Prague Economic Papers 2025, 34(4):592-623 | DOI: 10.18267/j.pep.899

Event study methodology in politics - a systematic literature review

Dorina Kiss ORCID...
Doctoral School of Business Administration, Faculty of Business and Economics, University of Pécs, Pécs, Hungary, 7624

This paper presents the first systematic literature review of event study methodology applied to political events. Following PRISMA guidelines, 133 studies (1997-2024) were analysed to uncover methodological patterns. The findings show that nearly three-quarters of the papers rely on a single expected return model. The market model accounts for close to one-half of all identified model specifications, indicating its simplicity and practical applicability. Symmetric event windows, mainly shorter configurations like (-1, +1) are preferred; most of the studies test multiple lengths. Estimation periods vary (5-300 trading days), though many papers offer little validation for their choices. The review highlights methodological patterns and gaps: reliance on simple models, short symmetric windows, and inconsistent reporting. As a response, it proposes a best-practice framework to support transparency, comparability, and theoretical integration to advance methodology in this domain.

Keywords: Event study methodology, Political events, Systematic literature review
JEL classification: D72, G14, H70

Received: June 6, 2025; Revised: September 17, 2025; Accepted: October 10, 2025; Prepublished online: December 19, 2025; Published: December 22, 2025  Show citation

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Kiss, D. (2025). Event study methodology in politics - a systematic literature review. Prague Economic Papers, 34(4), 592-623. doi: 10.18267/j.pep.899
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