Alianzas estratégicas en el sector bancario español que cotiza en bolsa
AbstractOf the variety of relations established between firms, this paper analyses networking structures and organizations in order to determine whether these new links between firms help to create value for their shareholders. Event methodology is applied to a sample of 467 announcements of strategic alliances in which, at least, one of the firms involved was a bank trading on the Madrid Stock Market during 1996-1999. The results obtained show, firstly, that strategic alliances, on average, increase the value of the bank; secondly, that alliances based on formulae involving capital create more value than those alliances that aren’t. Thirdly, that although the results suggest that domestic alliances, on average create value, there is no evidence to show that international alliances, regardless of how the international variable is defined, alter the value of the announcing bank’s shares.
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Bibliographic InfoArticle provided by Gobierno Vasco / Eusko Jaurlaritza / Basque Government in its journal EKONOMIAZ.
Volume (Year): 68 (2008)
Issue (Month): 02 ()
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Postal: Dpto. de Hacienda y Finanzas, Gobierno Vasco, C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz, Spain
Find related papers by JEL classification:
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
- L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
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