International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth
The purpose of the study is to empirically investigate the effect of international joint venture formation on shareholder wealth. The period under investigation was from 1972 to 1987. Based on the theoretical and empirical researches done in this area, several hypotheses were tested. The statistical...
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1991
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ndltd-unt.edu-info-ark-67531-metadc3325382020-08-21T17:35:23Z International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth Sakullelarasm, Phornchai international joint ventures capital market finance Joint ventures -- Finance. Capital market. The purpose of the study is to empirically investigate the effect of international joint venture formation on shareholder wealth. The period under investigation was from 1972 to 1987. Based on the theoretical and empirical researches done in this area, several hypotheses were tested. The statistical significance of the capital market reation to the joint venture formations was examined by using the standard event study methodology. The Ordinary Least Squares method was used to estimate the coefficients of each firm's market model parameters. The results, in general, support the wealth effect of international joint venture formation. The capital market seems to react to the unexpected information of the international joint venture formation announcements. There is evidence to indicate that international joint ventures will provide firms' shareholders with positive net present values. University of North Texas 1991-05 Thesis or Dissertation vii, 139 leaves : ill. Text local-cont-no: 1002718613-Sakullelarasmi call-no: 379 N81d no.3304 oclc: 25291681 untcat: b1475425 https://digital.library.unt.edu/ark:/67531/metadc332538/ ark: ark:/67531/metadc332538 English Public Sakullelarasm, Phornchai Copyright Copyright is held by the author, unless otherwise noted. All rights reserved. |
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English |
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international joint ventures capital market finance Joint ventures -- Finance. Capital market. |
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international joint ventures capital market finance Joint ventures -- Finance. Capital market. Sakullelarasm, Phornchai International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
description |
The purpose of the study is to empirically investigate the effect of international joint venture formation on shareholder wealth. The period under investigation was from 1972 to 1987. Based on the theoretical and empirical researches done in this area, several hypotheses were tested. The statistical significance of the capital market reation to the joint venture formations was examined by using the standard event study methodology. The Ordinary Least Squares method was used to estimate the coefficients of each firm's market model parameters. The results, in general, support the wealth effect of international joint venture formation. The capital market seems to react to the unexpected information of the international joint venture formation announcements. There is evidence to indicate that international joint ventures will provide firms' shareholders with positive net present values. |
author |
Sakullelarasm, Phornchai |
author_facet |
Sakullelarasm, Phornchai |
author_sort |
Sakullelarasm, Phornchai |
title |
International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
title_short |
International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
title_full |
International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
title_fullStr |
International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
title_full_unstemmed |
International Joint Venture: An Analysis of the Effect of Joint Venture Formation on Shareholder Wealth |
title_sort |
international joint venture: an analysis of the effect of joint venture formation on shareholder wealth |
publisher |
University of North Texas |
publishDate |
1991 |
url |
https://digital.library.unt.edu/ark:/67531/metadc332538/ |
work_keys_str_mv |
AT sakullelarasmphornchai internationaljointventureananalysisoftheeffectofjointventureformationonshareholderwealth |
_version_ |
1719338598262636544 |