What you will learn
- Scheduled versus unscheduled events
- Release versus observation time
- Surprise measures
- Revisions and overlapping news
Scheduled versus unscheduled events
Scheduled events have a known release plan; unscheduled events may have uncertain first-publication times. Define the event source and timestamp standard before collecting market responses. A later article's time may not mark the first information arrival.
Release versus observation time
Observation period and release time differ. A report about last month becomes public at its release, not during the month it describes. A market study must align returns with information availability.
Surprise measures
A surprise measure compares actual information with a specified expectation, such as a recorded consensus. Preserve the expectation as known before release. A later updated consensus cannot be substituted silently.
Revisions and overlapping news
Revisions and overlapping announcements can affect interpretation. A headline value may be accompanied by changed prior data or another release. Record these rather than attributing every price move to one selected number.
Worked example
A release beats consensus but revises prior data downward. A one-variable label positive surprise may omit information that participants received simultaneously.
Try it yourself
Design an event record containing actual, prior, revised prior, pre-release expectation, source and release timestamp.
Show the worked solution
The record should retain every field separately and identify when each became available. It supports a more complete interpretation without proving that any one field caused the observed price response.
Apply this to your course project
Submit a preregistered event-study protocol and a reproducible worked sample.
Keep the calculation inputs, assumptions and decisions with your work. Practical exercises are self-reviewed; the scored knowledge checks assess the questions shown, not an independent certification of practical competence.