Journal article
Union Concessions following Asset Sales and Takeovers
Journal of financial and quantitative analysis, Vol.54(1), pp.393-424
02/01/2019
DOI: 10.1017/S0022109018000522
Abstract
We document that the likelihood of asset sales increases with union presence and union wages. Furthermore, acquiring firms gain significant concessions from the incumbent union following asset sales. Finally, the anticipation of union concessions helps explain the excess stock returns around asset sale announcements. We find no comparable effects for takeovers. We conclude that asset sales, but not takeovers, are partially motivated by the potential to extract concessions from unions.
Details
- Title: Subtitle
- Union Concessions following Asset Sales and Takeovers
- Creators
- Erik Lie - Univ Iowa, Tippie Coll Business, Iowa City, IA 52242 USATingting Que - University of Alabama
- Resource Type
- Journal article
- Publication Details
- Journal of financial and quantitative analysis, Vol.54(1), pp.393-424
- Publisher
- Cambridge Univ Press
- DOI
- 10.1017/S0022109018000522
- ISSN
- 0022-1090
- eISSN
- 1756-6916
- Number of pages
- 32
- Language
- English
- Date published
- 02/01/2019
- Academic Unit
- Finance
- Record Identifier
- 9984380542602771
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