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from management. This paper investigates whether labor unions use proposals opportunistically to influence contract … negotiations. Our empirical strategy relies on the observation that proposals have higher bargaining-chip value in contract … expiration years, when a new contract must be negotiated. We find that in contract expiration years compared to nonexpiration …
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We present new evidence on debt covenant violation (DCV) consequences that have not previously been examined in the literature. In particular, we show that a DCV triggers significant information asymmetry and uncertainty on the part of shareholders and auditors as reflected in higher bid-ask...
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