The effects of Joint Ventures announcements on stock returns behaviour - An Event Study of the Stock Market
(2007)Department of Business Administration
- Abstract
- The purpose of this study is to examine the effects of joint venture announcements on stock prices behavior and simultaneously to test the German stock market (Frankfurter Wertpapierbörse) for efficiency. We tried not only to analyze the general impacts of a JV-announcement but also to look for differences in the market response to announcements of different types of joint ventures, namely: domestic, international, horizontal and vertical. Our expectations of efficient market were confirmed during our paper, which employed the technique of the standard event study. The calculation of abnormal returns which are the signals for market efficiency or inefficiency respectively were based on the market model, establishing linear relationship... (More)
- The purpose of this study is to examine the effects of joint venture announcements on stock prices behavior and simultaneously to test the German stock market (Frankfurter Wertpapierbörse) for efficiency. We tried not only to analyze the general impacts of a JV-announcement but also to look for differences in the market response to announcements of different types of joint ventures, namely: domestic, international, horizontal and vertical. Our expectations of efficient market were confirmed during our paper, which employed the technique of the standard event study. The calculation of abnormal returns which are the signals for market efficiency or inefficiency respectively were based on the market model, establishing linear relationship between the return on the market and the return on an individual security. The parameters of the model were obtained through regression analysis. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/1344863
- author
- Indarti, Lily Budi and Topalova, Elena
- supervisor
- organization
- year
- 2007
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Joint Venture, Market Efficiency, Event Study, Abnormal Return, Market Model, Management of enterprises, Företagsledning, management
- language
- Swedish
- id
- 1344863
- date added to LUP
- 2007-06-07 00:00:00
- date last changed
- 2012-04-02 16:43:36
@misc{1344863,
abstract = {{The purpose of this study is to examine the effects of joint venture announcements on stock prices behavior and simultaneously to test the German stock market (Frankfurter Wertpapierbörse) for efficiency. We tried not only to analyze the general impacts of a JV-announcement but also to look for differences in the market response to announcements of different types of joint ventures, namely: domestic, international, horizontal and vertical. Our expectations of efficient market were confirmed during our paper, which employed the technique of the standard event study. The calculation of abnormal returns which are the signals for market efficiency or inefficiency respectively were based on the market model, establishing linear relationship between the return on the market and the return on an individual security. The parameters of the model were obtained through regression analysis.}},
author = {{Indarti, Lily Budi and Topalova, Elena}},
language = {{swe}},
note = {{Student Paper}},
title = {{The effects of Joint Ventures announcements on stock returns behaviour - An Event Study of the Stock Market}},
year = {{2007}},
}