管理科学系 系列讲座之（五十一）

管理科学系 系列讲座之（五十一）

Topic : In the Eyes of the Investors: Unpacking the

DifferentialBases of Stock-Market Responses

to Licensing Announcements

Speaker: Yusen Xia，Georgia State University

Time: Monday,june 11, 2012，AM 09:30-11:30

Place：M312

                                                              管理科学系


讲座详细内容：

In the Eyes of the Investors: Unpacking the Differential Bases of Stock-Market Responses to Licensing Announcements

Yusen Xia and Rajiv Nag

Department of Managerial Sciences

Robinson College of Business

Georgia State University

Atlanta, GA 30303a

Abstract: Among various forms of strategic alliance, licensing agreements have attracted significant managerial and scholarly attention. In this paper, we report the findings of an event-study wherein we analyzed the economic value shared by licensors and licensees immediately following the announcement of a licensing agreement. We examined the differential abnormal returns derived by a licensor and licensee in the backdrop of two contextual factors, first whether a focal licensing agreement is a technology- or marketing-based and second, if the agreement is horizontal (i.e. between firms in the same industry) or non-horizontal (across different industries). Our analysis shows that although on the whole, investors view licensors more positively than licensees post the announcement of a licensing agreement, they use two different logics, the first, a market power logic and the second, a learning logic, in evaluating the focal licensor and licensee.