Resumen

GUTIERREZ HITA, Carlos  y  SABATER MARCOS, Ana María. Los convenios colectivos y la cotización a corto plazo de las empresas en la bolsa española. El trimestre econ [online]. 2012, vol.79, n.313, pp.195-225. ISSN 2448-718X.

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.

Palabras llave : convenio colectivo; rendimientos anormales; volúmenes anormales; volatilidad.