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Clientele Trading In Response To Published Information: Evidence From The Dartboard Column

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  • Stephen W. Pruitt
  • Bonnie F. Van Ness
  • Robert A. Van Ness

Abstract

We present an analysis of clientele trading effects in response to the widespread dissemination of public information. Employing analyst recommendations published in the Wall Street Journal's Dartboard column as the informational stimulus and the NYSE's trades and quotes (TAQ) transactions database as the data resource, we document that investors in different trading clienteles exhibit dramatically different trading responses to identical innovations in the informational environment.

Suggested Citation

  • Stephen W. Pruitt & Bonnie F. Van Ness & Robert A. Van Ness, 2000. "Clientele Trading In Response To Published Information: Evidence From The Dartboard Column," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(1), pages 1-13, March.
    • Handle: RePEc:bla:jfnres:v:23:y:2000:i:1:p:1-13
    DOI: 10.1111/j.1475-6803.2000.tb00808.x
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    Cited by:

    1. Christian Leuz & Catherine Schrand, 2009. "Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock," NBER Working Papers 14897, National Bureau of Economic Research, Inc.
    2. Enrico Maria Cervellati & Riccardo Ferretti & Pierpaolo Pattitoni, 2011. "Market Reaction to Second-Hand News: Attention Grabbing or Information Dissemination," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0024, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    3. Neumann, John J. & Kenny, Peppi M., 2007. "Does Mad Money make the market go mad," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 602-615, December.
    4. Chang, Chih-Hsiang & Chan, Kam C., 2011. "Investment banks' stock ratings, call warrant issuance, and responses from heterogeneous investors: Evidence from Taiwan," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 733-743, October.

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