EVENTUS Documentation Page

Eventus is analytical software and does not include data.  Eventus performs event studies using data read
directly from CRSP databases.  Eventus can also read raw returns, prices, bid and ask quotations, trading
volume, number of trades and shares outstanding from the CRSP database.  Eventus can print the raw
data or store them in several disk file formats.

The Eventus system includes utility programs to convert calendar dates to CRSP trading day numbers,
convert CUSIP identifiers to CRSP permanent numbers, and extract event study cumulative or
compounded abnormalreturns for cross-sectional analysis.

Eventus is maintained on sol.acs.unt.edu, Academic Computing Services (ACS) multi-user research
UNIX system. To access CRSP data, you must have an account on sol. You may apply for sol access via
the UNT Internet Services Account Management page. Students must have a faculty sponsor in order to
gain access to sol.


Accessing EVENTUS on UNIX

• From the Windows 'START' menu, RUN "putty." (Open putty program)
  
  
  
  　
• On the PuTTY Configuration screen, type "sol.acs.unt.edu" in the 'Host Name' box.
  Select "SSH" as Protocol.  Then, open the program.
  
  
  　
• After connecting successfully, you will see a "login:" prompt.
  Enter your User-ID (EUID) and password.  To log out of Sol, type either the
  key sequence <Control-D>  or  the command  ~ % exit.
  　
• UNIX is a "command-based" system that you must input specific commands to move around.
  To download a list of UNIX commands, click here (pdf format). To view the command
  reference in html format, click here (HTML).
  　
• To run an event study, you will need to create essentially two files - a program file and a request
  file.  Figure 2.1 shows the minimum set of statements required in a program file to run an event
  study.  To create a file, type edit example.sas on the  ~% prompt and input the program codes.
  To save the file, press the key sequence <Ctrl-X>.  For example, create a file named simple.sas
  and input the content in Figure 2.1. 
  
  
                                                                Figure 2.1
                                         
                                      The Simplest Eventus Event Study Program (Program File)
  
                                                      filename request 'simple.sas';
                                                                  eventus;
                                                                  request;
                                                                  evtstudy;
  
  
  Next, you will need to create a request file.  The request file is a separate file that the researcher
  creates to define the sample for the study.  Each line of the request file should contain a five digit
  permno identifier and a date in the form ccyymmdd.  Figure 2.2 displays a request file that is
  perfectly acceptable, even though it includes irregular spacing and a mixture of two digit and four
  digit years.2 The request file need not be sorted in any particular order.
  
  Figure 2.2
  Request File: permnos and Dates, Illustrating Tolerated Irregularities.
  
  72100 19970626
  75111 19980209
  77142 981016
  36150   19970616
  77170 19981118
  75241 19980805
  76263 19980210
  76369 19970814
  77446 19981117
  83447 19980615
  10506 19971013
  67652 19980330
  91732 19980708
  79739 970617
  76754 19980615
  77833 19970331
  10914 19970306
  　
• After creating both the program file and the request file, you can run the "simple" program by using
  the EVENTUS command.  For example - eventus simple.sas
  　
• After the user submits all the statements, the results appear in the Output window in the interactive
  sas windowing environment, or the listing file (*.lst) in the case of a batch run. Figures 2.3 and
  following present the results for the above request file and Eventus statements.
         
                                                                     Figure 2.3
                                                  Sample Eventus Output: First Page.
                                      Eventus (R) Software from Cowan Research, L.C. 1       
                                  Eventus (R) software is produced by Cowan Research, L.C.
                                                          http://www.eventstudy.com/
  
                              ESTIMATION PERIOD: Ends 46 days before the event date;
                                                              255 days in length.
                                                 TOTAL NUMBER OF EVENTS: 17
                                          EVENTS WITH USEABLE RETURNS: 16
                                                       EVENTS DROPPED: 1
                                    STATISTICAL SIGNIFICANCE LEVELS: 1 tailed
  
                               NOTE: Useable returns means all nonmissing returns except the
                                         first day after a missing estimation period return.
  
  For more Sample Eventus Output, refer to the EVENTUS 7.0 User Guide (p.5-10)