Using Event Studies to Assess the Impact of Unexpected Events

James Koch and Robert N Fenili

Business Economics, 2013, vol. 48, issue 1, 58-66

Abstract: The quantitative assessment of the financial impact of unexpected events is the realm of the “event study.” We examine how CEOs, boards, and public policymakers can utilize event studies to inform and improve their decision making. The breadth of application of event studies is surprisingly broad and ranges from situations involving the death of a CEO to emergency product recalls. We present illustrative event studies for two Steve Jobs-related announcements concerning his health in order to demonstrate both the potential and limitations of the technique.

Date: 2013
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