TAILIEUCHUNG - Does Partnering Pay Off? - Stock Market Reactions to Inter-Firm Collaboration Announcements in Germany

A security stress test involves evaluating the price sensitivity of a security, or a portfolio, over a number of different interest rate changes. To identify and measure portfolio risk, maintain duration of equity limits, and adhere to sound investment practices, FHLBanks are required to estimate the value of their investment portfolios for different parallel interest rate changes. However, since parallel shifts rarely occur, FHLBanks should, in general, also measure portfolio value changes for non-parallel shifts, such as yield curve steepening and flattening scenarios. A steepening yield curve occurs when the yield spread between short maturity. | GOVERNANCE AND THE EFFICIENCY OF ECONOMIC SYSTEMS GESY Discussion Paper No. 14 Does Partnering Pay Off - Stock Market Reactions to Inter-Firm Collaboration Announcements in Germany Carolin Haussler December 2004 Carolin Haussler Institute for Innovation Research Technology Management and Entrepreneurship University of Munich Kaulbachstr. 45 D-80539 Munich Germany haeussler@ Financial support from the Deutsche Forschungsgemeinschaft through SFB TR 15 is gratefully acknowledged. Sonderforschungsbereich Transregio 15 Universitat Mannheim Freie Universitat Berlin Humboldt-Universitat zu Berlin Ludwig-Maximilians-Universitat Munchen Rheinische Friedrich-Wilhelms-Universitat Bonn Zentrum fur Europaische Wirtschaftsforschung Mannheim Speaker Prof. Konrad Stahl . Department of Economics University of Mannheim D-68131 Mannheim Phone 49 0621 1812786 Fax 49 0621 1812785 Does partnering pay off Stock market reactions to INTER-FIRM COLLABORATION announcements in Germany _ . Carolin Haussler Abstract The dramatic increase in interorganizational partnering in the last two decades raises questions for scholars and managers regarding the value impact of inter-firm collaborations. Using event study methodology this paper tests whether stock market reactions differ when a collaboration formation or termination is announced. In addition the study provides an in-depth analysis of potential determinants of stock market reactions to collaboration formation announcements. The sample consists of 1037 announcements in German stock markets from 1997 to 2002. The results show that an unexpected termination announcement decreases firm valuation and a formation announcement increases firm valuation. Further certain collaborations are more favorable than others depending on firm industry age size collaboration constellations and equity versus non-equity investment in partner firm. The results open avenues for further research on partnering .

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