Several recent studies document significant share returns at the time when strategic alliances are announced to the stock market. However, the earlier evidence is focused on equally weighted portfolio returns and/or individual partner returns. A value-weighted portfolio approach is used here to...

This article examines the nature of any gains from investing in the emerging stock markets of Central and Eastern Europe using disaggregated data for 187 shares from eight stock exchanges over the period 1998 to 2003. The results suggest that gains exist; these gains are largest when...