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Does Analyst Disclosure Matter? A Real-Time Analysis

We examine in real-time the recommendations made by analysts on the CNBC segment Making Money Now. The recommendations are followed by mandatory disclosures following Title V of the Sarbanes Oxley Act of 2002 and NYSE and NASD rules. We measure reaction to both the recommendation event and the disclosure event. There is an immediate response in price, volume and order flow following the recommendation event and no response following the disclosure event. We find no evidence in our regressions that investors respond to the information contained in the ownership disclosures. We speculate that investors might not respond to the disclosures because it is not clear how they should respond to the information.