The impact of technological alliances on the information set: Evidence from the Spanish stock exchange
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Cristina Bayona received her PhD in Business Administration at the Public University of Navarra (Spain) and is now Assistant Professor of Business Administration at this University. Her major research interests are centred on cooperation in R&D (firms’ motivations for cooperative R&D, the selection of partners, the type of research). She has published in various publications including Research Policy, R&D Management and Revista Europea de Direccio´n y Economı´a de la Empresa.
Pilar Corredor received her PhD in Finance at the Public University of Navarra (Spain) and is now a Professor of Financial Economics at this University. Her major research interests are centred on derivatives and on the behaviour of stock prices. She has published in Applied Economics, Applied Financial Economics, Applied Economics Letters, Derivatives Use, Trading & Regulation, The Journal of Futures Markets, Investigaciones Econo´micas, Revista de Economı´a Aplicada and Revista Española de Financiacio´n y Contabilidad.
Rafael Santamarı´a* received his PhD in Finance at the University of Zaragoza (Spain). He has taught at the University of Zaragoza and the Public University of Navarra and is now a Full Professor of Financial Economics at this University. His research interests include the behaviour of stock prices, foreign exchange, financial derivatives and asset pricing. He has published in Applied Economics, Applied Economics Letters, Applied Financial Economics, International Journal of Finance, Journal of Asset Management, Journal of Business Finance and Accounting, Derivatives Use, Trading & Regulation, The Journal of Futures Markets, Investigaciones Econo´micas, Revista de Economı´a Aplicada and Revista Española de Financiacio´n y Contabilidad. *Departamento de Gestio´n de Empresas, Universidad Pu´blica de Navarra. Campus de Arrosadı´a s/n. 31006 Pamplona, Spain. Tel: ⫹34 948169389; Fax: ⫹34 948169404; e-mail: [email protected]
Abstract This paper examines the impact of announcements of technological alliances on the Spanish stock market using the event study methodology and including robust tests that allow heteroskedasticity across firms and over time. The paper is extended to analyse abnormal returns, the volatility, the trading volume and the liquidity surrounding the alliance announcement. The results confirm that although effects on prices are not important, the information flow surrounding the event is enough to move the return volatility and the trading volume. The uncertainty associated with the results of the alliance and the lack of collaborative culture in Spain could produce these reactions when the announcement is released. Keywords: technological alliances, stock prices, return volatility, trading volume, liquidity, information flow
Introduction The reaction of the stock market when strategic management decisions are
266
Journal of Asset Management
announced is a question that has recently attracted a great deal of interest. Among these decisions those connected with the
Vol. 3, 3, 266–278
䉷 Henry Stewart Publi
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