Cooperative R&D ventures: Strategic behavior versus transactional efficiency |
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Authors: | Zaher Z Zantout |
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Institution: | 1. Rider University, 08648-3099, Lawrenceville, NJ
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Abstract: | This paper examines a sample of 48 cooperative R&D ventures announced in the period 1983–1990 to determine their impact on
the stock price of the announcing firms. It finds that the venturing firms earn statistically significant positive abnormal
returns over periods surrounding the announcement date. These gains are greater than those that result from announcements
of increases in expenditures on in-house R&D. The cross-sectional analysis reveals that abnormal returns to the venturing
firms are independent of industry concentration, larger in international ventures than in domestic ventures, and equal in
cooperative agreements and equity joint ventures. These results support the transactional efficiency perspective of cooperative
R&D ventures and suggest that the relaxation of antitrust laws as they apply to cooperative R&D ventures in 1984 is a welfare-improving
policy. |
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Keywords: | |
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