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Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Working Paper No. 2003-07
Verlag: 
Rutgers University, Department of Economics, New Brunswick, NJ
Zusammenfassung: 
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.
Schlagwörter: 
analyst
Nasdaq
market maker
JEL: 
G24
G14
Dokumentart: 
Working Paper

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