Liquidity Provision and Noise Trading: Evidence from the `Investment Dartboard' Column.

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Authored By
Greene, Jason, Smart, Scott
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Psychiatry
Internal/Family Medicine
Speciality
Psychiatry
Internal/Family Medicine
Book Detail
volume
54
ISSN
00221082
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ISSN
9781909836310
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true
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["Greene, Jason, Smart, Scott","SECURITIES trading, LIQUIDITY (Economics), TRADING companies, INVESTMENTS, BID price, BUSINESS enterprises, FINANCIAL analysts, INVESTMENT advisors, SPREAD (Finance), ADVERSE selection (Commerce), INFORMATION asymmetry, PORTFOLIO management (Investments)","English","1999-10-01","Journal of Finance (Wiley-Blackwell)","54"]
Description
How does increased noise trading affect market liquidity and trading costs? We use The Wall Street Journal's "Investment Dartboard" column, which stimulates noise trading, as a natural experiment to evaluate models of the bid-ask spread. We find that substantial increases in trading volume and significant but temporary abnormal returns occur when analysts recommend stocks in this column, especially when recommendations come from analysts with successful contest track records. We also find an increase in liquidity and a decrease in the adverse selection component of the bid-ask spread. [ABSTRACT FROM AUTHOR]
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