Market Microstructure Characteristics around Strategic Alliance Announcements

• Main Authors: Kang-Jin Huang, 黃康晉
• Other Authors: Min-Hsien Chiang
• Format: Others
• Language: en_US
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/57024396288236058177

碩士 === 國立成功大學 === 國際企業研究所碩博士班 === 93 === This　study　analyzes　321　strategic　alliances　formed　during　the　period　2000-2002.　Using　the　event　study　and　cross-sectional　regression　methodologies,　we　empirically　analyze　why　abnormal　return　generates　for　firm　stockholders　around　strategic　alliance　announcements　in　the　view　of　market　microstructure　characteristics.　Consistent　with　our　expectation,　the　abnormal　return　is　caused　by　increasing　inventory　cost　of　spread　because　information　asymmetry　cost　is　mitigated　by　public　strategic　alliance　announcements　during　the　event　period.　The　increase　liquidity　and　different　volatility　of　larger　strategic　partners　and　smaller　strategic　partners　also　confirm　our　hypotheses.　Besides,　for　firms　of　technological　alliances　or　not　and　horizontal　alliances　or　not　have　different　market　microstructure　characteristic　circumstances　during　the　event　period.　Further,　firm　size　and　growth　opportunity　play　critical　roles　in　our　study.　Finally,　this　paper　confirms　previous　studies　about　strategic　alliance　announcements　and　our　study　is　also　the　first　one　to　empirically　investigate　the　market　microstructure　characteristics　around　strategic　alliance　announcements.