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Security Price Reactions to Initial Reviews of Common Stock by the Value Line Investment Survey

Published online by Cambridge University Press:  06 April 2009

David R. Peterson
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Abstract

This study examines daily price reactions to initial reviews of securities by the Value Line Investment Survey. The reviews are found to convey information to the market as significant abnormal returns are found over a 3-day period around release of the information. Furthermore, there is no statistically significant subsequent price reation after this 3-day period, consistent with market efficiency.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 22 , Issue 4 , December 1987 , pp. 483 - 494
Copyright
Copyright © School of Business Administration, University of Washington 1987

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