本研究旨在探討聯名品牌預先宣告的財務績效表現，先前的研究對於行銷策略 是否能夠有效影響並產生財務績效提出有限證據。本研究主要目的為檢驗聯名品牌 提出新產品預先宣告後對於公司股票報酬的反應為何。此外，此研究亦探討新產品 預告具體性的具體程度是否會影響股票市場的表現，以及兩家聯名公司品牌權益的 高低程度是否會影響短期異常報酬的分配。本研究擴展了行銷與財務文獻，重點關 注於行銷策略對於財務績效的影響。

The objective of this paper is to examine the relationship between co-branding preannouncement and the stock market performance. Prior researches provide limited insights into whether a brand alliance can affect the future financial performance resulting from the marketing strategy. This study mainly focuses on new product announcements (NPPAs) and examines whether there is a significant relationship between co-branded new product announcements and short-term stock market returns. The standard event study methodology was used to measure the abnormal stock return in this study. In this article, I also investigate whether the level of preannouncement specificity and brand equity have an obvious relationship with the short-term stock returns of the two companies. This study contributes to the marketing–finance literature with a deep sight on the financial performance of the marketing strategy.

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evaluations of new products: A brand equity approach. Industrial Marketing
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Springer.
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Burke, R. R., Cho, J., DeSarbo, W. S., & Mahajan, V. (1990). The impact of product-related announcements on consumer purchase intentions. Advances in Consumer Research, 17(1), 342-350.
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Chandon, P., Wansink, B., & Laurent, G. (2000). A benefit congruency framework of sales promotion effectiveness. Journal of Marketing, 64(4), 65-81.
Chaney, P. K., Devinney, T. M., & Winer, R. S. (1991). The impact of new product introductions on the market value of firms. Journal of business, 573-610.
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Sorescu, A., Shankar, V., & Kushwaha, T. (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., & Benezra, K. (1994). Co-brand or be damned. Brandweek, 35(45), 20-25.
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Aaker, J., Fournier, S., & Brasel, S. A. (2004). When good brands do bad. Journal of Consumer research, 31(1), 1-16.
Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2003). Revenue premium as an outcome measure of brand equity. Journal of Marketing, 67(4), 1-17.
Batra, R., & Homer, P. M. (2004). The situational impact of brand image beliefs. Journal of consumer psychology, 14(3), 318-330.
Bayus, B. L., Jain, S., & Rao, A. G. (2001). Truth or consequences: An analysis of vaporware and new product announcements. Journal of marketing research, 38(1), 3-13.
Bergen, M., Dutta, S., & Walker Jr, O. C. (1992). Agency relationships in marketing: A review of the implications and applications of agency and related theories. Journal of Marketing, 56(3), 1-24.
Besharat, A. (2010). How co-branding versus brand extensions drive consumers' evaluations of new products: A brand equity approach. Industrial Marketing Management, 39(8), 1240-1249.
Biggadike, E. R. (1979). Corporate diversification: Entry, strategy, and performance: Division of Research, Graduate School of Business Administration, Harvard ….
Blackett, T., & Russell, N. (1999). What is co-branding? In Co-Branding (pp. 1-21): Springer.
Bridges, S., Keller, K. L., & Sood, S. (2000). Communication strategies for brand extensions: Enhancing perceived fit by establishing explanatory links. Journal of advertising, 29(4), 1-11.
Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of financial economics, 14(1), 3-31.
Burke, R. R., Cho, J., DeSarbo, W. S., & Mahajan, V. (1990). The impact of product-related announcements on consumer purchase intentions. Advances in Consumer Research, 17(1), 342-350.
Cao, Z., & Sorescu, A. (2013). Wedded bliss or tainted love? Stock market reactions to the introduction of cobranded products. Marketing Science, 32(6), 939-959.
Chakravarty, A., & Grewal, R. (2011). The stock market in the driver's seat! Implications for R&D and marketing. Management Science, 57(9), 1594-1609.
Chandon, P., Wansink, B., & Laurent, G. (2000). A benefit congruency framework of sales promotion effectiveness. Journal of Marketing, 64(4), 65-81.
Chaney, P. K., Devinney, T. M., & Winer, R. S. (1991). The impact of new product introductions on the market value of firms. Journal of business, 573-610.
Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of banking & finance, 86, 159-176.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.
Eliashberg, J., & Robertson, T. S. (1988). New product preannouncing behavior: A market signaling study. Journal of marketing research, 25(3), 282-292.
Fama, E. F., & French, K. R. (1996). The CAPM is wanted, dead or alive. The Journal of Finance, 51(5), 1947-1958.
Farquhar, P. H., & Pratkanis, A. R. (1987). Phantom choices: The effects of unavailable alternatives on decision making. Unpublished manuscript. Pittsburgh: Carnegie Mellon University.
Gammoh, B. S., & Voss, K. E. (2011). Brand alliance research: In search of a new perspective and directions for future research. Journal of Marketing Development and Competitiveness, 5(3), 81-93.
Geyskens, I., Gielens, K., & Dekimpe, M. G. (2002). The market valuation of internet channel additions. Journal of Marketing, 66(2), 102-119.
Glazer, R., Steckel, J. H., & Winer, R. S. (1989). The formation of key marketing variable expectations and their impact on firm performance: Some experimental evidence. Marketing Science, 8(1), 18-34.
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Keller, K. L. (2003). Brand synthesis: The multidimensionality of brand knowledge. Journal of Consumer research, 29(4), 595-600.
Kohli, C. (1999). Signaling new product introductions: A framework explaining the timing of preannouncements. Journal of business research, 46(1), 45-56.
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