Event studies in management research: Theoretical and empirical issues

Academy of Management Journal

Volumn 40, Issue 3, 1997, Pages 626-657

  Mcwilliams, Abagail ^a   Siegel, Donald ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0031510754     PISSN: 00014273     EISSN: None     Source Type: Journal    
DOI: 10.2307/257056     Document Type: Review

References (65)

1. Barclay, M., & Litzenberger, R. 1988. Announcement effects of new equity issues and the use of intraday price data. Journal of Financial Economics, 21: 71-99.
2. Beatty, R. P., & Zajac, E. J. 1987. CEO change and firm performance in large corporations: Succession effects and manager effects. Strategic Management Journal, 8: 305-317.
3. Becker, B. E. 1987. Concession bargaining: The impact on shareholders' equity. Industrial and Labor Relations Review, 40: 268-279.
4. Becker, B. E. 1995. Union rents as a source of takeover gains among target shareholders. Industrial and Labor Relations Review, 49: 3-19.
5. Becker, B. E., & Olson, C. A. 1986. The impact of strikes on stockholder equity. Industrial and Labor Relations Review, 39: 425-438.
6. Benston, G. J. 1982. Accounting numbers and economic values. Antitrust Bulletin, 27 (Spring): 161-215.
7. Bromiley, P., Govekar, M., & Marcus, A. 1988. On using event-study methodology in strategic management research. Technovation, 8: 25-42.
8. Brown, S., & Warner, J. 1980. Measuring security price performance. Journal of Financial Economics, 8: 205-258.
9. Brown, S., & Warner, J. 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics, 14: 3-31.
10. Chatterjee, S. 1986. Types of synergy and economic value: The impact of acquisitions on merging and rival firms. Strategic Management Journal, 7: 119-139.
11. Chatterjee, S., Lubatkin, M. H., Schweiger, D. M., & Weber, Y. 1992. Cultural differences and shareholder value in related mergers: Linking equity and human capital. Strategic Management Journal, 13: 319-334.
12. Clinebell, S. K., & Clinebell, J. M. 1994. The effect of advanced notice of plant closings on firm value. Journal of Management, 20: 553-564.
13. Cook, R. D. 1977. Detection of influential observations in linear regressions. Technometrics, 19: 15-18.
14. Cook, R. D. 1979. Influential observations in linear regression. Journal of the American Statistical Association, 74: 169-174.
15. Cook, T. D., & Campbell, D. T. 1979. Quasi-experimentation: Design & analysis issues for field settings. Chicago: Rand McNally College Publishing.
16. Dann, L., Mayers, D., & Raab, R. 1977. Trading rules, large blocks, and the speed of price adjustment. Journal of Financial Economics, 4: 3-22.
17. Davidson, W., & Worrell, D. 1988. The impact of announcements of corporate illegalities on shareholder returns. Academy of Management Journal, 31: 195-200.
18. Davidson, W., & Worrell, D. 1992. The effect of product recall announcements on shareholder wealth. Strategic Management Journal, 13: 467-473.
19. Davidson, W., Worrell, D., & Cheng, L. 1990. Key executive succession and stockholder wealth: The influence of successor's origin, position, and age. Journal of Management, 16: 647-664.
20. Davidson, W., Worrell, D., & Dutia, D. 1993. The stock market effects of CEO succession in bankrupt firms. Journal of Management, 19: 517-533.
21. Dodd, P., & Warner, J. B. 1983. On corporate governance: A study of proxy contests. Journal of Financial Economics, 11: 401-438.
22. Donaldson, T., & Preston, L. 1995. The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20: 65-91.
23. Foster, G. 1980. Accounting policy decisions and capital market research. Journal of Accounting and Economics, 2: 29-62.
24. Friedman, S. D., & Singh, H. 1989. CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management Journal, 32: 718-744.
25. Gokhale, J., Groshen, E., & Neumark, D. 1995. Do hostile takeovers reduce extramarginal wage payments? Review of Economics and Statistics, 77: 470-485.
26. Hiller, J., & Ferris, S. 1993. Separating myth from reality: An economic analysis of voluntary affirmative action programs. Memphis State Law Review, 23: 773-803.
27. Hite, G., & Owers, J. 1983. Security price reactions around corporate spinoff announcements. Journal of Financial Economics, 12: 409-436.
28. Hitt, M. A., Hoskisson, R. E., Ireland, R. D., & Harrison, J. S. 1991. Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal, 34: 693-706.
29. Jacobson, C. 1994. Investor response to health care cost containment legislation: Is American policy designed to fail? Academy of Management Journal, 37: 440-452.
30. Jensen, M., & Ruback, R. 1983. The market for corporate control. Journal of Financial Economics, 11: 5-50.
31. Kalay, A., & Loewenstein, U. 1985. Predictable events and excess returns: The case of dividend announcements. Journal of Financial Economics, 14: 423-450.
32. Kaplan, S., & Weisbach, M. 1992. The success of acquisitions: Evidence from divestitures. Journal of Finance, 47: 107-138.
33. Karafiath, I. 1994. On the efficiency of least squares regression with security abnormal returns as the dependent variable, Journal of Financial and Quantitative Analysis, 29: 279-300.
34. Koh, J., & Venkatraman, N. 1991. Joint venture formations and stock market reactions: An assessment in the information technology sector. Academy of Management Journal, 34: 869-892.
35. Kohler, H. 1985. Statistics for business and economics. Glenview, IL: Scott, Foresman.
36. Kumar, R., Sen, N., & Shome, D. 1993. The agency cost of free cash flow: Evidence from the announcement of acquisitions programs. Working paper, Department of Finance, Virginia Polytechnic Institute and State University, Blacksburg.
37. Lichtenberg, F., & Siegel, D. 1987. Productivity and changes in ownership of manufacturing plants. Brookings Papers on Economic Activity, 3: 643-673.
38. Lichtenberg, F., & Siegel, D. 1990. The effect of leveraged buyouts on productivity and related aspects of firm behavior. Journal of Financial Economics, 27: 165-94.
39. Lubatkin, M. 1987. Merger strategies and stockholder value. Strategic Management Journal, 8: 39-53.
40. Lubatkin, M., Chung, K. H., Rogers, R. C., & Owens, J. E. 1989. Stockholder reactions to CEO changes in large corporations. Academy of Management Journal, 32: 47-68.
41. Madhavan, R., & Prescott, J. E. 1995. Market value impact of joint ventures: The effect of industry information-processing load. Academy of Management Journal, 38: 900-915.
42. Mahoney, J. M., & Mahoney, J. T. 1993. An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth. Strategic Management Journal, 14: 17-31.
43. Markides, C. 1992. Consequences of corporate refocusing: Ex ante evidence, Academy of Management Journal, 35: 398-412.
44. McConnell, J. J., & Nantell, T. J. 1985. Corporate combinations and common stock returns: The case of joint ventures. Journal of Finance, 14: 519-536.
45. McGuire, J., Schneeweis, T., & Naroff, J. 1988. Effects of top managers' cabinet appointments on shareholders' wealth. Academy of Management Journal, 31: 201-212.
46. McWilliams, A., Turk, T., & Zardkoohi, A. 1993. Antitrust policy and mergers: The wealth effect of supreme court decisions. Economic Inquiry, 31: 517-533.
47. Meznar, M., Nigh, D., & Kwok, C. 1994. Effect of announcements of withdrawal from South Africa on stockholder wealth. Academy of Management Journal, 37: 1663-1648.
48. Mitchell, M., & Netter, J. M. 1989. Triggering the 1987 stock market crash: Antitakeover provisions in proposed House Ways and Means Committee tax bill. Journal of Financial Economics, 24: 37-49.
49. Nayyar, P. 1993. Stock market reactions to related diversification moves by service firms seeking benefits from information asymmetry and economies of scope. Strategic Management Journal, 14: 569-591.
50. Nayyar, P. 1995. Stock market reactions to customer service changes. Strategic Management Journal, 16: 39-53.
51. Posnikoff, J. F. 1997. Disinvestment from South Africa: They did well by doing good. Contemporary Economic Policy, 15(1): 76-86.
52. Reinganum, M. R. 1983. The effects of executive succession on stockholder wealth. Administrative Science Quarterly, 30: 48-60.
53. Rogerson, W. P. 1989. Profit regulation of defense contractors and prizes for innovation. Journal of Political Economy, 97: 1284-1305.
54. Ryngaert, M., & Netter, J. 1990. Shareholder wealth effects of the 1986 Ohio antitakeover law revisited: Its real effects. Journal of Law, Economics, & Organization, 6: 253-262.
55. Salinger, M. A. 1992. Value event studies. Review of Economics and Statistics, 74: 671-677.
56. Seth, A. 1990. Value creation in acquisitions: A reexamination of performance issues. Strategic Management Journal, 11: 99-115.
57. Shelton, L. 1988. Strategic business fits and corporate acquisition: Empirical evidence. Strategic Management Journal, 9: 278-288.
58. Shliefer, A., & Summers, L. 1988. Breach of trust in hostile takeovers. In A. Auerbach (Ed.), Corporate takeovers: Causes and consequences: 33-68. Chicago: University of Chicago Press.
59. Singh, H., & Montgomery, C. 1987. Corporate acquisition strategies and economic performance. Strategic Management Journal, 8: 377-386.
60. Turk, T. A. 1992. Takeover resistance, information leakage, and target firm value. Journal of Management, 18: 502-522.
61. Woolridge, J. R., & Snow, C. C. 1990. Stock market reaction to strategic investment decisions. Strategic Management Journal, 11: 353-363.
62. Worrell, D. L., Davidson, W. N., & Sharma, V. M. 1991. Layoff announcements and stockholder wealth. Academy of Management Journal, 38: 662-678.
63. Worrell, D. L., Davidson, W. N., & Glascock, J. L. 1993. Stockholder reactions to departures and appointments of key executives attributable to firings. Academy of Management Journal, 36: 387-401.
64. Worrell, D. L., Davidson, W. N., Chandy, P. R., & Garrison, S. 1986. Management turnover through deaths of key executives: Effects on investor wealth. Academy of Management Journal, 29: 674-694.
65. Wright, P., Ferris, S. P., Hiller, J. S., & Kroll, M. 1995. Competitiveness through management of diversity: Effects on stock price valuation. Academy of Management Journal, 38: 272-287.