...Ester Martínez‐Ros; Vicente Salas‐Fumás This paper explores whether workers share innovation returns and how the size of innovation returns is affected by market conditions. Using a panel data of Spanish manufacturing firms during the period from 1990 to 1993, we answer affirmatively to both...

... data, and focuses on the fact that Spanish market conditions do not favor firms that are deciding whether to enter a technological alliance. The paper is extended to analyze different features of alliances. Results suggest no stock market reaction on the day of the announcement, and a negative reaction...

... innovations Market conditions Spain Stock market ...