This study examines how stock prices behave following events where firms announce to have no new news but experience large price changes. The Istanbul Stock Exchange (ISE) provides a natural experimental ground for the examination of such an event. The ISE, when there is unusual market activity,...

We select a small set of recommendations that lie in the upper and lower tail of the empirical distribution of divergences between a recommendation, and the consensus over the window (-30, -1)-days prior to that recommendation. We classify these extremely divergent recommendations as bold, and...