Great question.

Stock markets are manipulated and driven by multiple variables that are intertwined and driven by the motive to seek-find dislocations and capitalize on the dislocations for profit maximization.

The markets do not reflect social standing or strength. If they did, then in one short period of time in 2008-2010 the markets would have been severely incorrect. Either it placed undeserved value in the stocks pre crisis or it placed lack of deserved value at the bottom. In either case, the market was distorted with leverage, political manipulation, criminal activity and human emotion that went beyond any measurable single variable.

Perhaps population participation in wealth accumulation/creation would be a measure that is more reflective of true success/value of policy.

Stock market trading/investment thrive under speculation and general pulic feeling about events/announcements in the country how they will influence investment climates and firms activities either to lead to returns/gains/profits or losses. As long as art of gambling is in-born in man stock market transactions/deals must continue.

Orbis provides corporate accounting data for more than twenty years that you can use in the frame of panel data econommetrics.

Dear Fredrik

Dr. Florio's remark to use financial statement data from Orbis, and other databases, is an alternative source you can utilize to determine the impact of events on firms. In determining the operational impact you need to select focused variables which will vary depending on the nature of the event. Your study of the continual event of the firm expanding globally increasing the number of foreign subsidiaries each year may be examined by the effect on sales, profitability, financial leverage, business risk (operating leverage), liquidity, and so on. Here are some cites of event studies that include the operational effect:

https://journals.aom.org/doi/abs/10.5465/3069306

Article Detecting Abnormal Operating Performance: The Empirical Powe...

Article The Impact of Acquisitions on Operating Performance: Some Au...

Article The efficiency effects of bank mergers: An overview of case ...

Article An Examination of Long-Term Abnormal Stock Returns and Opera...

Article The Operating Performance of Firms Conducting Seasoned Equit...

Many thanks to each and every of you!