A Guide to Using Event Study Methods in Multi - Country Settings  

Oleh:

Park, Namgyoo K.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 7 (Jul. 2004), page 655-668.
Topik: METHOD-THEORY; global event studies; measurement issues; world market model; strategic actions; firm value

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.16 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

While the event study method has made significant contributions to strategic management research, most even study research published in management journals has analyzed the financial implications of corporate announcements in a single country. This study discusses solutions to methodological challenges that emerge when applying the event study method to multiple countries. Specifically, this study develops the world market model, illustrating how to simultaneously assess the financial impact of strategic actions in multiple countries. These challenges and solutions are illustrated by an example of a multi - country event study analyzing 241 international alliance announcements of 23 firms in 16 countries. The findings show that the use of the single country market model in a multi - country event study is likely to overestimate changes in firm value, demonstrating the need for this world market model.

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