Recently, numerous corporations must change their management style in response to a highly competitive global environment. So, the development of the M&A and strategic alliances have become a well-know trend around the world. This study adopts the event study method and hybrid grey-market model to explore the influence in stock price reaction following announcements of M&A and strategic alliances. The empirical results confirm that the information disclosure degree of hybrid grey-market model is superior to typical market model..
