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| Author: | Abowd, J. M. |
| Title: | The effect of wage bargains on the stock market value of the firm. |
| Journal: | American Economic Review
1989 : SEP, VOL. 79:4, p. 774-800 |
| Index terms: | SHARE VALUATION COLLECTIVE BARGAINING |
| Language: | eng |
| Abstract: | Three questions are considered: 1. Are unexpected changes in union labor costs related to unexpected changes in the market value of the common stock of the employer firm? 2. Can one conclude anything about the efficiency of resource allocation decisions in unionized firms from the estimated relation between unexpected changes in union labor costs and unexpected in changes in common stock values? 3. Can one conclude anything about the efficiency of the contracting environment between the union and the firm from the estimated relation between labor costs and common stock values? The empirical findings from data from a variety of sources are described and analyzed. Implications for managerial decisions are provided. |
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