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Limitations to Event Studies and How They Apply

Event studies have been used since the early 1970’s to examine a variety of research questions in economics, finance and accounting. In this article, the author will discuss three limitations to event studies and, for each one, provide an example that demonstrates how they apply to studies from previous researchers, including MacKinlay (1997), Schipper and Thompson (1983, 1985), and Nelson (2008). For each limitation and example, the author will discuss how the previous researchers addressed it.