Volatility-based Effects on Shareholder Value: Alliance Activity in the Computing Industry
通过事件研究法分析联盟公告如何影响企业风险（以股票隐含波动率衡量），揭示企业可通过控制联盟的核心业务相似度、治理形式和功能来管理风险暴露。
We use an event-study analysis to understand how alliance activity affects firm risk. The risk measure is the implied volatility of a firm’s stock price and the events are alliance announcements to the market. We build on the previous event-studies in the alliance literature that focus on the change in shareholder value by taking the first step in delineating what part of that value arises from the changes in the firm’s risk. The analysis reveals that a number of factors within a firm’s control can be used to manipulate risk exposure in an alliance, including the similarity of the firm’s and the alliance’s core activities, the governance form of the alliance, and the function of the alliance.