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This paper aims to establish a framework connecting organizational dynamics to asset pricing, particularly through the Life-Value Reflow Theory.

April 13, 2026Open Access

Life-Value Mispricing and the Term Structure of Correction: A Structural Framework of Organizational Friction

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This paper aims to establish a framework connecting organizational dynamics to asset pricing, particularly through the Life-Value Reflow Theory.
Developed a structural framework based on organizational dynamics and asset pricing.
Defined four indicators extracted from financial statements and organizational data.
Introduced the Discounted Life-Value Reflow model to incorporate an endogenous discount rate.
Identified organizational archetypes and their implications for asset pricing.
Predicted that firms with high structural extraction face short-run overvaluation followed by long-run underperformance.
Generated hypotheses connecting organizational processes to future stock returns.
Deriving a scale-invariant Life-Value Price-to-Earnings ratio for adjusted valuations.

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Empirical framework links organizational dynamics to asset pricing, suggesting implications for stock returns.

guoyong chen (2026) studied this question.

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