The Impact of Stock Spam on Volumes

Taoufik Bouraoui

Brussels Economic Review, 2007, vol. 50, issue 4, 411-425

Abstract: Ce papier est consacré à l’étude de l’impact des spams boursiers à travers l’analyse des variations de volumes. Nous utilisons la méthodologie des études d’événement sur un ensemble de cent dix entreprises du penny stock (entreprises de petite taille sur le marché américain) sur la période allant de Février 2006 à Octobre 2008. Les résultats obtenus montrent des variations positives et significatives des volumes tout au long la fenêtre d’événement. L’envoi des messages a ranimé l’activité sur le marché de penny stock témoignant ainsi que le business des spams boursiers est un commerce florissant. / This paper is dedicated to study the impact of the stock spams through the analysis of the variations of volumes. We use the methodology of the event studies on a sample of hundred ten firms of penny stock (firms with small size in the American market). Data cover the period of February 2006 to October 2008. The results show positive and significant changes in volumes during the event window. The sending of messages resuscitated activity in the penny stock market indicating, thus, that the stock spam business is a flourishing trade.

Keywords: Spams boursiers/Stock spam; Etude d’événement/Event studies; Penny stock (search for similar items in EconPapers)
JEL-codes: C12 D84 G14 (search for similar items in EconPapers)
Date: 2007
Note: This is a translation of: L’impact des Spams Boursiers sur les Volumes
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