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Working Papers, Department of Economics, Rutgers University >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/23165
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Mizrach, Bruce | | en_US |
| dc.date.accessioned | | 2009-01-29T15:49:06Z | | - |
| dc.date.available | | 2009-01-29T15:49:06Z | | - |
| dc.date.issued | | 2003 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/23165 | | - |
| dc.description.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. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | | | en_US |
| dc.relation.ispartofseries | | Working papers / Rutgers University, Department of Economics 2003,07 | | en_US |
| dc.subject.jel | | G24 | | en_US |
| dc.subject.jel | | G14 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | analyst | | en_US |
| dc.subject.keyword | | Nasdaq | | en_US |
| dc.subject.keyword | | market maker | | en_US |
| dc.subject.stw | | Betriebliche Liquidität | | en_US |
| dc.subject.stw | | Aktienmarkt | | en_US |
| dc.subject.stw | | Neuer Markt | | en_US |
| dc.subject.stw | | Vereinigte Staaten | | en_US |
| dc.title | | Analyst Recommendations and Nasdaq Market Making Activity | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 377975737 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Working Papers, Department of Economics, Rutgers University
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| 2003-07.pdf | | 291.72 kB | Adobe PDF |
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