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| Author: | Dewally, M. |
| Title: | Internet investment advice: investing with a rock of salt |
| Journal: | Financial Analysts' Journal
2003 : VOL. 53:1, p. 65-77 |
| Index terms: | Financial markets Internet Investment |
| Freeterms: | Recommendations |
| Language: | eng |
| Abstract: | The stock recommendations distributed on major newsgroups for 1999 and February 2001 are collected and categorized to investigate the origin and quality of investment advice on the Internet, and the return characteristics of the recommended stocks are examined. It was found that Internet stock recommendations are overwhelmingly positive, with a ratio of buy advice to sell advice greater than 7:1. Moreover,most advisors on the Internet follow a momentum strategy: they recommed stocks after the stocks have experienced sharp price increases. |
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