Literature Review Women on boards and in TMTS and firm performance122 Table 5 1 Average abnormal returns for event studies Layoffs and shareholder wealth a Studies or subsamples within cross sector analyses concerning the financial sector are presented in italics b Referring to Gerpott 2007 the label S indicates that the respective analysis uses a the following standard design determination of events primary or exclusive from the Wall Street Journal use of share price data from Center of Research in Security Prices CRSP University of Chicago for estimation of abnormal returns with the market model c Figure in square brackets indicates the number of different companies surveyed d CAAR Cumulative average abnormal return CAR cumulative abnormal return CER cumulative excess return Authors Year Hillier et al 2007 Farber Hallock 2009 Madura et al 1995 a Elayan et al 1998 Brookman et al 2007a Brookman et al 2007b Goins Gruca 2008 Cagle et al 2009 Neus Walter 2009 Knauer Lachmann 2011 Capelle Blancard Tatu 2012 Marshall et al 2012 Fraunhoffer et al 2014 Period 1990 2000 1970 1999 1984 1992 1979 1991 1993 1999 1993 2003 1989 1996 1994 2003 1995 2006 2000 2009 2002 2010 2005 2006 2008 2005 2006 2008 2003 2012 Industry Sector cross sector analysis excl Financial firms thereof financial institutions cross sector analysis banks cross sector analysis cross sector analysis cross sector analysis oil and gas industry banks bank holding companies security brokers dealers other financial services cross sector analysis cross sector analysis cross sector analysis cross sector analysis thereof banks and financial services ation industry Sample size 322 87 4 273 48 646 229 356 71 57 c 42 21 15 265 136 1 605 677 67 76 10 9 84 22 Region UK USA S USA S b USA S USA S USA S USA USA D D EU member states and Norway UK Global

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