The wealth effect of Japanese-US strategic alliances

Shao Chi Chang, Sheng Syan Chen, Jung Ho Lai

研究成果: Article同行評審

18 引文 斯高帕斯(Scopus)

摘要

We investigate the wealth impact for Japanese and US firms that announce nonequity strategic alliances. We find that on average, both Japanese and US shareholders benefit from the formation of international alliances. We also find that shareholders earn larger abnormal returns in these alliances when the partnering firms are relatively small in size, have higher growth opportunities, or are less profitable. We show that both Japanese and US partnering firms display significant improvements in operating performance over the three-year period subsequent to the formation of international alliances.

原文English
頁(從 - 到)271-301
頁數31
期刊Financial Management
37
發行號2
DOIs
出版狀態Published - 2008 六月

All Science Journal Classification (ASJC) codes

  • 會計
  • 金融
  • 經濟學與計量經濟學

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