Market Response to Value Line OTC Special Situations Service Recommendations
DOI:
https://doi.org/10.1016/1057-0810(91)90042-WAbstract
This study examines both the information content and investment perform- ance of The Value Line OTC Special Situations Service (VLSSS) recommendations. The results indicate that the buy and sell recommendations provide significant positive and negative two day abnormal returns, respectively, around the announce- ment of the recommendation. No evidence is found, however, of positive abnormal investment performance from portfolios selected based on the recommendations. Quarterly JoumaZofBusiness and Economics, Vol. 30, No. 3 (Summer 1991), pp. 88-103. (Reprinted with permission of the Quarterly Journal of Business and Economics.)
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