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The Impact of Value Line Special Situations Recommendations on Stock Prices: Evidence from the Over-the-Counter Market

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  • Pawlukiewicz, James E
  • Preece, Dianna C

Abstract

The value to investors of the information provided by the Value Line Investment Service has been the subject of discussion for many years. This paper examines the information content of the recommendations made by the Value Line Special Situations Service to buy (sell) specific stock issues. The advice given by Value Line generates significant abnormal returns to shareholders near its release date. However, when the price response over longer periods is considered, the effect of the recommendations appears to be transitory. Further, there appears to be no difference in the overall price response between listed and over-the-counter securities. Copyright 1991 by MIT Press.

Suggested Citation

  • Pawlukiewicz, James E & Preece, Dianna C, 1991. "The Impact of Value Line Special Situations Recommendations on Stock Prices: Evidence from the Over-the-Counter Market," The Financial Review, Eastern Finance Association, vol. 26(4), pages 547-568, November.
    • Handle: RePEc:bla:finrev:v:26:y:1991:i:4:p:547-68
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    Cited by:

    1. P. R. Chandy & John W. Peavy III & William Reichenstein, 1993. "A Note On The Value Line Stock Highlight Effect," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 171-179, June.
    2. Schadler, Frederick P. & Eakins, Stanley G., 2001. "A stock selection model using Morningstar's style box," Financial Services Review, Elsevier, vol. 10(1-4), pages 129-144.

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