Stock market response to the formation of global alliances: evidence from Spanish corporations
Abstract
This paper analyzes the stock market reaction to global alliance formation in the Spanish context. For the purposes of this study, global alliances are those which are established with international partners in order to coordinate actions in several countries, seeking the development of complementary relationships on a global scale. Using a sample of 72 global alliances formed between 1987 and 1997 by Spanish firms listed on the Madrid Stock Exchange, it shows that the Spanish firms gained an average abnormal return of 0.2 percent on the day of the announcement.
Keywords
Citation
Vidal Suárez, M.M. (2002), "Stock market response to the formation of global alliances: evidence from Spanish corporations", European Business Review, Vol. 14 No. 6, pp. 401-408. https://doi.org/10.1108/09555340210448758
Publisher
:MCB UP Ltd
Copyright © 2002, MCB UP Limited