Journal of Financial and Strategic Decisions
نویسنده
چکیده
Several papers have identified the hazards associated with event-induced variance, yet event studies continue to ignore the problem. This study demonstrates that the most commonly used abnormal return detection methods reject the null hypothesis of zero abnormal returns too often. This causes researchers to conclude the detection of abnormal performance when none is present. Two easy to employ alternative methods are proposed that are relatively unaffected by event-induced variance.
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