Do Investment Newsletters Move Markets?

被引：4

作者：

Brown, Scott ^{[1
,2
]}

Cao-Alvira, Jose J. ^{[1
,3
]}

Powers, Eric ^{[4
]}

机构：

[1] Univ Puerto Rico, Grad Sch Business Adm, San Juan, PR 00936 USA

[2] Univ S Carolina, Columbia, SC 29208 USA

[3] Univ Sergio Arboleda, Sch Business, Bogota, Colombia

[4] Univ S Carolina, Moore Sch Business, Columbia, SC 29208 USA

来源：

FINANCIAL MANAGEMENT | 2013年 / 42卷 / 02期

关键词：

PRICE REACTIONS; INFORMATION; VOLUME; PERFORMANCE; BEHAVIOR; RETURNS; EVENT; TIME;

D O I：

10.1111/fima.12004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the market impact of stock recommendations made by a single investment newsletter that focuses on instances of heavy insider trading. The market reacts positively to the actual insider trades and the associated Form 4 Securities and Exchange Commission (SEC) filings that attracted the newsletter's interest. The subsequent recommendations, which occur within a delay of several days, are associated with an even larger announcement period return and higher trade volume. Thus, despite the fact that recommendations are largely based on publicly available information on insider trades and the reach of the newsletter is limited, the newsletter has a significant impact on the market.

引用

页码：315 / 338

页数：24

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