Insider trading and the valuation of international strategic alliances in emerging stock markets

被引:25
|
作者
Miller, Stewart R. [1 ]
Li, Dan [2 ]
Eden, Lorraine [3 ]
Hitt, Michael A. [3 ]
机构
[1] Univ Texas San Antonio, San Antonio, TX 78249 USA
[2] Indiana Univ, Bloomington, IN USA
[3] Texas A&M Univ, College Stn, TX USA
关键词
information leakages; insider trading; international strategic alliance; stock market; state ownership; event study; China; emerging-market firm; emerging markets;
D O I
10.1057/palgrave.jibs.8400322
中图分类号
F [经济];
学科分类号
02 ;
摘要
Because stock markets in emerging economies are relatively new, under-regulated, and often segmented, investors' responses to public announcements firms in these economies may differ from responses in developed economies' stock markets. We draw on the institutional and corporate governance literatures to explain investor reactions to announcements of international strategic alliances (ISAs) between foreign and emerging-market firms. We argue that emerging economies' stock markets positively value ISAs; however, information leakages due to weak regulatory environments siphon off the "good news" before the ISA announcement date. The level of state ownership of publicly traded firms and the nationality of foreign partners both affect the size and timing of market reactions.
引用
收藏
页码:102 / 117
页数:16
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