On the Use of the Log CAR Measure in Event Studies
指出事件研究中用对数收益率横截面均值衡量股东财富效应的方法存在偏差或不能反映真实投资组合策略，建议谨慎使用。
Cross‐sectional averages of log returns have been used to measure shareholder wealth effects in several event studies. No adequate explanation of the implied portfolio strategy has ever been provided in the literature. We argue that the method is biased or does not portray a realistic portfolio strategy. It should therefore be used with caution in the event‐study' literature.