Historical Analysis-A Diagnostic Tool for "Events" Studies: The Impact of the Securities Act of 1933.
论证历史分析应成为事件研究的必要组成部分，通过批评一项关于1933年证券法影响的研究，指出其缺乏对照组、测试期无依据及事件分类错误，认为这些缺陷使结论无效。
Abstract ABSTRACT: The primary objective of this study is to illustrate why an adequate historical inquiry should be considered an integral part of all "events" studies. We examine a recent events study that attempted to test the impact of the Securities Act of 1933. Our examination of the historical record results in three major criticisms of the author's research design: (1) lack of a control group, (2) an unsubstantiated test period, and (3) apparent misclassification of events (favorable/unfavorable/control) during the test period. We believe that these problems invalidate the conclusion that the Securities Act of 1933 had an adverse impact on stockholders' wealth.