The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.

Empirical evidence for Spanish Stock Market shows that labour events, like a firm level collective agreement, have informative content for the market due to the loss of wealth that it implies for the investor. Labour Reforms which Spain experienced between the years 2010 and 2012 have allowed the je...

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Autores principales:	Ana M Sabater Marcos, Teresa Duarte Atoche, Joaquina Laffarga Briones
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/da9aaed71f2c488db51ec3219a0791ee
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id	oai:doaj.org-article:da9aaed71f2c488db51ec3219a0791ee
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spelling	oai:doaj.org-article:da9aaed71f2c488db51ec3219a0791ee2021-12-02T20:17:17ZThe influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.1932-620310.1371/journal.pone.0258004https://doaj.org/article/da9aaed71f2c488db51ec3219a0791ee2021-01-01T00:00:00Zhttps://doi.org/10.1371/journal.pone.0258004https://doaj.org/toc/1932-6203Empirical evidence for Spanish Stock Market shows that labour events, like a firm level collective agreement, have informative content for the market due to the loss of wealth that it implies for the investor. Labour Reforms which Spain experienced between the years 2010 and 2012 have allowed the jeopardising of employment and the destruction of jobs, substituting one well paid by another of lower cost for the firm, the cost of dismissal, or the proposals of substituting payoffs by the so-called Austrian backpack, and the elimination of the distinction between temporary and permanent contracts. These Labour Reforms affect many of the accounting and financial variables, which are the subject of analysis and follow-up by investors and analysts, next to the idiosyncrasy of the Open Shop System that is followed in Spain, the present article means to explore the effect on Madrid Stock Market. Our results, applying analysis techniques with decision trees where we control the effect of the economic crisis on the market reaction, show that the Labour Reforms of 2010 to 2012 are incorporated as negative, or positive, information when the investor perceives a possible decrease, or increase, in its future cash flows.Ana M Sabater MarcosTeresa Duarte AtocheJoaquina Laffarga BrionesPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 10, p e0258004 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Ana M Sabater Marcos Teresa Duarte Atoche Joaquina Laffarga Briones The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
description	Empirical evidence for Spanish Stock Market shows that labour events, like a firm level collective agreement, have informative content for the market due to the loss of wealth that it implies for the investor. Labour Reforms which Spain experienced between the years 2010 and 2012 have allowed the jeopardising of employment and the destruction of jobs, substituting one well paid by another of lower cost for the firm, the cost of dismissal, or the proposals of substituting payoffs by the so-called Austrian backpack, and the elimination of the distinction between temporary and permanent contracts. These Labour Reforms affect many of the accounting and financial variables, which are the subject of analysis and follow-up by investors and analysts, next to the idiosyncrasy of the Open Shop System that is followed in Spain, the present article means to explore the effect on Madrid Stock Market. Our results, applying analysis techniques with decision trees where we control the effect of the economic crisis on the market reaction, show that the Labour Reforms of 2010 to 2012 are incorporated as negative, or positive, information when the investor perceives a possible decrease, or increase, in its future cash flows.
format	article
author	Ana M Sabater Marcos Teresa Duarte Atoche Joaquina Laffarga Briones
author_facet	Ana M Sabater Marcos Teresa Duarte Atoche Joaquina Laffarga Briones
author_sort	Ana M Sabater Marcos
title	The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
title_short	The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
title_full	The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
title_fullStr	The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
title_full_unstemmed	The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.
title_sort	influence that spanish labour reform represents on madrid stock market: an empirical analysis.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/da9aaed71f2c488db51ec3219a0791ee
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The influence that Spanish Labour Reform represents on Madrid Stock Market: An empirical analysis.

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