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Cited by 1,572

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Managerial Decisions and Long‐Term Stock Price Performance

Mitchell, Mark L., Stafford, Erik·2000·The Journal of Business
DOI 10.1086/209645
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Abstract

A rapidly growing literature claims to reject the semi-strong form of the efficient market hypothesis by producing large estimates of long-term abnormal stock price performance subsequent to major corporate events. We re-examine three large samples of major managerial decisions, namely acquisitions, equity issues, and equity repurchases, and find little evidence of reliable long-term abnormal stock price performance for the three samples. The analysis shows (a) crosssectional dependence of abnormal returns leads to inflated test statistics and (b) estimates of abnormal performance are small, and largely limited to small stocks, after accounting for the known mis-pricings of the model used to generate the results.

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Metadata

Authors
Mitchell, M. L., & Stafford, E.
Venue
The Journal of Business
Publisher
University of Chicago Press
Published
2000-07
Volume
73
Issue
3
Pages
287-329
ISSN
  • 0021-9398 (ISSN-L)
  • 1537-5374
DOI
10.1086/209645
OpenAlex
W3123753686
Cited by
1,572
References
4
FWCI
61.27
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Managerial Decisions and Long‐Term Stock Price Performance. https://app.cochat.ai/papers/10.1086/209645
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Mitchell, M. L., & Stafford, E. (2000). Managerial Decisions and Long‐Term Stock Price Performance. The Journal of Business. https://doi.org/10.1086/209645

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.