Before revision:  As a result, we uncover a new anomaly in asset pricing that is linked to the average employee remuneration: the more a company spends on salaries and benefits per employee, the better its stock performs, on average.
After revision:  As a result, we uncover a new anomaly in asset pricing that is linked to the remuneration: the more a company spends on salaries and benefits per employee, the better its stock performs, on average.