Event Study Methodology in Marketing

Abstract

An event study measures the impact of specific events (exogenous and endogenous) on stock prices. Often used in finance, this methodology is also of interest in marketing. Indeed, it seems that marketing decisions impact significantly on financial markets. In addition, marketing factors that tend to increase or mitigate the impact of an event are largely ignored. With this in mind, the objective of this paper is to argue the usefulness of event studies and provide insights into some necessary adaptations of these studies for marketing research. The main contribution of this paper is to demonstrate that a full spectrum of data, not purely financial, should be used in order to better understand the value creation or value destruction effects of an event.

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