Event studies in management research: Theoretical and empirical issues

• 成果类型: Article
• 署名作者: McWilliams, A; Siegel, D
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/257056
• 发表日期: 1997
• 页码: 626-657
• 关键词: STOCK-MARKET REACTIONS; STOCKHOLDER REACTIONS; LARGE CORPORATIONS; linear-regression; CEO succession; KEY EXECUTIVES; IMPACT; WEALTH; announcements; acquisitions

摘要

We examined the use of event studies in management research and found that there was inadequate attention paid to theoretical and research design issues, This lack of attention may lead to false inferences regarding the significance of the events and the validity of the theories being tested, To illustrate the extent of this problem, we attempted to replicate three recent studies, To guide authors and reviewers, we outline procedures for appropriate use of the event study method.