While the literature on firm-level effects of corporate decisions/events is voluminous, there is scarce evidence on the effects of these events on the industry rivals of the event firms (henceforth, intra-industry spillover effects). If the primary driver of many of these corporate decisions by event firms is based on industry-level factors rather than firm-level factors, the revelation of the event to investors should lead to intra-industry spillover effects. Further, if the event firm is affiliated to a business group, the effect of the event by the group-affiliated event firm is likely to spillover to non-event firms within the same business group due to intra-group linkages/ties (henceforth, within-group spillover effects).