Stockholder Benefits from Japanese-U.S. Joint Ventures
研究日本与美国工业企业合资对股东财富的影响，发现双方股东均获得显著正收益，且日方规模较大或货币强势时股东收益更高。
We examine the impact of joint ventures between industrial companies located in Japan and the U.S. on their stockholders' wealth. Consistent with previous evidence, stockholders of both Japanese and U.S. companies earn significant positive abnormal returns, on average. Further results show that joint ventures in which the Japanese company is the larger partner have greater stockholders' gains, and that the joint venture partner's currency strength is a significant determinant of the stockholders' gains.