পদ্ধতির তুলনা করুন

	Merger and Acquisition Performance Event Study	Event Study Methodology
ক্ষেত্র	কৌশলগত ব্যবস্থাপনা	কৌশলগত ব্যবস্থাপনা
পরিবার	Process / pipeline	Process / pipeline
উদ্ভবের বছর	2001	1997
প্রবর্তক	Gregor Andrade, Mark Mitchell & Erik Stafford; David King, Dan Dalton, Catherine Daily & Jeffrey Covin	A. Craig MacKinlay; Stephen J. Brown & Jerold B. Warner
ধরন	Event-study pipeline for the wealth effects of merger and acquisition announcements	Abnormal-return estimation pipeline for valuing corporate events
মৌলিক উৎস	Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103-120.	MacKinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
অপর নাম	M&A Abnormal Returns Analysis, Acquisition Announcement Event Study, Acquirer-Target Wealth Effects Analysis, Deal Announcement CAR Analysis	Abnormal Returns Analysis, Cumulative Abnormal Return (CAR) Analysis, Stock-Market Event Study, Market-Model Event Study
সম্পর্কিত	3	3
সারসংক্ষেপ	A merger and acquisition event study measures the stock-market reaction to a deal announcement to infer how much value the deal is expected to create or destroy for acquirers and targets. The logic is that in an efficient market the share-price jump around the announcement capitalizes investors' revised expectations of future cash flows attributable to the deal. Andrade, Mitchell and Stafford's 2001 survey distilled the empirical regularities: targets earn large positive abnormal returns, combined acquirer-plus-target returns are modestly positive, while acquirers themselves often earn around zero or slightly negative returns. King, Dalton, Daily and Covin's 2004 meta-analysis confirmed that acquirers, on average, do not gain and pointed to unidentified moderators, motivating cross-sectional models that link abnormal returns to deal and firm characteristics.	Event study methodology measures the stock-market reaction to a discrete corporate event by isolating the portion of a firm's return that cannot be explained by normal market movements. Under semi-strong market efficiency, new information about an acquisition, earnings announcement, alliance, CEO change, or regulatory shock is impounded into prices almost immediately, so the abnormal return around the event date is a clean, forward-looking estimate of the event's value consequences. A. Craig MacKinlay's 1997 survey codified the canonical pipeline -- define the event and windows, estimate a normal-return benchmark, compute abnormal returns, accumulate them into a cumulative abnormal return (CAR), and test significance. Brown and Warner's 1985 study established the statistical properties of these procedures with daily data, showing when simple methods are well specified and how variance and clustering must be handled. The method is the workhorse for linking strategic decisions to shareholder value.