Utilizing an event study, in Essay

Utilizing an event study, in Essay 1, I assess the effects of product concept demonstrations in trade shows on abnormal stock returns and risks. My investigation has two interconnected
parts: (1) analysis of the firm's decision on how many concepts to demonstrate and what would be the concept mix; and (2) analysis of investor reactions to the demonstration that influence the firm value and risk. I find that the number of concept demonstrations are influenced by the innovativeness of the concept mix, the demonstrating firm's past conversion history of concepts to commercialization, and the total number of concepts demonstrations, reflecting the size of the trade show. As a result, the concepts demonstrations for the first-time positively influence cumulative abnormal return, but the effects of demonstrating previously demonstrated concepts are negative.