haku: @author Sen, P. K. / yhteensä: 3
viite: 3 / 3
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| Tekijä: | Das, S. Sen, P. K. Sengupta, S. |
| Otsikko: | Impact of strategic alliance on firm valuation. |
| Lehti: | Academy of Management Journal
1998 : FEB, VOL 41:1, p. 27-41 |
| Asiasana: | ALLIANCES JOINT BUSINESS VENTURES SHARE PRICES REGRESSION ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | This study analyzed 119 strategic alliances formed during the period 1987-91. Using the event study methodology, it was found that announcements of technological alliances enjoyed greater abnormal returns in the stock market than marketing alliance announcements. Consistent with expectations, abnormal returns were negatively correlated with firm profitability and size, indicating that investors perceived more profitable, larger firms as capturing less of the gain generated in alliances. The smaller partners in technological alliances appeared to benefit the most. Investor uncertainty increased following alliance announcements for marketing alliances but not technological alliances. |
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