Security Price Reactions to Initial Reviews of Common Stock by the Value Line Investment Survey
- 1 December 1987
- journal article
- Published by JSTOR in Journal of Financial and Quantitative Analysis
- Vol. 22 (4) , 483
- https://doi.org/10.2307/2330796
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.Keywords
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