Topic
Event study
About: Event study is a research topic. Over the lifetime, 4751 publications have been published within this topic receiving 114148 citations.
Papers published on a yearly basis
Papers
TL;DR: In this paper, the authors examine properties of daily stock returns and how the particular characteristics of these data affect event study methodologies and show that recognition of autocorrelation in daily excess returns and changes in their variance conditional on an event can sometimes be advantageous.
7,367 citations
Posted Content•
TL;DR: In this article, event study methods are described including some of the potential complications of the approach, and an example is included to illustrate the approach and to illustrate how the impact of an economic event can be measured by examining security prices surrounding the event.
Abstract: The event study is an important research tool in economics and finance. The goal of an event study is to measure the effects of an economic event on the value of firms. Event study methods exploit the fact that, given rationality in the marketplace, the effects of an event will be reflected immediately in security prices. Thus the impact can be measured by examining security prices surrounding the event. In this paper event study methods are described including some of the potential complications. An example is included to illustrate the approach.
5,159 citations
TL;DR: In this article, observed stock return data are employed to examine various methodologies which are used 111 event studies to measure security price performance, and abnormal performance is introduced into this data and misuse of any of the methodologies can result in false inferences about the presence of abnormal performance.
3,772 citations
TL;DR: This paper found that stock prices move together more in poor economies than in rich economies, and this "nding is not due to market size and is only partially explained by higher fundamentals".
2,869 citations
TL;DR: In this article, the authors extended the risk management model by theorizing that some types of CSR activities will be more likely to create goodwill and offer insurance-like protection than other types.
Abstract: Do shareholders gain when managers disperse corporate resources through activities classified as corporate social responsibility (CSR)? Strategy scholars have recently developed a theoretical model that links such activities to shareholder value when a firm suffers a negative event; we test key portions of this theory of the ‘insurance-like’ property of CSR activity. We posit that such activity leads to positive attributions from stakeholders, who then temper their negative judgments and sanctions toward firms because of this goodwill. We extend the risk management model by theorizing that some types of CSR activities will be more likely to create goodwill and offer insurance-like protection than other types. We delineate several firm and event specific characteristics that we expect to influence the link between CSR activities and an insurance effect. We then test our model using an event study of 178 negative legal/regulatory actions against firms throughout the 11 years from 1993–2003. We find that participation in institutional CSR activities—those aimed at a firm's secondary stakeholders or society at large—provides an ‘insurance-like’ benefit, while participation in technical CSRs—those activities targeting a firm's trading partners—yields no such benefits. We conclude by considering the implications of our findings for future theorizing and research into the economic value of CSR engagement. Copyright © 2008 John Wiley & Sons, Ltd.
2,761 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2026 | 1 |
| 2025 | 78 |
| 2024 | 102 |
| 2023 | 198 |
| 2022 | 320 |
| 2021 | 305 |