Traditional Event Research Articles

The Brazilian default announcement and the contagion effect hypothesis

In this paper we use stocl market data to test several hypotheses regarding possible investor reaction to the February 20, 1987 Brazilian default. Both the traditional event study approach and a generalized least squares regression, using Brazilian exposure as an explanatory variable for abnormal returns, are used. A sample of 46 bank holding companies, all listed on the New York or American srock exchanges, is divided into groups of no, low and high Brazilian exposure. We find that the initial stock market reaction to the default represents a rational investor response to new bank-specific information. However, the stock market reaction also reveals that not all relevant information was contained in the disclosure announcement. Further, we find some evidence of a contagion effect related to size.

A comparison of the market model and random coefficient model using mergers as an event

The economic significance of an event under an event study framework depends on how risk of a security is measured in the estimation period. The random coefficient model is an improvement over the traditional market model, because the risk of a security has a random component that is ignored or assumed away in traditional event study literature. In this article, the measure of the risk of a security (beta) is decomposed into systematic and random components. If a random component is identified, then use of the ordinary least squares technique is likely to give misleading estimates of beta coefficients. The random coefficient model does not make the implicit assumption that betas of securities are fixed over time, and consequently it allows for the beta coefficient to have a random component. Estimates with the traditional market model and the random coefficient model are derived by using mergers as an event. Abnormal returns generated under the two models are compared and are consistent with results from earlier merger studies.

Collaboration in a Traditional Classroom Environment

Researchers and teachers are joining in a movement to introduce more collaborative work in language arts classrooms. While collaborative learning and writing are valuable activities in any classroom, not enough is understood about what happens when collaborative activities are introduced into a traditional classroom discourse structure. This study analyzes a collaborative activity, both as a traditional classroom event and as a collaborative event. The results of the analysis suggest that, even when the activity is explicitly collaborative and students are experienced collaborators, patterns of traditional classroom discourse dominate their communicative choices.

The Role of Youth in the Continuation of Dogrib Musical Traditions

Until recently, few ethnographies have paid any attention to the music of and participation in musical activities by children and young people. This statement is particularly true of Amerindian peoples. A major aim of my two field trips to Dogrib territory in 1984 was to obtain songs used and maintained by children and to observe the participation of children in the musical events of the communities. Although I did not find many songs that had been used specifically by children, I did record two examples. In addition, contrary to reports I had read on the Ti Dance, the main traditional musical event among the Dogrib, I observed active participation of children and youths, particularly in starting this event. The Dogrib, a Northern Athapaskan group of Amerindians in the subarctic region, live in Canada's Northwest Territories, east of the Mackenzie River and between Great Slave and Great Bear Lakes.