How Unions Affect Shareholder Wealth in Firms Announcing Layoffs
We investigate whether investor anticipation of future performance differs between union and nonunion firms following corporate layoff announcements. Using event-study methodology and multivariate regression analysis, we find that the stock market reaction to layoff announcements is negatively related to nonunion firms and positively related to union firms.
Volume (Year): 25 (2004)
Issue (Month): 3 (July)
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