Union Concessions following Asset Sales and Takeovers
研究发现工会存在和工资水平越高，企业越可能出售资产；资产出售后收购方从工会获得显著让步，且预期让步有助于解释公告前后的超额股票收益，而收购无此效果。
We document that the likelihood of asset sales increases with union presence and union wages. Furthermore, acquiring firms gain significant concessions from the incumbent union following asset sales. Finally, the anticipation of union concessions helps explain the excess stock returns around asset sale announcements. We find no comparable effects for takeovers. We conclude that asset sales, but not takeovers, are partially motivated by the potential to extract concessions from unions.