Taking the 146 related-party technological cooperation announcements by Chinese listed companies from January 2008 to July 2013 as the sample, the article investigates the impact of the focal firms’ intellectual capital and cooperation frequency between related parties on the focal firms’ stock prices reactions. The empirical results indicate that focal firms involved in related-party technological cooperation receive strongly positive abnormal returns over the event window of (-1). We show that the cooperation announcements may bring positive stock prices reactions if the focal firms show a higher level of intellectual capital. In addition, our findings suggest that more cooperative activities between related parties may bring positive effects on the stock prices reactions for the focal firms.
| Published in | Journal of Investment and Management (Volume 5, Issue 6) |
| DOI | 10.11648/j.jim.20160506.18 |
| Page(s) | 151-157 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2016. Published by Science Publishing Group |
Related Party Cooperation, Intellectual Capital, Cooperation Frequency, Stock prices Reactions
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APA Style
Zhi-hong Song, Xue-fei Jin, Dong-mei Lee. (2016). Related Party Cooperation and Stock Prices Reactions: An Empirical Investigation on the A-Share Listed Companies in China. Journal of Investment and Management, 5(6), 151-157. https://doi.org/10.11648/j.jim.20160506.18
ACS Style
Zhi-hong Song; Xue-fei Jin; Dong-mei Lee. Related Party Cooperation and Stock Prices Reactions: An Empirical Investigation on the A-Share Listed Companies in China. J. Invest. Manag. 2016, 5(6), 151-157. doi: 10.11648/j.jim.20160506.18
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Download@article{10.11648/j.jim.20160506.18,
author = {Zhi-hong Song and Xue-fei Jin and Dong-mei Lee},
title = {Related Party Cooperation and Stock Prices Reactions: An Empirical Investigation on the A-Share Listed Companies in China},
journal = {Journal of Investment and Management},
volume = {5},
number = {6},
pages = {151-157},
doi = {10.11648/j.jim.20160506.18},
url = {https://doi.org/10.11648/j.jim.20160506.18},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20160506.18},
abstract = {Taking the 146 related-party technological cooperation announcements by Chinese listed companies from January 2008 to July 2013 as the sample, the article investigates the impact of the focal firms’ intellectual capital and cooperation frequency between related parties on the focal firms’ stock prices reactions. The empirical results indicate that focal firms involved in related-party technological cooperation receive strongly positive abnormal returns over the event window of (-1). We show that the cooperation announcements may bring positive stock prices reactions if the focal firms show a higher level of intellectual capital. In addition, our findings suggest that more cooperative activities between related parties may bring positive effects on the stock prices reactions for the focal firms.},
year = {2016}
}
TY - JOUR T1 - Related Party Cooperation and Stock Prices Reactions: An Empirical Investigation on the A-Share Listed Companies in China AU - Zhi-hong Song AU - Xue-fei Jin AU - Dong-mei Lee Y1 - 2016/10/27 PY - 2016 N1 - https://doi.org/10.11648/j.jim.20160506.18 DO - 10.11648/j.jim.20160506.18 T2 - Journal of Investment and Management JF - Journal of Investment and Management JO - Journal of Investment and Management SP - 151 EP - 157 PB - Science Publishing Group SN - 2328-7721 UR - https://doi.org/10.11648/j.jim.20160506.18 AB - Taking the 146 related-party technological cooperation announcements by Chinese listed companies from January 2008 to July 2013 as the sample, the article investigates the impact of the focal firms’ intellectual capital and cooperation frequency between related parties on the focal firms’ stock prices reactions. The empirical results indicate that focal firms involved in related-party technological cooperation receive strongly positive abnormal returns over the event window of (-1). We show that the cooperation announcements may bring positive stock prices reactions if the focal firms show a higher level of intellectual capital. In addition, our findings suggest that more cooperative activities between related parties may bring positive effects on the stock prices reactions for the focal firms. VL - 5 IS - 6 ER -
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