The "Dartboard" Column: Second-Hand Information and Price Pressure
研究《华尔街日报》“飞镖盘”专栏中分析师推荐发布后股价和成交量的反应，发现两天内平均异常收益达4%，成交量翻倍，但部分收益在25个交易日内反转，表明价格压力和信息内容共同作用。
This study analyzes the effect of second-hand information on the behavior of security prices and volume using analysts' recommendations published in the monthly Dartboard column of the Wall Street Journal. For the two days following the publication of the recommendations, average positive abnormal returns of 4 percent?nearly twice the level of abnormal returns documented in previous research on analyst recommendations?and average volume double normal volume levels on the two days following publication of the recommendations are documented. The positive abnormal return on announcement is partially reversed within 25 trading days. The authors conclude that the positive abnormal return on announcement of the recommendations is a result of naive buying pressure as well as the information content of the analysts' recommendations.