000			02031nam a22002657a 4500
003			ZW-GwMSU
005			20241129070808.0
008			241129b |||||||| |||| 00| 0 eng d
022			_a03128962
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHD31 AUS
100	1		_aBrown, Philip _eauthor
245	1	0	_aMarket reactions to the reports of a star resource analyst/ _ccreated by Philip Brown, Alexey Feigin, and Andrew Ferguson
264	1		_aLos Angeles : _bSage, _c2014.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aAustralian journal of management _vVolume 39, number 1,
520			_aKeith Goode has for many years been one of Australia’s highest profile mining analysts. He is unique among them, being a commissioned analyst. Goode’s clients—mostly small cap mining companies with limited analyst coverage—pay for a report, which he publishes electronically, but only if his report is positive. Using reports published over eight years from September 2001, we estimate his clients typically benefit by about AUD$14m, or almost 10% of the company’s share market value, with much of the benefit coming almost immediately after the report’s release. Market liquidity surges in the first hour of trading, with the value of trades, flow of buy orders relative to sells, and level of overall activity all increasing significantly. To demonstrate significance, we develop ‘fractile analysis’, a robust, relatively powerful and quite general method for detecting abnormal market activity. Our study is relevant to day traders, analysts and other information intermediaries. The methodological refinement should also interest students of ‘abnormal’ market behaviour.
650			_aDetecting abnormal market behavior _vExtractive industries _xMarket microstructure
700	1		_aFeigin, Alexey _eco author
700	1		_aFerguson, Andrew _eco author
856			_uhttps://doi.org/10.1177/0312896212470672
942			_2lcc _cJA
999			_c168449 _d168449