{"title":"激进对冲基金与工会之争","authors":"Xu Niu","doi":"10.1016/j.jempfin.2024.101502","DOIUrl":null,"url":null,"abstract":"<div><p>Activist hedge funds are more likely to target unionized firms. When they do, the short-term stock performance is higher, especially when the hedge funds’ targeting strategy is hostile. Employees and labor organizations at target firms tend to oppose activist hedge funds. Firms are more likely to unionize after being targeted by hedge funds, and employee satisfaction deteriorates at target firms. Moreover, unionized firms are more likely to strike after being targeted, and those strikes in opposition to hedge fund intervention are more severe and more detrimental to the firms. This paper further explores potential costs and harmful consequences to the firm value due to the tension between activist hedge funds and labor unions. After being targeted, unionized firms tend to have lower profitability, weakened corporate governance, exposure to a higher degree of competitive and product market threats, and a higher crash risk in stock prices.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":"78 ","pages":"Article 101502"},"PeriodicalIF":2.1000,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The battle between activist hedge funds and labor unions\",\"authors\":\"Xu Niu\",\"doi\":\"10.1016/j.jempfin.2024.101502\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Activist hedge funds are more likely to target unionized firms. When they do, the short-term stock performance is higher, especially when the hedge funds’ targeting strategy is hostile. Employees and labor organizations at target firms tend to oppose activist hedge funds. Firms are more likely to unionize after being targeted by hedge funds, and employee satisfaction deteriorates at target firms. Moreover, unionized firms are more likely to strike after being targeted, and those strikes in opposition to hedge fund intervention are more severe and more detrimental to the firms. This paper further explores potential costs and harmful consequences to the firm value due to the tension between activist hedge funds and labor unions. After being targeted, unionized firms tend to have lower profitability, weakened corporate governance, exposure to a higher degree of competitive and product market threats, and a higher crash risk in stock prices.</p></div>\",\"PeriodicalId\":15704,\"journal\":{\"name\":\"Journal of Empirical Finance\",\"volume\":\"78 \",\"pages\":\"Article 101502\"},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2024-05-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Empirical Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927539824000379\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Empirical Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927539824000379","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The battle between activist hedge funds and labor unions
Activist hedge funds are more likely to target unionized firms. When they do, the short-term stock performance is higher, especially when the hedge funds’ targeting strategy is hostile. Employees and labor organizations at target firms tend to oppose activist hedge funds. Firms are more likely to unionize after being targeted by hedge funds, and employee satisfaction deteriorates at target firms. Moreover, unionized firms are more likely to strike after being targeted, and those strikes in opposition to hedge fund intervention are more severe and more detrimental to the firms. This paper further explores potential costs and harmful consequences to the firm value due to the tension between activist hedge funds and labor unions. After being targeted, unionized firms tend to have lower profitability, weakened corporate governance, exposure to a higher degree of competitive and product market threats, and a higher crash risk in stock prices.
期刊介绍:
The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.