This thesis investigates the effect of alliance experience onto stock-market value creation. Building on existing research, this thesis centres on the distinction between general alliance experience (i.e. the overall experience of managing alliances) and relational experience (i.e. the experience of managing alliances with the same partner). As existing research has identified significant heterogeneity in value creation from these types of alliance experience, the purpose of this thesis is to investigate conditions under which alliance experience is more valued by investors. This thesis therefore disentangles alliance experience into three further dimensions, namely the quality of previous relational experiences, the interrelationship among the two experience types and a temporal dimension of how the two experience types are accumulated in different rhythms over time.Firstly, by using signalling theory, I hypothesize that the quality of the previous partnerships emphasized at announcement positively influences value creation and this effect is moderated by signaller, receiver, and intermediary characteristics. Secondly, in order to investigate the interrelated effect of both types of experience, resource-based, learning and trust-based arguments are used to build an interrelated alliance experience theory. I argue that high levels of general alliance experience create overconfidence in alliance management processes and this negatively affects the value creation of relational experiences. This effect is hypothesized to vary based on firm characteristics. Thirdly, building on organizational learning, resource-based and trust-based perspectives, I propose that both general alliance and relational experiences are negatively affected by irregularity in the rhythm in which they are accumulated.This thesis investigates the effect of these quality, interrelationship and temporal dimensions onto value creation through multiple event studies in the global biopharmaceutical industry in a sample of R&D alliances between 2003 and 2012. Results indicate general support for the arguments and provide evidence that experience-related contingencies affect firms’ ability to create value from alliance experiences.