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Inference is based on either a skewness\u2010adjusted\n                    <jats:italic>t<\/jats:italic>\n                    \u2010statistic or the empirically generated distribution of long\u2010run abnormal returns. The second approach is based on calculation of mean monthly abnormal returns using calendar\u2010time portfolios and a time\u2010series\n                    <jats:italic>t<\/jats:italic>\n                    \u2010statistic. Though both approaches perform well in random samples, misspecification in nonrandom samples is pervasive. Thus, analysis of long\u2010run abnormal returns is treacherous.\n                  <\/jats:p>","DOI":"10.1111\/0022-1082.00101","type":"journal-article","created":{"date-parts":[[2003,5,6]],"date-time":"2003-05-06T04:03:53Z","timestamp":1052193833000},"page":"165-201","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1423,"title":["Improved Methods for Tests of Long\u2010Run Abnormal Stock Returns"],"prefix":"10.1111","volume":"54","author":[{"given":"John D.","family":"Lyon","sequence":"first","affiliation":[{"name":"Graduate School of Management University of California Davis"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Brad M.","family":"Barber","sequence":"additional","affiliation":[{"name":"Graduate School of Management University of California Davis"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Chih\u2010Ling","family":"Tsai","sequence":"additional","affiliation":[{"name":"Graduate School of Management University of California Davis"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2003,5,6]]},"reference":[{"key":"e_1_2_10_2_1","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.1995.54"},{"key":"e_1_2_10_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(96)00890-2"},{"key":"e_1_2_10_4_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb04826.x"},{"key":"e_1_2_10_5_1","first-page":"1","article-title":"Resampling fewer than n observations: Gains, losses, and remedies for losses","volume":"7","author":"Bickel Peter J.","year":"1997","journal-title":"Statistica Sinica"},{"key":"e_1_2_10_6_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(83)90056-9"},{"key":"e_1_2_10_7_1","doi-asserted-by":"crossref","unstructured":"Brav Alon 1997 Inference in long\u2010horizon event studies: A Bayesian approach with application to initial public offerings Working paper University of Chicago.","DOI":"10.2139\/ssrn.90253"},{"key":"e_1_2_10_8_1","unstructured":"Brav Alon ChrisG\u00e9czy andPaulA. 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