。

关于iRShare的构建以及使用iRShare复制张（2019年）关于企业风险横截面和企业投资周期在技术周期中的两个关键发现的相关说明，可访问www.MiaoBenZhang.com。