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Book part
Publication date: 26 November 2014

Kimberly M. Ellis and Phyllis Y. Keys

To explain for doctoral students and new faculty, the appropriate techniques for using event study methods while identifying problems that make the method difficult for use in the…

Abstract

Purpose

To explain for doctoral students and new faculty, the appropriate techniques for using event study methods while identifying problems that make the method difficult for use in the context of African markets.

Methodology/approach

We review the finance and strategy literature on event studies, provide an illustrative example of the technique, summarize the prior use of the method in research using African samples, and indicate remedies for problems encountered when using the technique in African markets.

Findings

We find limited use of the technique in African markets due to limited data availability which is attributable to problems of infrequent trading, thin markets, and inadequate access to free data.

Research limitations

Our review of the literature on event studies using African data is limited to English-language journals and sources accessible through our library research databases.

Practical implications

More often, researchers will need to use nonparametric techniques to evaluate market responses for companies in or events affecting the African markets.

Originality/value of the chapter

We make a contribution with this chapter by giving a more detailed description of event study methods and by identifying solutions to problems in using the technique in African markets.

Details

Advancing Research Methodology in the African Context: Techniques, Methods, and Designs
Type: Book
ISBN: 978-1-78441-489-4

Keywords

Book part
Publication date: 3 October 2022

Muhammad Hasan Ghazali and Taufik Faturohman

This study uses an event study approach which is the development of the efficient market hypothesis theory. First, the random walk test was conducted on the Jakarta Composite…

Abstract

This study uses an event study approach which is the development of the efficient market hypothesis theory. First, the random walk test was conducted on the Jakarta Composite Index (JCI) to test the efficiency in the weak form. Furthermore, event study analysis was carried out on JCI and nine sectoral indices to determine the impact of COVID-19 related events on price movements. The study found that JCI prices follow a random walk pattern so that the stock market in Indonesia is efficient, at least in a weak form. In the event study testing, only events related to the first confirmed case of COVID-19 and the implementation of large-scale social restriction in Indonesia affected the composite index. From a sectoral point of view, only the event of Jakarta’s call center had no impact on price changes in the sectoral index. Thus, each index had a different effect throughout the event. The reaction seen from the movement of prices for the composite and sectoral index to the public information explains that the condition of the Indonesian capital market is efficient, at least in semi-strong form.

Details

Quantitative Analysis of Social and Financial Market Development
Type: Book
ISBN: 978-1-80117-921-8

Keywords

Book part
Publication date: 23 August 2017

Jakob Lyngsø Jørgensen and Christoffer Breum Nielsen

The purpose of this study is to contribute to existing financial literature within a less researched area through a systematic, organized, and holistic approach. This study…

Abstract

The purpose of this study is to contribute to existing financial literature within a less researched area through a systematic, organized, and holistic approach. This study advances the notion of considering terrorist attacks as a heterogeneous group of events by employing a multidimensional approach. The event study methodology was used to investigate the impact of 46 terrorist attacks occurring on the soil of OECD countries since 1990 on stock markets in US, UK, Spain, and Denmark. Thereby, terrorist attacks are considered as events conveying information to financial markets, which is processed by investors and subsequently reflected in security prices. This chapter is the first contribution within financial literature to distinguish and categorize terrorist attacks through several dimensions and investigate the effect of various characteristics on stock markets. The multidimensional analytical approach consisted of six dimensions, which included an examination of the national stock markets, differences across industries, the underlying threat characteristics, the size of the attack, and the development over time and geospatial aspects. It is concluded that terrorist attacks exhibiting international threat characteristics result in significantly larger and boundary spanning negative abnormal returns, which impact stock markets beyond the country in which the attack occurred. Additionally, the size of the terrorist attack amplifies the negative impact on stock markets. However, while the impact on stock markets was found to be immediate indicating that stock markets are quick and efficient in absorbing new information, the negative impact is likely to evaporate within five trading days.

Details

The Responsive Global Organization
Type: Book
ISBN: 978-1-78714-831-4

Keywords

Abstract

Details

Making Meaning with Readers and Texts
Type: Book
ISBN: 978-1-80262-337-6

Book part
Publication date: 14 August 2023

Zohre Mohammadi and Fatemeh Fehrest

In recent years, research on children's tourism experiences has gained prominence, as children are becoming an increasingly vital market for the tourism industry. While events are…

Abstract

In recent years, research on children's tourism experiences has gained prominence, as children are becoming an increasingly vital market for the tourism industry. While events are a main sector of the industry and host millions of children every year, there is a lack of research specifically focussed on children's experiences in events. This chapter focusses on children's entertainment events which can provide children with a satisfying, memorable and educational experience. This study has developed a framework to facilitate deeper mixed studies on children's experiences in event tourism. The framework is composed of four pillars based on various social, tourism and event theories and models, including the Cognition–Affect–Behaviour (CAB) theoretical framework, the Orchestra Model of Experience, the Event Experience Scales (EES), the Theory of Child Well-being and the Transtheoretical Model of Behaviour Change (TTM). The framework can be used by future researchers as an analytical evaluation tool to study children's experiences in different types of events and understand the mechanisms of behaviour change in this context.

Details

Events Management for the Infant and Youth Market
Type: Book
ISBN: 978-1-80455-691-7

Keywords

Book part
Publication date: 7 May 2019

Marçal Mora-Cantallops, Zhengqi Yan and Salvador Sánchez-Alonso

In the last few years, information and communication technologies (ICTs) and social media have become increasingly relevant to politicians and political parties alike, often used…

Abstract

In the last few years, information and communication technologies (ICTs) and social media have become increasingly relevant to politicians and political parties alike, often used to issue statements or campaigning, among others. At the same time, many citizens have become more involved in politics, partly due to the highly interactive and social environments that the social networking services (SNS) provide. Political events flow through these networks, influencing their users; such events, however, often start offline (outside the online platform) and are, therefore, hard to track. Event studies, a methodology often used in financial and economic studies, can be translated to social networks to help modeling the effect of external events in the network. In the present case, the event study methodology is applied to two sample cases: the tariff war between the United States and China, with multiple responses and retaliations from both sides, and the Brexit referendum. In both cases, the Twitter social networks that arise from users who discuss the respective subjects are analyzed to examine how political events shape and modify the network. Results show how event studies, combined with the possibilities offered by the ICTs both in data retrieval and analysis, can be applied to understand the effect of external political events, allowing researchers to quantitatively track, observe, and analyze the spread of political information over social network platforms. This is a first step toward obtaining a better understanding on how political messages are diffused over social networks and their effects in the network structures and behaviors.

Details

Politics and Technology in the Post-Truth Era
Type: Book
ISBN: 978-1-78756-984-3

Keywords

Book part
Publication date: 12 July 2023

Tony Huiquan Zhang and Tianji Cai

Measuring the diffusion of protests, or more generally, the diffusion of events, is an ongoing task in social sciences. This paper proposes an inter-event approach to study what…

Abstract

Measuring the diffusion of protests, or more generally, the diffusion of events, is an ongoing task in social sciences. This paper proposes an inter-event approach to study what types of protests tend to diffuse or decline. We develop a standardized, five-step procedure to measure what we define as “event diffusion momentum” (EDM): (1) employ event-based data containing information on the time, location, and features of each protest; (2) define the temporal and spatial ranges of interest; (3) for each observation, count the number of events before and after it within the defined ranges; (4) predict the numbers of post-event and pre-event protests with appropriate count models; (5) calculate the ratios of predicted values for each predictor and confidence intervals using the delta method. The ratio is the EDM. Applying this method to Dynamics of Collective Action (DoCA) data, we identify several micro- and macro-level factors associated with protest diffusion in the United States, 1960–1995. We conclude with the implications and generalizability of the proposed method.

Details

Methodological Advances in Research on Social Movements, Conflict, and Change
Type: Book
ISBN: 978-1-80117-887-7

Keywords

Book part
Publication date: 18 October 2016

Lucely Vargas

Through globalization, businesses are gaining more power, since stakeholder demands to behave ethically and socially responsible (CSR) are increasing dramatically. Acting…

Abstract

Through globalization, businesses are gaining more power, since stakeholder demands to behave ethically and socially responsible (CSR) are increasing dramatically. Acting ethically from a sense of social responsibility is a competitive advantage that improves economically an organization’s financial performance in the long term. This chapter analyzes the relationship between an organization’s focus on ethical/corporate social responsibility (CSR) behaviors and financial performance based on share price analysis proceeding from public announcement of ethical/CSR commitment. The methodology used in this study is based on both the event study method in efficient markets and the market model. The calculation of unexpected returns and the analysis of the impact of public announcements on the share price value of the Generali Insurance Company (GIC) case study are presented (historical data taken from S&Pmib). The results show that there is a tendency toward share value increasing and decreasing, but these changes are not significant in the light of public information related to CSR.

Book part
Publication date: 12 October 2011

Massimo Maoret, Felipe G. Massa and Candace Jones

Purpose – Over the last 15 years, a growing literature on project-based organizing (PBO) has emerged, drawing on various theoretical streams based on distinctive and sometimes…

Abstract

Purpose – Over the last 15 years, a growing literature on project-based organizing (PBO) has emerged, drawing on various theoretical streams based on distinctive and sometimes conflicting assumptions. Organization-centric approaches tend to highlight projects as portfolios that provide assets to meet strategic goals, but leave un-assessed the processes by which projects evolve, are chosen and governed. Field-centric studies of PBO tend to highlight how relations among and across actors (individuals or organizations) evolve over time, but also neglect how projects meet actors’ strategic needs. We introduce a “projects as events” perspective in an effort to integrate insights from these distinct conceptualizations.

Design/methods – We review previous studies on PBO and elaborate on the theorization of a “projects as events” perspective, suggesting various reasons why it might help advance research on PBO, for example, by allowing researchers to address how projects interact across multiple levels of analysis.

Findings – By drawing on examples from the creative industries, we illustrate various instances in which projects are events: sequences of activities that unfold gradually or suddenly, and trigger distinctive networks across multiple levels of analysis.

Originality/value – A projects as events perspective facilitates the use and the combination of quantitative and qualitative methods, such as event sequencing with narrative analysis, or historical events with network analysis. By doing so, scholars may more easily cross levels of analysis by examining the various networks engaged in a project to unfold and provide a fuller understanding of PBO.

Details

Project-Based Organizing and Strategic Management
Type: Book
ISBN: 978-1-78052-193-0

Book part
Publication date: 4 August 2017

Caitlin E. McClurg, Jaimie L. Chen, Alexandra Petruzzelli and Amanda L. Thayer

This chapter reviews the challenges associated with measuring and studying cohesion over time and provides guidance for addressing these issues in future research.

Abstract

Purpose

This chapter reviews the challenges associated with measuring and studying cohesion over time and provides guidance for addressing these issues in future research.

Methodology/approach

We reviewed the team cohesion and team development literatures, including definitions and conceptualizations of cohesion as well as the seminal team development taxonomies. We then integrated these literatures to identify the challenges and potential solutions for studying team cohesion as a dynamic construct.

Findings

We identified five key challenges – theoretical and practical in nature – that researchers and organizations often face in capturing and studying team cohesion emergence: problems with self-report measures; measuring multiple dimensions of cohesion at appropriate times; failure to combine multilevel and temporal frameworks; and tracking of team and organizational events. In response, we provide actions that researchers can take in addressing these challenges: using indirect/unobtrusive measures; using social network analysis; studying “swift cohesion”; adopting an event system theory framework; and applying agent-based modeling.

Research implications

This comprehensive chapter provides recommendations for studying team cohesion as a dynamic, emergent process rather than as a static state. We discuss the challenges pertaining to study design and measurement when capturing team cohesion emergence, and provide theoretical and practical ideas to guide researchers in overcoming these issues in future research.

Practical implications

This chapter suggests tools and data collection techniques that organizations and practitioners can use for measuring and improving team cohesion, such as using unobtrusive measures and timing measurement according to team and organizational events.

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