A paper was just released that analyzes the effect stock spam has on the financial markets.
The abstract says that stock spam does effect trading, at least in the short term. Uh, isn’t that the point of stock spam – get the suckers interested in the stock so the spammer can dump it on them? Common sense would tell you that if you send out enough spam mentioning a stock that has an average daily trading volume of 10 shares, the activity is bound to go up. Now we know it with empirical certainty.
The positive – we didn’t need a research grant to show us that trading on spam is a great way to lose money.