Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market

The aim of this paper is to analyse the reaction of the stock prices of competing companies to the signature of a fi rm-level collective agreement. Considering that this type of agreement slants to the rise the wages of these fi rms with respect to those of the sector, we have found empirical eviden...

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Detalles Bibliográficos
Autores: Sabater Marcos, Ana María, Laffarga Briones, Joaquina
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2008
País:España
Institución:Universidad de Sevilla (US)
Repositorio:idUS. Depósito de Investigación de la Universidad de Sevilla
OAI Identifier:oai:idus.us.es:11441/33859
Acceso en línea:http://hdl.handle.net/11441/33859
https://doi.org/10.1080/02102412.2008.10779654
Access Level:acceso abierto
Palabra clave:Efecto Industria
Negociación Colectiva
Rentabilidades Anormales
Competencia
Spillover Effect
Collective Bargaining
Abnormal Returns
Competition
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spelling Spillover effect upon a labor event: an empirical analysis for the Spanish continuous marketEfecto spillover ante un evento laboral, un análisis empírico para el mercado continuo españolSabater Marcos, Ana MaríaLaffarga Briones, JoaquinaEfecto IndustriaNegociación ColectivaRentabilidades AnormalesCompetenciaSpillover EffectCollective BargainingAbnormal ReturnsCompetitionThe aim of this paper is to analyse the reaction of the stock prices of competing companies to the signature of a fi rm-level collective agreement. Considering that this type of agreement slants to the rise the wages of these fi rms with respect to those of the sector, we have found empirical evidence that, for the Spanish Market, a fi rm-level agreement incorporates information that could be negatively considered by the investors of the companies which sign own agreement. This would entail a sale of the affected titles whose price would then fall. This paper analyses whether this event affects the stock price of competing companies, that is, whether a spillover effect exist. The arrival of the new information inherent in the signature of the agreement could have a different effect on competing companies based on the type of competition in their industry. The general results of this paper confi rm the spillover effect, although different reactions are observed depending on the industry to which the company belongs and their level of concentration.El objetivo de este trabajo es analizar el efecto desbordamiento o spillover del Mercado Continuo Español ante la fi rma de un convenio colectivo a nivel empresa. Empíricamente, para el mercado español, se ha demostrado que un convenio de empresa incorpora información negativa para los inversores por el hecho de que este tipo de convenios sesga al alza los salarios respecto a los del sector, lo que conlleva la venta de los títulos afectados y una caída en su precio. Este trabajo analiza si este evento laboral tiene también contenido informativo para los inversores de las empresas competidoras, es decir, si existe efecto spillover. La llegada de la nueva información que contiene la fi rma del convenio podría afectar a las empresas competidoras de distinta forma dependiendo del sector. Los resultados generales de este trabajo confi rman esta hipótesis, si bien se observan reacciones distintas dependiendo del sector al cual pertenezca la empresa y del nivel de concentración de la oferta productiva que posean.Asociación española de contabilidad y administración de empresas (AECA)Contabilidad y Economía Financiera2008info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttp://hdl.handle.net/11441/33859https://doi.org/10.1080/02102412.2008.10779654reponame:idUS. Depósito de Investigación de la Universidad de Sevillainstname:Universidad de Sevilla (US)InglésRevista española de Financiación y contabilidad, XXVII ( 140), 633-664Spillover Effect; Collective Bargaining; Abnormal Returns; Competitioninfo:eu-repo/semantics/openAccessoai:idus.us.es:11441/338592026-06-17T12:51:07Z
dc.title.none.fl_str_mv Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
Efecto spillover ante un evento laboral, un análisis empírico para el mercado continuo español
title Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
spellingShingle Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
Sabater Marcos, Ana María
Efecto Industria
Negociación Colectiva
Rentabilidades Anormales
Competencia
Spillover Effect
Collective Bargaining
Abnormal Returns
Competition
title_short Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
title_full Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
title_fullStr Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
title_full_unstemmed Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
title_sort Spillover effect upon a labor event: an empirical analysis for the Spanish continuous market
dc.creator.none.fl_str_mv Sabater Marcos, Ana María
Laffarga Briones, Joaquina
author Sabater Marcos, Ana María
author_facet Sabater Marcos, Ana María
Laffarga Briones, Joaquina
author_role author
author2 Laffarga Briones, Joaquina
author2_role author
dc.contributor.none.fl_str_mv Contabilidad y Economía Financiera
dc.subject.none.fl_str_mv Efecto Industria
Negociación Colectiva
Rentabilidades Anormales
Competencia
Spillover Effect
Collective Bargaining
Abnormal Returns
Competition
topic Efecto Industria
Negociación Colectiva
Rentabilidades Anormales
Competencia
Spillover Effect
Collective Bargaining
Abnormal Returns
Competition
description The aim of this paper is to analyse the reaction of the stock prices of competing companies to the signature of a fi rm-level collective agreement. Considering that this type of agreement slants to the rise the wages of these fi rms with respect to those of the sector, we have found empirical evidence that, for the Spanish Market, a fi rm-level agreement incorporates information that could be negatively considered by the investors of the companies which sign own agreement. This would entail a sale of the affected titles whose price would then fall. This paper analyses whether this event affects the stock price of competing companies, that is, whether a spillover effect exist. The arrival of the new information inherent in the signature of the agreement could have a different effect on competing companies based on the type of competition in their industry. The general results of this paper confi rm the spillover effect, although different reactions are observed depending on the industry to which the company belongs and their level of concentration.
publishDate 2008
dc.date.none.fl_str_mv 2008
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11441/33859
https://doi.org/10.1080/02102412.2008.10779654
url http://hdl.handle.net/11441/33859
https://doi.org/10.1080/02102412.2008.10779654
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Revista española de Financiación y contabilidad, XXVII ( 140), 633-664
Spillover Effect; Collective Bargaining; Abnormal Returns; Competition
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Asociación española de contabilidad y administración de empresas (AECA)
publisher.none.fl_str_mv Asociación española de contabilidad y administración de empresas (AECA)
dc.source.none.fl_str_mv reponame:idUS. Depósito de Investigación de la Universidad de Sevilla
instname:Universidad de Sevilla (US)
instname_str Universidad de Sevilla (US)
reponame_str idUS. Depósito de Investigación de la Universidad de Sevilla
collection idUS. Depósito de Investigación de la Universidad de Sevilla
repository.name.fl_str_mv
repository.mail.fl_str_mv
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