Contagious speculation and a cure for cancer: A nonevent that made stock prices soar

• 成果类型: Article
• 署名作者: Huberman, G; Regev, T
• 署名单位: Columbia University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00330
• 发表日期: 2001
• 页码: 387-396
• 关键词: resistance; therapy

摘要

A Sunday Neu, York Times article on a potential development of new cancer-curing drugs caused EntreMed's stock price to rise from 12.063 at the Friday close, to open at 85 and close near 52 on Monday. It closed above 30 in the three following weeks. The enthusiasm spilled over to other biotechnology stocks. The potential breakthrough in cancer research already had been reported, however, in the journal Nature, and in various popular newspapers (including the Times) more than five months earlier Thus, enthusiastic public attention induced a permanent rise in share prices, even though no genuinely new information had been presented.