数据和实证研究.pptVIP

不积蹞步，无以致千里；不积小流，无以成江海 豆丁网友友情分享 不积蹞步，无以致千里；不积小流，无以成江海 豆丁网友友情分享 1. First, normally due to potential insider trading and information leakage, it is possible that the market reaction starts long before the actual announcements. Consequently, we employ [-20, 2] and [-20, -3] to capture the possible pre- event reaction. 2. Second, in the relatively efficient market, announcement effects should not exist in the long event window. Therefore, we use four short symmetrical event windows to capture announcement effects. They are [-1, +1], [-2,