Do Union Wealth Concessions Explain Takeover Premiums? The Evidence on Contract Wages
I estimate changes in levels of union real wage growrh associated with
corporate takeovers and accompanying chief executive officer changes. Ihe
effects are statistically insignificant. The results are used to construct
union wealth changes assotiated with corporate control events. Target fire
shareholder wealth premiums are estimated using a simple market model. The
union and shareholder wealth changes are compared, and I conclude that
transfers of wealth from unions to shareholders ate not an economically
significant explanation of shareholder wealth premiums.
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