聯合品牌(Co-branding)宣告，是品牌商重要的行銷活動之一。過去雖然許多行銷相關文獻指出聯合品牌策略會使相關利益團體，對重新對公司評估其市場價值，但很少有實際相關的財務研究來支持此關係。
本研究手動蒐集美國新聞1995至2013年期間聯合品牌宣告資料，去探討當聯合品牌策略對機構投資人持股之影響。研究結果指出，聯合品牌宣告策略對機構投資人持有比率沒有顯著影響。對機構投資人持有家數為負向顯著的。此外研究結過也發現，當聯合品牌推出服務產品策略時，機構投資人會為了避免風險而投資品牌廠商家數減少。

In this research, we focus on the relationship between firms co-branding strategies and trading behaviors of institutional investors. Using hand-collected data from 1996 to 2013, in empirical result, we find that there is a negative relationship between co-brand product strategies and institutional investors. Market value also is the important key element for institutional investors. In addition, we also find the negative firm age effect the institutional investors. Our findings suggest that firms’ managers should consider more clearly before introduce the co-brand strategies which may not attract institutional investors because the co-brand service strategies are more uncertainty compare to co-brand physical products.

Aaker, D. A. (1991). "Managing brand equity: Capitalizing on the value of a brand name." New York: Free Press.
Aaker, D. A. (1996). "Measuring brand equity across products and markets." California management review 38(3): 103.
Ackert, L. F. and G. Athanassakos (2003). "A simultaneous equations analysis of analysts’ forecast bias, analyst following, and institutional ownership." Journal of Business Finance & Accounting 30(7‐8): 1017-1042.
Akerlof, G. A. (1970). "The market for" lemons": Quality uncertainty and the market mechanism." The quarterly journal of economics: 488-500.
Amihud, Y. and K. Li (2006). "The declining information content of dividend announcements and the effects of institutional holdings." Journal of Financial and Quantitative Analysis 41(03): 637-660.
Anderson, J. C. and J. A. Narus (1990). "A model of distributor firm and manufacturer firm working partnerships." the Journal of Marketing: 42-58.
Bayus, B. L., S. Jain and A. G. Rao (2001). "Truth or consequences: An analysis of vaporware and new product announcements." Journal of Marketing Research 38(1): 3-13.
Bushee, B. J. (1998). "The influence of institutional investors on myopic R&D investment behavior." Accounting review: 305-333.
Chen, S.-S., K. W. Ho, K. H. Ik and C.-f. Lee (2002). "How does strategic competition affect firm values? A study of new product announcements." Financial Management: 67-84.
Chen, X., J. Harford and K. Li (2007). "Monitoring: Which institutions matter?" Journal of Financial Economics 86(2): 279-305.
Chiang, M.-H. (2015a), "Co-Branding Announcements and Firm Values," working paper, Institute of International Business, National Cheng Kung University, TAIWAN.
Chiang, M.-H. (2015b). "Co-branding Announcements and Institutional Investors," Working Paper , Institute of International Business, National Cheng Kung University, TAIWAN.".
Choi, N. Y. and R. W. Sias (2012). "Why does financial strength forecast stock returns? Evidence from subsequent demand by institutional investors." Review of Financial Studies: hhs001.
d'Astous, A., F. Colbert and M. Fournier (2007). "An experimental investigation of the use of brand extension and co‐branding strategies in the arts." Journal of Services Marketing 21(4): 231-240.
Eliashberg, J. and T. S. Robertson (1988). "New product preannouncing behavior: A market signaling study." Journal of Marketing Research 282-292.
Farquhar, P. H. (1989). "Managing brand equity." Marketing research 1(3): 24-33.
Grinblatt, M. and M. Keloharju (2001). "How distance, language, and culture influence stockholdings and trades." The Journal of Finance 56(3): 1053-1073.
Grossman, R. P. (1997). "Co-branding in advertising: developing effective associations." Journal of Product & Brand Management 6(3): 191-201.
Grullon, G., G. Kanatas and J. P. Weston (2004). "Advertising, breadth of ownership, and liquidity." Review of Financial Studies 17(2): 439-461.
Gupta, S., D. R. Lehmann and J. A. Stuart (2004). "Valuing customers." Journal of marketing research 41(1): 7-18.
Huberman, G. (2001). "Familiarity breeds investment." Review of financial Studies 14(3): 659-680.
Hussain, S. (2000). "Simultaneous determination of UK analyst following and institutional ownership." Accounting and Business Research 30(2): 111-124.
Jiambalvo, J., S. Rajgopal and M. Venkatachalam (2002). "Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings." Contemporary Accounting Research 19(1): 117-145.
Kamakura, W. A. and G. J. Russell (1993). "Measuring brand value with scanner data." International Journal of Research in Marketing 10(1): 9-22.
Keller, K. L. (1993). "Conceptualizing, measuring, and managing customer-based brand equity." The Journal of Marketing: 1-22.
Leuthesser, L., C. Kohli and R. Suri (2003). "2+ 2= 5? A framework for using co-branding to leverage a brand." The Journal of Brand Management 11(1): 35-47.
Levin, A. M., J. C. Davis and I. Levin (1996). "Theoretical and empirical linkages between consumers' responses to different branding strategies." Advances in consumer research 23: 296-300.
Lin, S. and H. Tan (2013). "When Analysts Talk, Do Institutional Investors Listen? Evidence from Target Price Changes."
Park, C. W., S. Y. Jun and A. D. Shocker (1996). "Composite branding alliances: an investigation of extension and feedback effects." Journal of Marketing Research: 453-466.
Rao, A. R. and R. W. Ruekert (1994). "Brand alliances as signals of product quality." Sloan Management Review: 87-97.
Shocker, A. D. and B. Weitz (1988). "A perspective on brand equity principles and issues." Summary of Marketing Science Institute Conference(88-104): 1-21.
Simon, C. J. and M. W. Sullivan (1993). "The measurement and determinants of brand equity: A financial approach." Marketing Science 12(1): 28-52.
Sorescu, A., V. Shankar and T. Kushwaha (2007). "New product preannouncements and shareholder value: Don't make promises you can't keep." Journal of Marketing Research 44(3): 468-489.
Spethmann, B. and K. Benezra (1994). "Co-brand or be damned." Brand Week(November 21): 20-24.
Swait, J., T. Erdem, J. Louviere and C. Dubelaar (1993). "The equalization price: a measure of consumer-perceived brand equity." International Journal of Research in Marketing 10(1): 23-45.
Tsantoulis, M. and A. Palmer (2008). "Quality convergence in airline co-brand alliances." Managing Service Quality 18(1): 34-64.
Utama, S. and W. M. Cready (1997). "Institutional ownership, differential predisclosure precision and trading volume at announcement dates." Journal of Accounting and Economics 24(2): 129-150.
Walther, B. R. (1997). "Investor sophistication and market earnings expectations." Journal of Accounting Research: 157-179.
Washburn, J. H., B. D. Till and R. Priluck (2000). "Co-branding: brand equity and trial effects." Journal of Consumer Marketing 17(7): 591-604.
Yang, C.-L., M.-H. Chiang and C.-W. Chen (2013). "The relationship between information content and institutional investors: evidence from new product preannouncements." Review of Managerial Science 8(3): 405-418.
Zhang, M. (2012). "Information Asymmetry, Institutional Trading, and Cost of Capital."