Import Data. Event List. Comma-Separated Value File (.csv)

Transcription

1 Event List Comma-Separated Value File (.csv)

2 Event Study Metrics Copyright 2011 Event Study Metrics UG (haftungsbeschränkt) This software product, including program code and manual, is copyrighted, and all rights are reserved by Event Study Metrics UG (haftungsbeschränkt). Your rights to the software are governed by the accompanying software license agreement. Under the copyright law, this manual may not be copied, in whole or in part, without the prior written permission of Event Study Metrics UG (haftungsbeschränkt). Disclaimer Event Study Metrics UG (haftungsbeschränkt) assumes no responsibility for any errors that may appear in this manual or the Event Study Metrics software. The user assumes all responsibilities for the selection of the program to achieve intended result, and for the installation, use, and results obtained from the Event Study Metrics software. Trademarks Event Study Metrics is a registered trademark of Event Study Metrics UG (haftungsbeschränkt). Windows and Excel are registered trademarks of Microsoft Corporation. Other company and product names mentioned herein are trademarks of their respective companies. Mention of third-party products is for informational purposes only and constitutes neither an endorsement nor a recommendation. Event Study Metrics UG (haftungsbeschränkt) assumes no responsibility with regard to the performance or use of these products. Event Study Metrics UG (haftungsbeschränkt) Schornsberg 21 D Bornheim info@eventstudymetrics.com May 30, 2014

3 Event List The Event List contains information about the companies and the corresponding event days in your study. You are able to import your Event List from a comma-separated value file (.csv). Most spreadsheet or database programs allow you to store your data as a comma-separated value file (.csv). If you have your data in a different spreadsheet format (for example.xlsx), please follow the instructions in the Creating a comma-separated value file (.csv) section. Structure The first line of the spreadsheet contains the column headings. Event Study Metrics allows you to create up to seven columns in the following order: Mandatory Columns: 1. IDs (asset identifier): The IDs can be any kind of identifier (e.g. CUSIP, ISIN, PERMNO), but it must match the IDs used within the Dataset and it should not contain any blanks. 2. Company names: The column contains the unique firm names. 1

4 3. Event dates: The date format should correspond to one of the formats available in the import dialogue within the Event Study Metrics software. You are able to select among four most common date formats: MM/DD/YYYY (format 1), DD.MM.YYYY (format 2), YYYYMMDD (format 3), or YYYY-MM-DD (format 4). If you have a different date format in your Event List, please conduct the following steps: a) Select the cells in the Event Date column: 2

5 b) Right click on the selected cells and click the Format Cells tab: c) In the Format Cells box, click the Number tab and select Date in the Category list. Under Type you are able to select the required format (MM/DD/YYYY, DD.MM.YYYY, YYYYMMDD, or YYYY-MM-DD): 3

6 Note: The displayed date formats in the Type box are based on the selected language under Locale (location). You may select e.g. English (USA) in order to find the right format. If you can t find the required format under the Type list, select a format that is close to the required type and click Custom under the Category list: 4

7 In the Type box you are able to adjust the date format by entering the required pattern (MM/DD/YYYY, DD.MM.YYYY, YYYYMMDD, or YYYY-MM-DD). d) Confirm any changes by clicking OK. Optional Columns: 4. IDs Matched Firms (portfolio identifier): You are able to apply the matched firms (portfolio) approach to estimate CARs and BHARs. You need to specify a reference portfolio as a measure for normal returns to each event. The IDs can be any kind of identifier, but must match the IDs used within the Dataset (which includes the asset pricing data of all Matched Firms) and should not contain any blanks. 5

8 5. Company Name Matched Firms: The column contains the unique portfolio names. 6. Weight: You can add a weight to each event (e.g. 0.1 = 10%) to apply an individual weighting scheme to your event study. Applying the matched firms approach, Event Study Metrics forms equal weighted portfolios by default. You might specify your own weights in order to calculate weighted portfolios based on your own specifications. 7. Group: Event Study Metrics allows you to match each event to a specific group (1, 2 n) in order to create subsamples of your overall events. Note: If your event list should contain the mandatory items (columns 1 to 3) and the group item (column 7), leave the columns 4 to 6 blank. 6

9 Creating a comma-separated value file (.csv) The required format of your comma-separated value file (.csv) depends on the preferred Number Format and the favored Delimiter that can be chosen in the import dialogue within the Event Study Metrics software: Note: If at least one of the comma-separated value file (.csv) preferences differs from the preferences selected in the import dialogue, the software will display an error message that will provide you with the specific error description. An error message will also occur if an invalid preferences combination (e.g. the Date Format 1, the Number Format 2, and a comma (,) as the Delimiter) is chosen in the import dialogue. 7

10 Note: The basic format of the comma-separated value file (.csv) depends on the Region and Language Settings on your computer. Because of the variety of different settings, this manual provides a uniform solution. 1. Click the Start button at the bottom left corner of the desktop. (If you are using Windows 8 click on the Settings button). 2. Click the Control Panel button and select Clock, Language and Region section: 3. Select the Region and Language section: 8

11 4. Select the Formats tab and then click on the Additional Settings button: 9

12 5. Under the Numbers tab you are able to adjust the Decimal symbol, the Digit grouping symbol (Thousands separator) and the List separator (Delimiter) as follows: a) If you prefer the Number Format 1 and a comma (,) as the Delimiter within the ESM software, please fill in the box: - Decimal symbol: dot (.) - Digit grouping symbol: comma (,) - List separator: comma (,) 10

13 b) If you prefer the Number Format 2 and a semicolon (;) as the Delimiter within the ESM software, please fill in the box: - Decimal symbol: comma (,) - Digit grouping symbol: dot (.) - List separator: semicolon (;) 6. Confirm by clicking OK. 7. Open your Event List file in Excel: 11

14 1) If the Event List is already a comma-separated value file (.csv), click the icon changes. to save the file and to confirm any 2) If you have your data in a different spreadsheet format, you are able to save the data as a comma-separated value file (.csv) by conducting the following steps: a) Click Save as in the File list: 12

15 b) Select CSV (Comma delimited) from the File Type dropdown list and click Save: c) Excel will display two notifications. Both should be approved. Finally, the Event List is saved as a separate commaseparated value file (.csv). 13