Skip to main content

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

Buy Article:

$43.00 plus tax (Refund Policy)

Abstract:

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

Document Type: Research Article

DOI: https://doi.org/10.1057/palgrave.jam.2240080

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: rafael@unavarra.es

Publication date: 2002-12-01

  • Access Key
  • Free content
  • Partial Free content
  • New content
  • Open access content
  • Partial Open access content
  • Subscribed content
  • Partial Subscribed content
  • Free trial content
Cookie Policy
X
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more