EVENT STUDIES ON ACCOUNTING BASED MEASURES
DOI:
https://doi.org/10.11606/rco.v6i15.52658Keywords:
Event studies, Accounting based measures, Abnormal operational performanceAbstract
The event study on accounting based measures investigates the existence of abnormal corporate events performance (profits) after the occurrence of some abnormal corporate events. This type of study is documented in many empirical papers in the area of Accounting and Finance and it can be applied in many situations such as initial public offers – IPO’s, mergers and acquisitions – M&A’s, payment of dividends, stock splits, share repurchases, seasoned equity offers – SEO’s, etc. Occasional abnormal returns, detected by an event study on stock returns (market expectation), can be corroborated by real gains on operational performance (event study on accounting based measures), in order to identify the economic fundamentals that justify the behavior of the stocks (abnormal returns x abnormal operational performances). This essay aims to explore the intrinsic characteristics of the models used to detect abnormal operational performances (event study on accounting based measures), since there is a considerable variety of accounting measures and benchmarks that can be used as well as statistical tests that can be applied, which can influence the results.Downloads
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