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The impact of technological alliances on the information set: Evidence from the Spanish stock exchange

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This paper examines the impact of announcements of technological alliances on the Spanish stock market using the event study methodology and including robust tests that allow heteroskedasticity across firms and over time. The paper is extended to analyse abnormal returns, the volatility, the trading volume and the liquidity surrounding the alliance announcement. The results confirm that although effects on prices are not important, the information flow surrounding the event is enough to move the return volatility and the trading volume. The uncertainty associated with the results of the alliance and the lack of collaborative culture in Spain could produce these reactions when the announcement is released.Journal of Asset Management (2002) 3, 266–278; doi:10.1057/palgrave.jam.2240080
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Document Type: Research Article

Affiliations: 1: 1Assistant Professor of Business Administration at the Public University of Navarra, Spain 2: 2Professor of Financial Economics at the Public University of Navarra, Spain 3: 3Departamento de Gestión de Empresas, Universidad Püblica de Navarra. Campus de Arrosadía s/n., 31006, Pamplona, Spain, Tel: +34 948169389, Fax: +34 948169404, Email: [email protected]

Publication date: 2002-12-01

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