Strategic alliances by financial services firms
We examine a sample of strategic alliances made by financial services firms during 1986 to 2003. The market reacts positively to the announcements of alliances and seems to incorporate the information about the value of alliances at the time of alliance announcements. We find no evidence of abnormal...
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| Veröffentlicht in: | Journal of business research 2009-11, Vol.62 (11), p.1193-1199 |
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| container_title | Journal of business research |
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| creator | Marciukaityte, Dalia Roskelley, Kenneth Wang, Hua |
| description | We examine a sample of strategic alliances made by financial services firms during 1986 to 2003. The market reacts positively to the announcements of alliances and seems to incorporate the information about the value of alliances at the time of alliance announcements. We find no evidence of abnormal stock performance after announcements. Our results also suggest that strategic alliances usually are used as a final form of cooperation rather than as a first step towards closer cooperation between firms. For instance, only about 5% of alliances are followed with joint ventures or mergers of partner firms. Nevertheless, strategic alliance firms are more likely to form joint ventures or merge than randomly selected and matched firms. Furthermore, the market reacts more favorably to the alliance announcements by firms that are subsequently acquired by the alliance partners. |
| doi_str_mv | 10.1016/j.jbusres.2008.07.004 |
| format | Article |
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| ispartof | Journal of business research, 2009-11, Vol.62 (11), p.1193-1199 |
| issn | 0148-2963 1873-7978 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Acquisitions Acquisitions & mergers Alliances Business networks Cooperation Financial services Joint ventures Mergers Mergers and acquisitions Strategic alliances Strategic alliances Financial services Joint ventures Mergers and acquisitions Studies |
| title | Strategic alliances by financial services firms |
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