The Value of Unsolicited Buy Recommendations to Investors: Can Investors Trade Profitably Based on E-mail Spam?
by Angela Nicole Aldrich
Abstract
This paper explores the possibility of trading profitably based on information contained in email spam messages advertising certain stock trades. Through careful analysis of a basket of sixteen stocks that were recommended to my advisor and myself via unsolicited email spam, I conclude that the most effective way for investors to trade these stocks is to short-sell immediately upon initial receipt of a recommendation to buy.
Professor Bjorn Eraker, Faculty Advisor
JEL Codes: E2, G11,
