Kim, Sok Tae; Lin, Ji-Chai; Slovin, Myron B. - In: Journal of Financial and Quantitative Analysis 32 (1997) 04, pp. 507-524
We examine stock price behavior in response to initial coverage, buy recommendations that are pre-released to important clients before the stock market opens, and find a strong positive valuation effect at the open. On average, it takes five minutes of trading for NYSE/AMEX stocks and 15 minutes...
