The Capital Market Response to Wage Negotiations in the Airlines

Steven L. Thomas · Dennis T. Officer · Nancy Brown Johnson

6 citations0/0 files storedIndustrial Relations A Journal of Economy and Society

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Labor Movements and Unions Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

This paper examines the effect of the announcement of various types of airline wage concessions on stock market value. Our results show that capital markets respond positively to wage cuts but not significantly to wage freezes or two‐tier settlements. However, a significant intraindustry spillover effect from two‐tier agreements was found that suggests that concessions by one carrier decreases the value of the remaining carriers. The results also vary by craft, indicating that labor market and institutional characteristics influence market response.

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1965Inequity In Social Exchange 1985Using daily stock returns 1991Efficient Capital Markets: II 1991ORGANIZATIONAL INFORMATION PROCESSING, COMPETITIVE RESPONSES, AND PERFORMANCE IN THE U.S. DOMESTIC AIRLINE INDUSTRY.1985Partially anticipated events: A model of stock price reactions with an application to corporate acquisitions 1987Human resources and the performance of the firm 1985Competitive Pressures and Labor Relations in the Airline Industry 1987Concession Bargaining: The Impact on Shareholders' Equity

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