Who gets Wall Street’s attention? How alliance announcements and alliance density affect analyst coverage
نویسنده
چکیده
This study integrates research on strategic alliances and security analysts by focusing on the extent to which alliance announcements affect the amount of coverage firms obtain from security analysts. Adopting the perspective that alliance announcements constitute important market signals, I argue that they increase analyst coverage at a decreasing rate, but also that the strength of the relationship between announcements and coverage depends on the density of alliances.The relationship is strongest when alliance density is low because more attractive alliance partners are available, or when alliance density is high because more attractive resources are available in the alliance network. I find support for these arguments in the empirical context of alliance announcements among computer technology firms and discuss their consequences for research on alliance-based market
منابع مشابه
Marketing Alliances , Firm Networks , and Firm Value Creation
Prior research has found that the announcement of marketing alliances tends to produce no effect on firm value creation in a high-tech context. This article reexamines this issue and investigates whether the characteristics of a firm’s network of alliances affect the firm value created from the announcement of a new marketing alliance. The authors investigate whether network centrality, network...
متن کامل& Christine Moorman Marketing Alliances , Firm Networks , and Firm Value Creation
Prior research has found that the announcement of marketing alliances tends to produce no effect on firm value creation in a high-tech context. This article reexamines this issue and investigates whether the characteristics of a firm’s network of alliances affect the firm value created from the announcement of a new marketing alliance. The authors investigate whether network centrality, network...
متن کاملArms Race or Détente? How Interfirm Alliance Announcements Change the Stock Market Valuation of Rivals
Most prior event studies find that the announcement of a new alliance is accompanied by a positive stock market response for the partners. This result has usually been interpreted as evidence for the prevailing view that alliances are effective vehicles for partners to acquire or access new skills and thus become stronger competitors. However, partners should also earn positive abnormal returns...
متن کاملInterfirm Alliance Interactions and knowledge Learning: A Conceptual Research Model
Alliance raises many knowledge transfer and interfirm learning issues that have implications for how the alliance partners manage their cooperative learning activities in the alliance system. Many of these implications are grounded in the assumption that partners in the alliances have routines for transferring knowledge, learning, gaining management efficiencies. Thus organisations can support ...
متن کاملThe Working Alliance and the Transference Neurosis.
The Working Alliance and the Transference Neurosis Ralph R. Greenson, M.D. The clinical material on which this presentation is based is derived from patients who developed unexpected difficulties in the course of psychoanalytic therapy. Some of these patients had undergone one or more analyses with other analysts; others were patients of mine who returned for further analysis. In this group the...
متن کامل