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• W3123176651 abstract "Market efficiency, in its strong form, asserts that asset prices fully reflect all available information. The classical event study methodology attempts to make explicit this link by assuming rigid and universal pre-event, event, and post-event periods. As an alternative, our framework captures the progressive diffusion of information around events as well as the overlapping impacts of separate events. We also illustrate that our approach captures mean-reversion of expected returns and increased volatility around announcement dates. These features reflect latent regime switches and are associated with semi-strong market efficiency." @default.
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• W3123176651 date "2016-08-01" @default.
• W3123176651 modified "2023-09-27" @default.
• W3123176651 title "Information stages in efficient markets" @default.
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• W3123176651 doi "https://doi.org/10.1016/j.jbankfin.2016.04.003" @default.
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