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Los convenios colectivos y la cotización a corto plazo de las empresas en la bolsa española


  • Gutiérrez, Carlos

    (Universitas Miguel Hernández, Elche, España)

  • Sabater, Ana María

    (Universitas Miguel Hernández, Elche, España)


The paper seeks to observe how a firm-level collective agreement influences the evolution of firm’s stock price. We first motivate the discussion by presenting a theoretic model that analyses the trade-off between a firm-level collective bargaining and the stock price of the firm. Under the assumption of risk averter investors, the model predicts that firm-level collective bargaining creates incentives to reduce the firm’s portfolio by investors to avoid potential losses. Our hypothesis is that collective agreements at firm-level tend to increase wages above the value of the labour marginal productivity. As this negative information is incorporated by investors, they expect abnormal negative returns. Second, we use the event-study approach in order to performance an empirical study with data from the Spanish Stock Market. Finally, we measure abnormal returns and abnormal volume when collective agreement information reaches the market.// El objetivo del artículo es observar la influencia de un convenio colectivo de empresa en la evolución de la cotización bursátil de la empresa afectada. Primero, presentamos un modelo teórico que analiza el efecto del acuerdo en la cotización bursátil de la empresa afectada. En el supuesto de que los inversionistas tienen aversión al riesgo la firma del convenio crea incentivos para reducir el volumen de títulos de la empresa afectada, con lo que se evitan pérdidas potenciales. Nuestra hipótesis es que la firma del acuerdo tiende a incrementar los salarios por encima del valor de la productividad marginal de la mano de obra, entonces los inversionistas tienen una expectativa de descensos de valor anormales en las acciones de la empresa afectada. En segundo lugar, utilizamos la técnica de estudios de eventos (Event Study) para realizar un estudio empírico con datos del mercado continuo español. Finalmente, cuantificamos los rendimientos y volúmenes negociados en el día que se da a conocer el acuerdo.

Suggested Citation

  • Gutiérrez, Carlos & Sabater, Ana María, 2012. "Los convenios colectivos y la cotización a corto plazo de las empresas en la bolsa española," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(313), pages 195-225, enero-mar.
  • Handle: RePEc:elt:journl:v:79:y:2012:i:313:p:195-225

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    Convenio colectivo; rendimientos anormales; volúmenes anormales; volatilidad.;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects


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