TABLE 1
FROM:
Insider trading and the valuation of international strategic alliances in emerging stock markets
Stewart R Miller, Dan Li, Lorraine Eden and Michael A Hitt
BACK TO ARTICLETable 1. ISA announcements, by year and country of the foreign partner (a) Shanghai-listed firms; (b) Shenzhen-listed firms
| 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (a) Shanghai-listed firms | |||||||||||||||
| Australia | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 3 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Brazil | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Canada | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 7 |
| Finland | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| France | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 | 1 | 1 | 1 | 6 | 2 | 1 | 15 |
| Germany | 0 | 0 | 2 | 4 | 3 | 1 | 1 | 1 | 2 | 0 | 3 | 2 | 1 | 1 | 21 |
| Hong Kong | 1 | 0 | 0 | 2 | 1 | 1 | 0 | 1 | 1 | 1 | 5 | 4 | 2 | 0 | 19 |
| Italy | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 0 | 3 |
| Japan | 0 | 0 | 2 | 5 | 5 | 3 | 1 | 6 | 2 | 1 | 3 | 8 | 4 | 2 | 42 |
| Malaysia | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Netherlands | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 3 | 1 | 0 | 7 |
| Norway | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
| Philippines | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Saudi Arabia | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Singapore | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 4 |
| South Korea | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 2 | 3 | 4 | 0 | 2 | 13 |
| Sweden | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 3 |
| Switzerland | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Taiwan | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 3 |
| UK | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 2 | 1 | 0 | 1 | 10 |
| US | 0 | 0 | 1 | 6 | 6 | 3 | 6 | 10 | 3 | 9 | 10 | 10 | 1 | 5 | 70 |
| Uganda | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Vietnam | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Total | 1 | 0 | 6 | 22 | 18 | 16 | 11 | 23 | 14 | 19 | 31 | 43 | 14 | 14 | 232 |
| (b) Shenzhen-listed firms | |||||||||||||||
| Australia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 2 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Canada | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 | 3 |
| Denmark | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Finland | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Germany | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 0 | 0 | 1 | 0 | 1 | 2 | 7 |
| Greece | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 |
| Hong Kong | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 0 | 0 | 1 | 2 | 2 | 9 |
| India | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Israel | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Italy | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 |
| Japan | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 1 | 0 | 4 | 3 | 1 | 0 | 12 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 2 |
| Norway | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Russian Fed | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Singapore | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Taiwan | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 3 |
| UK | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 0 | 3 | 1 | 0 | 7 |
| US | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 0 | 4 | 20 |
| Total | 0 | 0 | 0 | 1 | 2 | 5 | 3 | 12 | 6 | 6 | 12 | 12 | 7 | 11 | 77 |