<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2012000100195</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Los convenios colectivos y la cotización a corto plazo de las empresas en la bolsa española]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez Hita]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sabater Marcos]]></surname>
<given-names><![CDATA[Ana María]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitas Miguel Hernández Departamento de Estudios Económicos y Financieros ]]></institution>
<addr-line><![CDATA[Elche ]]></addr-line>
<country>España</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2012</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2012</year>
</pub-date>
<volume>79</volume>
<numero>313</numero>
<fpage>195</fpage>
<lpage>225</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2012000100195&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2012000100195&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2012000100195&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo del artículo es observar la influencia de un convenio colectivo de empresa en la evolución de la cotización bursátil de la empresa afectada. Primero, presentamos un modelo teórico que analiza el efecto del acuerdo en la cotización bursátil de la empresa afectada. En el supuesto de que los inversionistas tienen aversión al riesgo la firma del convenio crea incentivos para reducir el volumen de títulos de la empresa afectada, con lo que se evitan pérdidas potenciales. Nuestra hipótesis es que la firma del acuerdo tiende a incrementar los salarios por encima del valor de la productividad marginal de la mano de obra, entonces los inversionistas tienen una expectativa de descensos de valor anormales en las acciones de la empresa afectada. En segundo lugar, utilizamos la técnica de estudios de eventos (Event Study) para realizar un estudio empírico con datos del mercado continuo español. Finalmente, cuantificamos los rendimientos y volúmenes negociados en el día que se da a conocer el acuerdo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[convenio colectivo]]></kwd>
<kwd lng="es"><![CDATA[rendimientos anormales]]></kwd>
<kwd lng="es"><![CDATA[volúmenes anormales]]></kwd>
<kwd lng="es"><![CDATA[volatilidad]]></kwd>
</kwd-group>
</article-meta>
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