“…Event study analysis in the literature typically examines abnormal changes in stock returns in response to corporate announcements (Dos Santos, Peffers & Mauer, 1993;Çavuşoğlu, Mishra & Raghunatran, 2004;Norden & Weber, 2004;Capron & Shen, 2007;Flammer, 2013;Ardia, Bluteau & Boudt, 2022;Ali, Jia, Lou & Xie, 2023;Li, Wang, Jia, Chen & Meng, 2023;Rudkin & Cai, 2023). More recently, studies have investigated the changes in stock prices due to shocks such as Covid-19 (Bento et al, 2020;Maneenop & Kotcharin, 2020;Varma, Venkataramani, Kayal & Maiti, 2021;Thukral, Singh, Ghosh & Pant, 2022;Mohammed, 2023).…”