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| Author: | Bayona, C. Corredor, P. Santamaria, R. |
| Title: | The impact of technological alliances on the information set: Evidence from the Spanish stock exchange |
| Journal: | Journal of Asset Management
2002 : DEC, VOL. 3:3, p. 266-278 |
| Index terms: | ALLIANCES TECHNOLOGY SHARE PRICES TRADING VOLUMES LIQUIDITY |
| Language: | eng |
| Abstract: | This paper examines the impact of announcements of technological alliances on the Spanish stock market using the event study methodology and including robust tests that allow heteroskedasticity across firms and over time. The paper is extended to analyse abnormal returns, the volatility, the trading volume and the liquidity surrounding the alliance announcement. The results confirm that although effects on prices are not important, the information flow surrounding the event is enough to move the return volatility and the trading volume. The uncertainty associated with the results of the alliance and the lack of collaborative culture in Spain could produce these reactions when the announcement is released. The paper provides a substantial list of references on this subject. |
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