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The Wealth Effect of Japanese-US Strategic Alliances

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  • Shao-Chi Chang
  • Sheng-Syan Chen
  • Jung-Ho Lai

Abstract

"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." Copyright (c) 2008 Financial Management Association International..

Suggested Citation

  • Shao-Chi Chang & Sheng-Syan Chen & Jung-Ho Lai, 2008. "The Wealth Effect of Japanese-US Strategic Alliances," Financial Management, Financial Management Association International, vol. 37(2), pages 271-301, June.
  • Handle: RePEc:bla:finmgt:v:37:y:2008:i:2:p:271-301
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    Cited by:

    1. Fang, Yiwei & Francis, Bill & Hasan, Iftekhar & Wang, Haizhi, 2012. "Product market relationships and cost of bank loans: Evidence from strategic alliances," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 653-674.
    2. Amici, Alessandra & Fiordelisi, Franco & Masala, Francesco & Ricci, Ornella & Sist, Federica, 2013. "Value creation in banking through strategic alliances and joint ventures," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1386-1396.
    3. Owen, Sian & Yawson, Alfred, 2015. "R&D intensity, cross-border strategic alliances, and valuation effects," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 35(C), pages 1-17.
    4. repec:eee:reveco:v:49:y:2017:i:c:p:515-535 is not listed on IDEAS

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