Journal of Financial and Quantitative Analysis, Volume 54, Issue 1, February 2019, Pages 393–424

资产出售后的工会让步和收购

作者：Erik Lie (University of Iowa, USA)

Tingting Que (University of Alabama, USA)

摘要：我们发现资产出售的可能性随着工会的存在和工会工资的提高而增加。此外，并购公司在资产出售后从现有工会获得了重大让步。最后，工会让步的预期有助于解释在资产出售公告前后的超额股票回报。我们发现收购没有类似的效果。我们的结论是，资产出售（而非收购）在一定程度上是受到了工会可能做出让步的推动。

Union Concessions following Asset Sales and Takeovers

Erik Lie (University of Iowa, USA), Tingting Que (University of Alabama, USA)

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.

原文链接:

https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/union-concessions-following-asset-sales-and-takeovers/89AF839AA35CF43C52E02F9D0DF1C27E

翻译：阙江静