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 …

information" derived from Easley and O'Hara's (1992) microstructure model. This paper revisits the role of time in measuring the … et al.'s (1997) model to account for time varying trading intensities. Our results confirm predictions from strategic …