Three Essays on Investor Reaction to Strategic Alliance Announcements

ABSTRACT ESSAY 1 RAPID OVER-REACTION: PERCEIVED VALUE CREATION VIA ALLIANCE ANNOUNCEMENTS The management literature has widely acknowledged the importance of studying and understanding the determinants of the market\u27s reactions to the announcements of strategic alliances. With a focus on dyadic alliances, I ask what types of information signaled to the market by the alliance announcement influence the investors\u27 perception of value. I hypothesize that the type of technical expertise, relationship expertise, and market expertise of each alliance partner, expressed as either explorative or exploitative, sends decodable signals to the investors, which in turn influences their reaction to the new alliance announcement. Using a sample of 927 alliances extracted from a unique biopharmaceutical dataset, I proxied investors\u27 reaction to the alliance announcements by calculating the cumulative abnormal return during a three-day window around the alliance announcement. I found that while technical expertise does not appear to be a signal that investors consider when valuing firms involved in a new alliance, both relationship expertise and market expertise showed a statistically significant influence on the investors\u27 perception of value. ABSTRACT ESSAY 2: REDUCING INVESTOR ANXIETY VIA ALLIANCE PARTNER SELECTION The management literature has recognized strategic alliances as an organizational form that has the potential to reduce uncertainty. One important step for alliances in order to achieve a reduction in uncertainty is selecting the right partner, one that enables the alliance to effectively address the specific type of uncertainty it faces. In this study, I specifically address the question of whether the perceived uncertainty of investors at the time of the alliance announcement is influenced by whether the skills and expertise of the two alliance partners are similar or complementary (diverse). I suggest that the level of technical expertise, expressed as either explorative or exploitative and interpreted as either similar or complementary, sends a signal to the investors, which in turn will impact their perception of uncertainty. In addition, I study whether this relationship is moderated by the level of exogenous uncertainty faced by the alliance. Using a sample of 927 alliances extracted from a unique biopharmaceutical dataset, I found that exogenous uncertainty in fact moderates the relationship between partner similarity/ complementarity and investors\u27 perception of uncertainty. ABSTRACT ESSAY 3: SPILLOVER EFFECTS IN ALLIANCE RELATIONSHIPS Entering multiple simultaneous alliances is a common practice, especially in R&D intense industries. While this strategy may enhance the possibility of success by attempting to simultaneously unlock possible synergistic effects in multiple alliances, it also exposes the alliance partners to spillover effects created by their partners\u27 alliances. In this study I will examine how one specific action of one partner, to enter a new alliance, affects the initial alliance partner. Specifically, given that firm A and firm B are in an existing alliance, how will the market react to the information that firm A has entered into a new alliance with firm C, and how will the market reaction affect firm B (the initial alliance partner)? I develop and test two sets of competing hypotheses using a unique biopharmaceutical dataset and find that the market reacts favorably to the new alliance as measured by the change in value of firm B\u27s stock price. My goal is to contribute to the literature by testing how the signals sent by the alliance to the market affect the initial alliance partner and thus if investors monitor and react to post-alliance events

Moisture conditions in coated wood panels during 18 months natural weathering at five sites in Europe

Wood moisture content of coated panels of Scots pine sapwood was recorded during 18 months natural weathering in Vienna by logging electric resistance and temperature near the surface. Eight coating systems with various film thicknesses were used, including three solvent borne alkyd stains, three water borne acrylic stains and two water borne acrylic paints. At five sites in Europe wood moisture content of panels coated with three solvent borne alkyd stains, a brow acrylic stain and a white opaque acrylic paint was recorded weekly by changes in panel mass. Fluctuations in wood moisture content were influenced by the film thickness, moisture protection and colour of the coating systems used. Degradation phenomena led to decreasing moisture protection of less durable coating systems over time of exposure. Differences between the exposure sites were relatively low, except the site in the UK where moisture conditions were higher

Otpornost toplinski i kemijski modificiranog drva na habanje

Wood modification is an appropriate way of improving the natural durability and dimensional stability of wood without the use of biocides. Different thermal and chemical wood modification processes are available for this purpose, very differently affecting the structural integrity of wood. In this study, thermally modified, melamine resin treated, acetylated, furfurylated, and mDMDHEU treated wood underwent abrasion tests according to two different methods representing different loads in practice. The Taber Abraser method caused crosswise cutting into the wood surface, while the Shaker method challenged mainly the specimen edges with dynamic loads. Abrasion resistance of wood was affected by all types of cell wall modification, but the effects were strongly dependent on the type of modification and the applied load type. For characterising the suitability of wooden materials with respect to wear resistance under outdoor conditions, it is recommended to apply a set of methods rather than a single test procedure to fully reflect the loads occurring in practice.Modifikacija drva prikladan je način poboljšanja njegove prirodne trajnosti i dimenzijske stabilnosti bez upotrebe biocida. Za tu namjenu dostupni su različiti postupci toplinske i kemijske modifikacije, ali oni vrlo različito utječu na strukturni integritet drva. U ovom su istraživanju toplinski modificirano drvo, drvo modificirano melaminskom smolom, acetilirano i furfurilirano drvo te drvo modificirano mDMDHEU-om podvrgnuti ispitivanju otpornosti na habanje, i to primjenom dviju različitih metoda koje u praksi rezultiraju različitim opterećenjima. Metoda Taber abraser uzrokovala je poprečno habanje površine drva, a metoda Shaker dinamičkim je opterećenjima uglavnom prouzročila habanje rubova uzoraka. Na otpornost drva na habanje utjecale su sve vrste modifikacija drvnih stanica, ali učinci su izrazito ovisili o vrsti modifikacije i vrsti opterećenja. Za karakterizaciju prikladnosti drvnih materijala s obzirom na otpornost na habanje u vanjskim uvjetima preporučuje se primijeniti skup metoda, što je bolje od primjene samo jedne vrste ispitivanja kako bi se u potpunosti simulirala opterećenja koja se pojavljuju u praksi

Statistical Investigations on Sociology and History of the Concentration Camps: The Group of Prisoners with the Pink Stripe (Homosexuals)

Analysis of structure, intensity, course and results of persecution of non-political fringe groups in the Third Reich as well as the connection of this persecution with the rule structures of German fascism. Topics: Date of birth, concentration camp, incarceration date, command, end of KZ-detention, manner of end, death, special position, occupation, religion, marital status, children, criminal law paragraph, length of previous convictions, length of police detention, reason for incarceration, place of incarceration.Analyse von Struktur, Intensität, Verlauf und Ergebnisse der Verfolgung nicht-politischer Randgruppen im Dritten Reich sowie des Zusammenhangs dieser Verfolgung mit den Herrschaftsstrukturen des deutschen Faschismus. Themen: Geburtsdatum, Konzentrationslager, Einweisungsdatum, Kommando, Ende der KZ-Haft, Schlussart, Tod, Sonderstellung, Beruf, Religion, Familienstand, Kinder, Strafrechtsparagraph, Dauer der Vorstrafen, Dauer der Polizeihaft, Einlieferungsgrund, Einlieferungsstelle

Changes in microstructure and stiffness of Scots pine (Pinus sylvestrisL) sapwood degraded by Gloeophyllum trabeum and Trametes versicolor – Part II: anisotropic stiffness properties

Fungal decay considerably affects the macroscopic mechanical properties of wood as a result of modifications and degradations in its microscopic structure. While effects on mechanical properties related to the stem direction are fairly well understood, effects on radial and tangential directions (transverse properties) are less well investigated. In the present study, changes of longitudinal elastic moduli and stiffness data in all anatomical directions of Scots pine (Pinus sylvestris) sapwood which was degraded by Gloeophyllum trabeum (brown rot) and Trametes versicolor (white rot) for up to 28 weeks have been investigated. Transverse properties were found to be much more deteriorated than the longitudinal ones. This is because of the degradation of the polymer matrix between the cellulose microfibrils, which has a strong effect on transverse stiffness. Longitudinal stiffness, on the other hand, is mainly governed by cellulose microfibrils, which are more stable agains fungal decay. G. trabeum (more active in earlywood) strongly weakens radial stiffness, whereas T. versicolor (more active in latewood) strongly reduces tangential stiffness. The data in terms of radial and tangential stiffnesses, as well as the corresponding anisotropy ratios, seem to be suitable as durability indicators of wood and even allow conclusions to be made on the degradation mechanisms of fungi

Statistical Analysis of Wood Durability Data and Its Effect on a Standardised Classification Scheme

The biological durability of wood is an important property for outdoor applications of wood-based products. In temperate climate zones, the most critical biological hazard is wood-destroying fungi, and the European standard EN 350 in combination with EN 113-2 provide guidance on sampling, testing, and classifying wood durability against brown and white rot fungi. However, in their latest revised versions, both standards recommend the use of probability density functions for fitting mass loss data (ML). Subsequently, the durability of wood and its variability should be further characterised. The aim of this study was to statistically analyse the ML data from laboratory agar plate tests with different European-grown wood species and to examine the effect of different statistical treatments on the standardised classification scheme of wood durability. It was concluded that more precise guidance is needed on the sampling procedure since significant differences in durability exist between stem zones. The assignment of dispersion indicators requires a revision to ensure clear, unmistakable, and reproducible durability classification of wood. Deficits in the description of the proposed statistical treatments in both standards became evident. It can be questioned whether the application of probability density functions provides additional information about the variability of wood durability