naa a22 4500 510735711 CHVBK 20180411083009.0 cr unu---uuuuu 180411e20130701xx s 000 0 eng 10.1007/s11573-013-0665-5 doi (NATIONALLICENCE)springer-10.1007/s11573-013-0665-5 Valuation effects of corporate strategic transactions in the cleantech industry [Elektronische Daten] [Houdou Basse-Mama, Nicolas Koch, Alexander Bassen, Theo Bank] This paper investigates capital market reactions to announcements of corporate strategic transactions in the clean technology, or cleantech, industry. Using the event study method in a multi-country setting, we exploit a dataset of 328 hand-collected announcements of mergers and acquisitions, joint ventures, and asset disposals that took place between 2001 and 2011. We provide strong evidence of significant wealth gains from cleantech deals. On average, cleantech companies earn significantly higher abnormal returns than non-cleantech companies, confirming the beneficial idiosyncrasies of the cleantech industry. These high premia are likely driven by government interventions that are believed to be a necessary pre-condition for development of clean technology. Alternatively, the premia are commanded by the acquisition of cutting-edge environmental innovations and the positive credibility spillover inherent in cleantech deals. Springer-Verlag Berlin Heidelberg, 2013 Cleantech nationallicence Renewable energy nationallicence Mergers and acquisitions nationallicence Event study nationallicence G14 nationallicence Q28 nationallicence Q42 nationallicence Basse-Mama Houdou ESCP Europe Business School Berlin, Chair of International Financial Markets, Heubnerweg 8-10, 14059, Berlin, Germany aut Koch Nicolas University of Hamburg, School of Business, Economics and Social Sciences, Chair of Capital Markets and Management, Von-Melle-Park 9, 20146, Hamburg, Germany aut Bassen Alexander University of Hamburg, School of Business, Economics and Social Sciences, Chair of Capital Markets and Management, Von-Melle-Park 9, 20146, Hamburg, Germany aut Bank Theo The Boston Consulting Group GmbH, Chilehaus A, Fischertwiete 2, 20095, Hamburg, Germany aut Journal of Business Economics Springer Berlin Heidelberg 83/6(2013-07-01), 605-630 0044-2372 83:6<605 2013 83 11573 https://doi.org/10.1007/s11573-013-0665-5 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11573-013-0665-5 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Basse-Mama Houdou ESCP Europe Business School Berlin, Chair of International Financial Markets, Heubnerweg 8-10, 14059, Berlin, Germany aut NATIONALLICENCE 700 1- Koch Nicolas University of Hamburg, School of Business, Economics and Social Sciences, Chair of Capital Markets and Management, Von-Melle-Park 9, 20146, Hamburg, Germany aut NATIONALLICENCE 700 1- Bassen Alexander University of Hamburg, School of Business, Economics and Social Sciences, Chair of Capital Markets and Management, Von-Melle-Park 9, 20146, Hamburg, Germany aut NATIONALLICENCE 700 1- Bank Theo The Boston Consulting Group GmbH, Chilehaus A, Fischertwiete 2, 20095, Hamburg, Germany aut NATIONALLICENCE 773 0- Journal of Business Economics Springer Berlin Heidelberg 83/6(2013-07-01), 605-630 0044-2372 83:6<605 2013 83 11573 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer