Event study

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An event study is a statistical and econometric method to assess the impact of events on outcome variables. An event study is a difference-in-differences design applied to panel data, wherein individuals receive treatment at different points in time. As the event methodology can be used to elicit the effects of any type of event on the direction and magnitude of any outcome variable, it is very versatile in quasi-experimental contexts. Event studies are thus common to various research areas, such as accounting, finance, management, economics, marketing, information technology, law, political science, operations, and supply chain management. One aspect often used to structure the overall body of event studies is the breadth of the studied event types. On the one hand, there is research investigating the stock market responses to economy-wide events (i.e., market shocks, such as regulatory changes, or catastrophic events like war). On the other hand, event studies are used to investigate the stock market responses to corporate events, such as mergers and acquisitions, earnings announcements, debt or equity issues, corporate reorganisations, investment decisions, and corporate social responsibility.