A guide to using event study methods in multi‐country settings
针对多国事件研究中的方法挑战，提出世界市场模型，并用23家公司在16个国家的241个国际联盟公告示例，说明单国模型会高估企业价值变化。
Abstract While the event study method has made significant contributions to strategic management research, most event study research published in management journals has analyzed the financial implications of corporate announcements in a single country. This study discusses solutions to methodological challenges that emerge when applying the event study method to multiple countries. Specifically, this study develops the world market model, illustrating how to simultaneously assess the financial impact of strategic actions in multiple countries. These challenges and solutions are illustrated by an example of a multi‐country event study analyzing 241 international alliance announcements of 23 firms in 16 countries. The findings show that the use of the single country market model in a multi‐country event study is likely to overestimate changes in firm value, demonstrating the need for this world market model. Copyright © 2004 John Wiley & Sons, Ltd.