Union-Firm Bargaining and the Influence of Product Market Power and Production Technology on Systematic Risk
通过模型研究CAPM贝塔与企业微观决策的关系，发现工会谈判会强化产品市场力量和劳动资本比对贝塔的影响，且关系复杂取决于谈判范围。对比利时企业面板数据的分析证实，估计贝塔决定因素时必须控制工会化。
The relationship between the CAPM firm beta and the firm's microeconomic decisions is studied by a model under uncertainty, which combines the feature of an ex ante “inputs substituable” production technology and the existence of a union which bargains over various economic dimensions of the firm. It is shown that the earlier findings of a relationship between the firm beta, the firm product market power, and the labor-capital ratio may be reinforced through the indirect channel of labor market bargaining, but the relationship becomes more complex, and heavily depends on the scope of the union-firm bargaining process. This yields the empirical prediction, confirmed for a panel of Belgian firms, that any proper estimation of the determinants of firm beta, must control for firms in the sample being unionized.