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La revelación voluntaria en las compañías españolas cotizadas en Bolsa

Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 74, 1993, pags. 53-70
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    ABSTRACT: The aim of this paper is to analyse the disclosure activity in press around a labor event, for the companies quoted on Spanish continuous market and the reaction of stock prices of those firms affected by such events. The previous period to the signature of a firm level collective agreement offers potentially strong incentives for the firm its disclosure policy in the previous year to the signature. If the disclosure policy can increase the returns of the firm via a, reduction of asymmetric information or to hyping the stock price, this may result in a lower cost of capital. However the company can have incentives to change the opinion of the union about the solvency and futures cash flows of the firm, in such a form that the increase agreed in the wages is the minor possible. Therefore, the disclosure policy confronts a conflict of objectives. On the one hand, the desire to influence on the market with an aggressive policy of disclosure of good news, reducing the negative effect that the signature has on the market. On the other hand, the desire of the agreement being the most favourable for the firm. Our results provide evidence both directions. El objetivo de este trabajo es analizar la actividad de divulgaci�n en prensa escrita alrededor de un evento laboral y los movimientos del precio de los t�tulos afectados por el evento, de las empresas cotizadas en el mercado continuo espa�ol. El periodo anterior a la firma de un convenio de empresa ofrece incentivos potencialmente fuertes para cambiar la pol�tica de divulgaci�n de una compa��a. Si la pol�tica de divulgaci�n puede aumentar la rentabilidad de la firma, bien por reducci�n de la asimetr�a informativa o por promocionar la acci�n, �sta disfrutar� de un coste de capital menor. Pero tambi�n la empresa puede tener incentivos para cambiar la opini�n del sindicato acerca de la solvencia y futuros flujos de caja de la empresa, de tal forma que, el incremento pactado en los salarios sea lo menor posibl
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