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The market impact of corporate alliance announcements: value-weighted versus equally weighted portfolio returns

Bruce Burton ()

Applied Financial Economics Letters, 2007, vol. 3, issue 1, 67-70

Abstract: Several recent studies document significant share returns at the time when strategic alliances are announced to the stock market. However, the earlier evidence is focused on equally weighted portfolio returns and/or individual partner returns. A value-weighted portfolio approach is used here to demonstrate that the overall market impact of alliance disclosures is limited, reflecting the fact that the large returns tend to be concentrated in the smaller partner.

Date: 2007
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Handle: RePEc:taf:apfelt:v:3:y:2007:i:1:p:67-70