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Event studies in international finance research | SpringerLink
Source: link.springer.com
Article summary:
1. This article surveys prior event studies in international finance, reviews the approaches taken, and highlights the many challenges facing researchers that conduct cross-country comparative event studies.
2. The paper identifies 699 event-study papers published in premier international and finance journals, of which only 12% (or 81) were identified as cross-country event studies.
3. The paper provides guidance on how to leverage cross-country results to assess the role of various national institutions in affecting event outcomes, and extends the methodology to the international bond market.
Article analysis:
The article is generally reliable and trustworthy, as it provides a comprehensive overview of prior event studies in international finance and offers guidance on how to leverage cross-country results to assess the role of various national institutions in affecting event outcomes. The authors have also extended the methodology to the international bond market, which is an important contribution to the literature on information flow between financial markets.
However, there are some potential biases that should be noted. First, while the authors provide a comprehensive overview of prior event studies published in top-tier finance and international business journals, they do not discuss any potential limitations or weaknesses associated with these studies. Second, while they identify 47 distinct topics for firm-level event studies alone, they do not explore any counterarguments or alternative perspectives related to these topics. Third, while they emphasize key methodological concerns and offer thorough guidance on best practices applicable in cross-country and cross-asset class settings, they do not provide any evidence for their claims or discuss possible risks associated with conducting such research. Finally, while they call for future cross-country event studies on understudied topics such as dividends and board structure changes, they do not present both sides equally or explore any unexplored counterarguments related to these topics.
In conclusion, this article is generally reliable and trustworthy but there are some potential biases that should be noted when assessing its trustworthiness and reliability.