Dataset Information

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

ABSTRACT: 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.

SUBMITTER: Sabater Marcos AM

PROVIDER: S-EPMC8494317 | biostudies-literature | 2021

REPOSITORIES: biostudies-literature

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

Sabater Marcos Ana M AM Duarte Atoche Teresa T Laffarga Briones Joaquina J

PloS one 20211006 10

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 ...[more]

PMID: 34614015

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Project description:In 2020, Covid-19 led to global policy statements promoting bans and reforms to wet markets in Asia and Africa to prevent future pandemics. We conducted a comparative, exploratory qualitative study in 2021 in three countries (Kenya, Vietnam and the Philippines) to understand the social and political dimensions to biosecurity reform at wet markets. This included 60 key informant interviews and rapid ethnographic research in 15 markets, as well as a review of policy documents and online media articles. We found no evidence that the rhetoric of pandemic spillover that emerged in 2020 had any influence on policy or reform efforts apart from those related to Covid-19 infection control. Rather, we identified three main narratives that frame the problem of biosecurity and preferences for reform. The first, a human health narrative, questioned global framings about pandemic risk, viewed markets as sources for food security rather than disease, emphasized the need to strengthen the control of endemic diseases, and conceptualized health through the lens of 'freshness' rather than biomedical categories. A second modernization narrative approached biosecurity as part of a broader process of socio-economic development that emphasized infrastructural gaps, spatial arrangements, cleanliness and a conflict between reform and economic interests. A third narrative centered on local livelihoods and the tension between local market stakeholders and biosecurity and modernization efforts. This final narrative called into question the appropriateness of certain regulations and policies, including bans and closures, emphasized the importance of preserving cultural heritage and highlighted the need for collective political action to resist certain veterinary policies. In conclusion, wet market biosecurity strategies occur in the context of three contrasting narratives that emphasize different aspects of health and risk, and reflect different worldviews and interests. Within this context, there is a need for local government to strengthen market management and biosecurity in ways that enhance the agency of market stakeholders and strengthen local livelihoods and food security as part of a pluralistic and democratic politics.

Dataset Information

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

Publications

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

Similar Datasets

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