The Value of Strategic Alliances in Acquisitions and IPOs
研究发现，企业的战略联盟经验能提升其在收购或首次公开募股中的估值，尤其对信息不透明的公司而言，联盟经验是一种有价值的信号。
This paper investigates how firms’ strategic alliance experience affects their valuations as acquisition targets or in initial public offerings (IPOs). We propose that alliance experience serves as a valuable signaling device for opaque firms. The results show that takeover targets with alliance experience receive higher premiums than those without such experience. More recent alliance experience as well as alliances in the same industry also contributes to a larger target gain. Similarly, IPO firms that have alliance experience obtain higher valuations than those without the experience. Finally, alliance experience increases the likelihood that private firms exit by going public rather than being acquired.