Dear all,

I'm working on my Master's Thesis and came across eventstudy2, an excellent event study tool.

However, as I'm fairly new to Stata, I have two questions concerning the command.

Questions:
  1. When I tried to modify the data sets provided in the samples to use them further, I came across the variable "earnings_surprise". Unfortunately, I'm not sure which economic value this variable represents. Is this the return observed on an event date ("Date") that matches the "Security ID"?
  2. I thought about applying the event study methodology to analyze the influence of multiple M&A announcements on the stock price of one single company. Is it possible to employ eventstudy2 in this case, or is it limited to multiple events concerning multiple companies?
I'm looking forward to any helpful advice since I haven't found an answer on Statalist.

Best regards,

Philipp