Volatility-Based Effects on Shareholder Value : Alliance Activity in The Computing Industry  

Oleh:

Arend, Richard J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: JOM: Journal of Management vol. 30 no. 4 (2004), page 487-508.
Topik: Shareholder; volatility-based effects; shareholder value; alliance activity; computing industry
Fulltext: 487.pdf (157.91KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ92.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We use an event - study analysis to understand how alliance activity affects firm risk. The risk measure is the implied volatility of a firm’s stock price and the events are alliance announcements to the market. We build on the previous event - studies in the alliance literature that focus on the change in shareholder value by taking the first step in delineating what part of that value arises from the changes in the firm’s risk. The analysis reveals that a number of factors within a firm’s control can be used to manipulate risk exposure in an alliance, including the similarity of the firm’s and the alliance’s core activities, the governance form of the alliance, and the function of the alliance.

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