The CAN-SPAM Act of 2003 and stock spam emails
DOI:
https://doi.org/10.61190/fsr.v18i1.4936Keywords:
Text classification, Market manipulation, Stock spamAbstract
One goal of the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 is to combat pump and dump stock spam email schemes aimed at individual investors. The Act specifies requirements for those who send commercial emails. We find that only 60% of the 40,000 stock spam emails analyzed follow these disclosure requirements and emails that disclose conflicts of interest have a lower market impact. After the peak spam email day, stock prices decline, indicating that individual investors lose money. A Securities and Exchange Commission crackdown in 2007 reduced the impact of stock spam emails.
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