Ana María Sabater () (Universidad de Alicante) Joaquina Laffarga (Universidad de Sevilla)
Abstract
The aim of this paper is to analyse the reaction of the stock prices of competing companies to the signature of a firm-level collective agreement. Considering that this type of agreement slants to the rise the wages of these firms with respect to those of the sector, we have found empirical evidence that, for the Spanish Market, a firm-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 labour event affects the stock price of competing companies, that is to say, whether a spillover effect exist. The arrival of the new information inherent in the signature of the agreement could differently affect competing companies based on the type of agreement they have in that moment: either a sectorial or a firm level one. The general results of this paper confirm the spillover effect, although different reactions are observed depending on the sector to which the company belongs, on its structure of negotiation and on the type of agreement they have. El objetivo de este trabajo es analizar el efecto desbordamiento o spillover del mercado continuo español ante la firma de un convenio colectivo a nivel empresa. Teniendo en cuenta que este tipo de convenios sesga al alza los salarios respecto a los del sector, empíricamente para el mercado español se ha demostrado que un convenio de empresa incorpora información que podría considerarse de forma negativa por los inversores de las empresas que firman convenio propio, lo que conlleva la venta de los títulos afectados y una caída en su precio. Este trabajo analiza si este evento laboral afecta al precio de las acciones de las empresas competidoras, es decir, si existe efecto spillover. La llegada de la nueva información que contiene la firma del convenio, podría afectar de distinta forma a las empresas competidoras en función del tipo de convenio que posean en ese momento, sectorial o empresarial. Los resultados generales de este trabajo confirman esta hipótesis, si bien se observan reacciones distintas dependiendo del sector al cual pertenezca la empresa, de su estructura de negociación y del tipo de convenio que posean.
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number
2005-02.