The effect of strikes on shareholder returns |
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Authors: | Charles R Greer Stanley A Martin Ted A Reusser |
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Institution: | (1) Oklahoma State University, USA;(2) University of Wyoming, USA |
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Abstract: | Relationships between labor disputes and shareholder wealth are examined through analysis of 91 strikes between 1951 and 1973.
Stock market reactions to strikes of different durations are analyzed through a market model methodology. Different market
adjustments are found for short, intermediate, and long duration strikes. Shareholder returns prior to strikes are below market
returns for firms in the short strike category, approximately equal to the market returns for firms in the short strike category,
approximately equal to the market for firms in the intermediate strike duration category, and above the market for firms in
the long strike category. After strikes, shareholder returns decline for firms in the short and long strike duration categories. |
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