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CLIENTELE TRADING IN RESPONSE TO PUBLISHED INFORMATION: EVIDENCE FROM THE DARTBOARD COLUMN
Author(s) -
Pruitt Stephen W.,
Van Ness Bonnie F.,
Van Ness Robert A.
Publication year - 2000
Publication title -
journal of financial research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.319
H-Index - 49
eISSN - 1475-6803
pISSN - 0270-2592
DOI - 10.1111/j.1475-6803.2000.tb00808.x
Subject(s) - column (typography) , business , financial economics , economics , computer science , telecommunications , frame (networking)
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.