Error No Security-event Has Estimation-period Data
Contents |
Information General Software Capabilities Long-horizon event study methods Control-firm methods CUSIP to CRSP PERMNO conversion Tips, Tricks and Techniques Control-firm event study approach Fama-French factor data Indexing data sets for the SASNONCRSP method Indexing eventus user guide data sets for the companion portfolio approach Basing the estimation period for one
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event on the date of a different event Holding a firm-specific estimation period constant across multiple event studies Retrieving index eventus sas code returns alone Retrieving returns a fixed number of trading days before a given calendar date Stock return variance Stock return variance Error Messages "Statement is not valid" errors on all Eventus statements Interpretation precision weighted caar of Results Meaning of Extract, OutWin or FileWin weights Output of RETURNS with SIZEINDX and BOTH options Compatibility with Other Vendors Compatibility with CRSP and how to handle updates of CRSP Compatibility with Datastream Compatibility with Specific SAS Versions Cowan Research, L.C. Home Page "Statement is not valid" errors on all Eventus statements Q: We installed Eventus for Windows, but when we try to run a test
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program, the Eventus; statement and each subsequent statement is flagged with the message ERROR 180-322 Statement is not valid or is used out of proper order. Whats going on?
Solution: The most common cause is installing Eventus in one user account (such as an administrator account used only for installing software), then trying to use it from another without following the additional steps advised by the setup program. To make Eventus available to another user on the same computer, you may want to re-install Eventus in the account in which it will be used. (This advice is displayed at the beginning of the setup program). This is desirable because the user will then be able to check for and install hotfixes without switching accounts and manually copying files. If you are installing for multiple users or if the end user's account is not allowed to install software, please try the following instructions. Please close SAS and copy the following files from the first user's My SAS Files folder (typically something like Documents\My SAS Files\9.2) to the next user's My SAS Files folder: formats.sas7bcat nyupdat.sas7bdat (if present) nyupdat.sas7bndx (if present) sasmacr.sas7bcat templat.sas7bitm If some of the above filesCore Team Advisory Board contact Nine steps to follow when performing a short-term event study The blueprint of a standard event study is presented in the following. The underlying assumption of the event study methodology eventus event study is that the capital market is semi-strong form efficient. This form of market efficiency eventus wrds assumes that asset prices comprise all publicly-available information relevant for price formation. You should follow the 9 steps provided below to
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accurately conduct an event study. Exactly define the event When conducting an event study, it is important to define as exactly as possible the corporate event you want to examine to make sure all http://www.eventstudy.com/Eventus-FAQ.html identified events are comparable. For example, if you are interested in examining dividend cuts, first determine exactly which definition of a dividend cut you want to apply: all dividend cuts, only dividend cuts that have not been expected by analysts (in consensus), or only unexpected dividend cuts of more than X%. Always keep in mind that the event you want to examine should be new, unexpected information to the public. http://eventstudymetrics.com/index.php/9-steps-to-follow-when-performing-a-short-time-study/ Else you should not expect a considerable reaction to asset prices. If you want to run an event study on, say, sudden deaths of CEOs, you may want to exclude cases of CEOs known to have heart diseases or cancer. Define the sample and news sources Before you start collecting your events of interest, define the sample period and the countries you want to examine. In general, you should choose a large sample period to be able to collect as many events as possible. Yet, make sure that over the years of your sample period the legal circumstances did not change in a way that influences your event identification and results. For example, make sure the event you are interested in was not subject to voluntary disclosure in the early years of your sample period and then became subject to new mandatory disclosure rules. If so, you must at least account for this change. A similar logic applies if you want to examine different countries within one event study. Further, be aware that event and event date identification tends to be more difficult for events that occurred earlier in the past, particularly for the time prior the (frequent) use of the internet. Including earlier periods in your stu
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