Spam Emails have no Long Term Effect on Stocks

In a research study done by Michael Hankea and Florian Hauser, at the Innsbruck University School of Management in Austria found that stock promotion spam emails have no long term effect on stock performance, but they do have a strong effect on excess price returns, turnover, and the intra-day price range. They also found that continuous spamming on successive days maintains excess demand.

So what this means is that the spam scam works on a short term basis for the scammers. The article was published in the February 2008 edition of the Journal of Financial Markets.