The Effects of the NLRA on Stockholder Wealth in the 1930s
研究了1930年代《国家劳资关系法》的通过如何影响75家高工会化风险企业的股东财富，发现到1937年4月股东财富比无该法时低15.9%。
Whereas most recent research examining the effects of the NLRA on labor-management relations has focused on the impact of specific provisions of the law, this study provides an estimate of the impact of the passage of the NLRA on 75 firms that were at great risk of being unionized in the 1930s. Taking changes in shareholder wealth as a measure of the shift in the balance of power caused by the NLRA, the authors find that the passage of the NLRA caused a statistically and economically significant decline in shareholder wealth for the sampled firms. Specifically, by April 1937, stockholder wealth in the firms was 15.9% lower than would have been expected had the NLRA not been enacted.