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

• 成果类型: Article; Proceedings Paper
• 署名作者: Miller, Stewart R.; Li, Dan; Eden, Lorraine; Hitt, Michael A.
• 署名单位: University of Texas System; University of Texas at San Antonio; Indiana University System; Indiana University Bloomington; Texas A&M University System; Texas A&M University College Station
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/palgrave.jibs.8400322
• 发表日期: 2008
• 页码: 102-117
• 关键词: information leakages; Insider trading; international strategic alliance; Stock market; State ownership; event study; CHINA; emerging-market firm; Emerging markets

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.