The dramatic increase in interorganizational partnering in the last two decades raises questions regarding the value impact of alliances. Using event study methodology, this paper tests whether stock market reactions differ when an alliance formation or termination is announced. In addition, it provides an in-depth analysis of potential determinants of stock market reactions. The results show t...

Abstract What capital allocation role can China’s stock market play? Counter to perception, prices in China have become as informative about future profits they are the US. This rise price informativeness has coincided with an increase investment efficiency among privately owned firms, suggesting is aggregating information and providing useful signals managers. However, for state-owned enterpri...

in this research, performance of portfolios formed by use of grid strategy based on new variables (aggressive, indifference and defensive stocks) presented by rahnamaye roodposhti (1388), and traditional ones (growth, growth-value and value stocks), calculated with sharpe and treynor performance measures and tested by an active portfolio management approach to identify the portfolios by perform...

Article history: Received 8 March 2007 Received in revised form 14 October 2009 Accepted 20 October 2009 Available online xxxx JEL classification: D24 L63 L86

We present new estimates of the effect that obtaining legal immigration status has upon the wages of undocumented workers. In estimating the effect of legalization upon wages, we face a number of econometric challenges. First, through the use of rich panel data, we are able to control for the fact that individuals with higher time invariant unobserved ability, which will raise earnings regardle...