We examine the market reaction to recommendations in the Financial Post's “Hot Stock” column. For buy recommendations, we find a significant average excess return of 1.23% on the publication day; the average excess return is greater (1.84%) for small firms. We also document a significant...

We investigate the effect of information uncertainty on the macroeconomicannouncement premium of the market return in addition to theeffect of fundamentals uncertainty. We show that the premium issignificant only during low information uncertainty periods, opposite to thecase of fundamentals...