The effect of brand alliances on performance and stability.

• Autores: Aurora Calderón Martínez, Juan Luis Nicolau Gonzálbez, Francisco Mas Ruiz
• Localización: XXI Congreso Nacional de Marketing [Recurso electrónico]: Universidad del País Vasco-Euskal Herriko Unibersitatea, 16-18 de septiembre de 2009., 2009, ISBN 978-84-7356-627-8, pág. 21
• Idioma: inglés
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• Resumen

  • The strategy of brand allíances has undergone large growth in recent years, but íts effectíveness and returns are extremely difficult to measure. Thís paper contríbutes to the exísting literature (which has been focused on consumer behavior), and examines the perfonnance and risk of brand alliances, by analyzíng the market value of the brand allíance announcements through the analysis of investors' response on stock markets as well as its volatility. To do so, we propase hypotheses whích are argued through value creation mechanisms. Furthermore, the event study technique is used to estímate the excess retums generated on shares trading on the stock market by a sample of announcements of brand alliances. The results show a positive response from the stock market to these announcements and an íncrease in risk derivedfrom them.