The Wealth Effect of Japanese-U.S. Strategic Alliances
2006/09/05
研討會日期 : 2006-09-05
時間 : 15:00
主講人 : Prof. Sheng-Syan Chen
地點 : B棟110會議室
演講者簡介 : Prof. Sheng-Syan Chen 為紐約州立大學水牛城分校財務金融博士（1995）。
現為台灣大學財務金融系教授。
其主要研究領域為Corporate Finance、Investments及Futures 。
演講摘要 : This study investigates the wealth impact for Japanese and U.S. firms that announce non-equity strategic alliances. We find that, on average, both Japanese and U.S. shareholders benefit from the formation of international alliances. We also show that shareholder gains in these alliances are significantly larger for the partnering firms with a relatively small size, higher growth opportunities, or less profitability. Finally, we document that both Japanese and U.S. partnering firms display significant improvements in operating performance over the three-year period subsequent to the formation of international alliances.
