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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.

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.

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.

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.

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

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.

This study aims to provide an objective analysis of the state-of-the-art and intellectual development of publications related to event study methodology in business research.

The sample includes 1,219 papers related to event study methodology, covering all business disciplines and spanning 34 years from 1983 to 2016.

Through three stages of primary analysis, namely, initial sample, citation and co-citation analyses, the authors identified the publication trends, supplementary techniques, influential publications and intellectual clusters in the area of event study methodology in business.

The findings serve as a benchmark for the extensive literature related to event study methodology in business and may facilitate the transference of the amassed useful techniques among disciplines and the identification of future research directions.

The current study represents as a pioneering effort to review event study-related publications using bibliometric analysis.

The purpose of this paper is to investigate shifts and patterns evident in event studies over the past 30 years. It aims to review events‐related academic articles published between 1980 and 2010 in the top three tourism journals.

By reviewing 178 event‐related articles collected from the Annals of Tourism Research, the Journal of Travel Research and Tourism Management, published between 1980 and 2010, a content analysis was carried out in regard to trends in academic writings related to events.

The study found that, even though the number of event studies has dramatically increased since 2000, and subject areas have become more diversified, the focus has still remained on a very limited number of topics.

The present study will increase awareness among academia and researchers about the characteristics and development of research in event studies; will increase the understating of the meaning of “event” in the tourism industry by reviewing event studies published in tourism journals; will be a useful reference guide for academic researchers who contribute to event studies, which is a relatively new area of research; and will extend practical knowledge of the event field.

Given the public availability of secondary data on investments in events such as the Olympics, FIFA World Cup and professional sports, event studies that measure stock market response to these investments have grown. Previous findings are mixed, however, with some studies suggesting that the announcement of sponsorship contracts is a positive event and others finding detrimental effects of the announcement on shareholder value. This study aims to analyze the mixed findings from event studies in sport sponsorship to determine if sponsorship announcements influence stock market response.

The meta-analysis examines more than 20 years of research on event studies in sponsorship (34 studies).

The overall results show a positive, but non-significant effect of partnership deal announcements on shareholder wealth. Further analysis considers the effects of sponsorship announcements by each type of event window to see the impact of the announcement relative to time (pre-announcement, announcement day, post-announcement and pre- to post-announcement). This closer examination of the event window shows that stock prices of sponsoring organizations increased in the pre-announcement window.

Quantitative meta-analytic findings indicate that information about sponsorship deals appears to leak to share markets and positively influence share price. This finding suggests that sponsoring the sports and events found in these event studies is seen as value enhancing for sponsoring firms.

With computer technology fast becoming the engine that drives productivity, IT systems have become more pervasive in the daily operations of many businesses. Large, as well as small, businesses in the USA now rely heavily on IT systems to function effectively and efficiently. However, past studies have shown CEOs do not always understand how reliant their business is on IT systems. To the authors’ knowledge, no research has not yet examined if financial markets understand how IT affects the performance of businesses. The paper aims to discuss these issues.

In this study, the authors utilize the event study method to examine how financial markets interpret weaknesses in businesses IT systems. The authors examine this in the context of the Sarbanes-Oxley Act – Section 404 requirements and utilize the internal reporting requirement in the annual financial statement filing with the Securities Exchange Commission as a proxy to evaluate how the financial markets interpret IT weaknesses.

Using an event study, the authors show that the market does not necessarily understand and respond to the effects of IT weaknesses on overall financial performance of firms and thus challenge the efficient market hypothesis theory.

A second contribution is methodological in nature. IS researchers thus far have been using limited market benchmarks, statistical tests, and event windows in their respective event studies of market performance. This study shows shortcomings of that approach and the necessity of expanding usage of available event analysis tools. The authors show that using more than one market benchmark and statistical test across multiple time frames uncovers the effects that using a single benchmark and test over a single window would have overlooked.

The purpose of this paper is to demonstrate with real data the enhanced statistical power of a GLS‐based event study methodology that requires the same input data as the traditional tests.

The paper uses full sample, subsample and simulated modified sample analyses to compare the statistical power of the GLS methodology with traditional methods.

The paper finds that it is often the case that traditional tests will not reject the null when a GLS‐based test may (strongly) reject the null. The power of the former is poor.

There are many published event studies where the null is not rejected. This may be because of the phenomenon being tested but it may also be because of the lack of power of traditional estimators. Hence, rerunning them with the authors' more powerful test is likely to reject some currently well‐accepted null hypotheses of no event effect, stimulating new research ideas. Moreover, as individual stocks have become more volatile, the additional power of the authors' methodology to detect abnormal performance for recent and future events becomes even more important.

There are more than 500 event studies in the top finance journals, which can broadly be split into two subgroups: contemporaneous shocks like changes in regulation and non‐contemporaneous events like mergers. GLS contemporaneous modeling of covariances in the former showed little efficiency gains. The paper's GLS modeling of variances for the latter demonstrates potentially huge effects. Practitioners should be skeptical of prior results accepting the null of no event effect and incorporate GLS to be confident of their future findings.

To introduce critical gender theory to events studies and set an agenda for research in this area. This paper focuses on various contexts, approaches and applications for “doing gender” in critical event studies. It draws upon interdisciplinary frameworks to develop robust theoretical ways of interrogating issues related to power and structural inequalities in events contexts.

A conceptual discussion of “doing gender” and critical gender theory and review of relevant research in this area within event studies. Adopting feminist and intersectional perspectives and applying them to events environments has potential to inform current theoretical developments and wider sector practices, and, ultimately, change the dominant heteronormative patriarchal paradigm of the experiential landscape.

Event studies has been slow to engage with gender theory and gender-aware research, to the detriment of theoretical and practical development within the field.

A call for more gender-aware research within event studies. The goal of this paper is to galvanise gender-aware events research to centralise the marginalised and amplify feminist voices in critical event studies. Feminist and gender-aware frameworks encourage researchers to be critical and to question the underlying power structures and discourses that shape practices, behaviours and interactions. This creates new pathways to find ways to overcome inequalities, which can improve overall events praxis.

The paper introduces critical gender theory as a fruitful framework for future events research. It is an under-researched area of study, representing a significant gap in ways of theorising and representing different aspects of events. We argue it is imperative that researchers take up the challenge of incorporating feminist and/or gender-aware frameworks within their research as a matter of routine.

Reviews previous research based on event study methodology, pointing out that events can influence returns in many ways, and applies the method to a sample of mergers and acquisitions in the thinly traded Norwegian market 1983‐1994. Explains how the classic market model can be adjusted to control for non‐synchronous trading and changing/asymmetric volatility; and how the event and non‐event periods can be combined into a single model. Applies two different models to the data, compares the results and finds the ARMA‐GARCH approach superior to the OLS. Discusses the implications of this for researchers.

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.

This chapter conducts an event study of 30 quantitative easing (QE) announcements made by 21 central banks on daily government bond yields and bilateral US dollar exchange rates in March and April 2020, in the midst of the global financial turmoil triggered by the COVID-19 outbreak. The chapter also investigates the transmission of innovations to long-term interest rates in a standard GVAR model estimated with quarterly pre-COVID-19 data. The authors find that QE has not lost effectiveness in advanced economies and that its international transmission is consistent with the working of long-run uncovered interest rate parity and a large dollar shortage shock during the COVID-19 period. In emerging markets, the QE impact on bond yields is much stronger and its transmission to exchange rates is qualitatively different than in advanced economies. The GVAR evidence that the authors report illustrates the Fed’s pivotal role in the global transmission of long-term interest rate shocks, but also the ample scope for country-specific interventions to affect local financial market conditions, even after controlling for common factors and spillovers from other countries. The GVAR evidence also shows that QE interventions can have sizable real effects on output driven by a very persistent impact on long-term interest rates.