On the Use of the Log CAR Measure in Event Studies
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. Copyright Blackwell Publishers Ltd, 2003.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 30 (2003-09)
Issue (Month): ()
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X|
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=0306-686X|