Event studies (ESs) can be applied to evaluate the impact of new regulations on the value of listed firms. However, regulatory changes are preceded by consultation processes and anticipations to the shareholders, which make it difficult to determine the exact timing of stock price response and...

This paper provides a generalisation of the structural time series version of the Almost Ideal Demand System (AIDS) that allows for time-varying coefficients (TVC-AIDS) in the presence of cross-equation constraints. An empirical appraisal of the TVC-AIDS is made using a dynamic AIDS with...