The Shareholder Wealth Effects of a Corporate or Policy Announcement

Critically discuss an academic article on the shareholder wealth effects of a corporate or policy announcement of your choice.

What are the key findings of the article in terms of the shareholder value effects of the corporate announcement under study? I.e., is the effect neutral, negative, or positive? Do the authors identify key determinants of cross-sectional differences in the stock price reaction to the event – if so, which determinants? Are these key findings in line with theoretical predictions? Why (not)? Provide critical reflections on the limitations of the article, for example, in terms of its scope or its methodology, and reflect on how these limitations may raise interesting questions for future research. Reflect on the practical implications of the findings in this article for a range of corporate stakeholders, including managers, investors, employees, and policymakers.