@techreport{Mizrach2003Analyst,
abstract = {I investigate the linkage between liquidity provision by Nasdaq market makers and analysts in
the same firm. Using three measures of market activity, I find that Nasdaq firms are more likely
to provide buy side liquidity in anticipation of upgrades in the period 1999-2000. ECN activity
supports this pattern. Firm level evidence shows that 15 of 42 market makers studied engage in
significant pre-recommendation activity. I estimate cumulative abnormal returns of more than 75%
and profits of almost $600 million in a sample of 47 large capitalization stocks.},
author = {Bruce Mizrach},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G24; G14; 330; analyst; Nasdaq; market maker; Betriebliche Liquidit\"{a}t; Aktienmarkt; Neuer Markt; Vereinigte Staaten},
language = {eng},
number = {2003,07},
title = {Analyst Recommendations and Nasdaq Market Making Activity},
type = {Working papers / Rutgers University, Department of Economics},
url = {http://hdl.handle.net/10419/23165},
year = {2003}
}
