Blackwell, Marr, and Spivey (1990)

Blackwell, David, M. Wayne Marr, and Michael F. Spivey, "Plant Closing Decisions and the Market Value of the Firm." Journal of Financial Economics, August 1990.

This event study finds negative stock market reaction to plant closing announcements (two-day window). Cumulative abnormal return for sample is -0.72%. Takeover influences did not affect outcome. Results are not significant for firms that had already closed plants in the recent past.