Results of Empirical Investigation

This chapter summarizes the findings based on the methodological approaches outlined in the preceding chapter. In particular, these analyses encompasses two main components: First, it empirically analyzed the value impact of alliance-related announcements using the event-study method (5.1). Second, it examined the cross-sectional influences on alliance formation ARs. In addition to the main multivariate regression models (5.3), this entailed a brief review of univariate correlations between and various explanatory factors (5.2) as well as extensions accounting for firmspecific and self-selection effects (5.4).