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...

We use the popular television show Mad Money hosted by Jim Cramer to test theories of attention and limits to arbitrage. Stock recommendations on Mad Money constitute attention shocks to a large audience of individual traders. We find that stock recommendations lead to large overnight returns...

We use the popular television show <i>Mad Money</i>, hosted by Jim Cramer, to test theories of attention and limits to arbitrage. Stock recommendations on <i>Mad Money</i> constitute attention shocks to a large audience of individual traders. We find that stock recommendations lead to large overnight returns...