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Stock price reactions to Sino-European joint ventures

  • Meschi, Pierre-Xavier
  • Cheng, Louis T. W.
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    Do European investments in China create shareholders' value? The question is posed, but does not ask for a definite answer. Many factors have to be considered when analyzing the valuation effect of European direct investment in China and its determinants. The aim of this article is to better understand the real impact of the Sino-European joint venture announcements on the stock market value of the European partners. First of all, on the basis of an event study methodology, this article presents empirical observations of the share price reactions in different European stock markets to 68 Sino-European joint venture announcements.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1090951602000718
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    Article provided by Elsevier in its journal Journal of World Business.

    Volume (Year): 37 (2002)
    Issue (Month): 2 (July)
    Pages: 119-126

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    Handle: RePEc:eee:worbus:v:37:y:2002:i:2:p:119-126
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    1. Cheng, Louis T. W. & Fung, Joseph K. W. & Lam, Kin, 1998. "An examination of the determinants of stock price effects of US-Chinese joint venture announcements," International Business Review, Elsevier, vol. 7(2), pages 151-161, April.
    2. Haiyang Chen & Michael Y. Hu & Joseph C. P. Shieh, 1991. "The Wealth Effect of International Joint Ventures: The Case of U.S. Investment in China," Financial Management, Financial Management Association, vol. 20(4), Winter.
    3. Peter J Buckley, 1988. "The Limits of Explanation: Testing the Internalization Theory of the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan, vol. 19(2), pages 181-193, June.
    4. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    5. Gupta, Atul, et al, 1991. "Gains from Corporate Multinationalism: Evidence from the China Experience," The Financial Review, Eastern Finance Association, vol. 26(3), pages 387-407, August.
    6. Doukas, John & Travlos, Nickolaos G, 1988. " The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions," Journal of Finance, American Finance Association, vol. 43(5), pages 1161-75, December.
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