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dc.contributor.authorMizrach, Bruceen_US
dc.date.accessioned2009-01-29T15:49:06Z-
dc.date.available2009-01-29T15:49:06Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/23165-
dc.description.abstractI 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.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesWorking papers / Rutgers University, Department of Economics 2003,07en_US
dc.subject.jelG24en_US
dc.subject.jelG14en_US
dc.subject.ddc330en_US
dc.subject.keywordanalysten_US
dc.subject.keywordNasdaqen_US
dc.subject.keywordmarket makeren_US
dc.subject.stwBetriebliche Liquiditäten_US
dc.subject.stwAktienmarkten_US
dc.subject.stwNeuer Markten_US
dc.subject.stwVereinigte Staatenen_US
dc.titleAnalyst Recommendations and Nasdaq Market Making Activityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn377975737en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Working Papers, Department of Economics, Rutgers University

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