The Results on Price After Stock Spamming

I thought this was interesting:

"Writing with Laura Freider of Purdue University, in 2008 Zittrain published Spam Works: Evidence from Stock Touts and Corresponding Market Activity in the Hastings Communications and Entertainment Law Journal to document the manipulation of stock prices via spam email.^[40] They found evidence that "stocks experience a significantly positive return on days prior to heavy touting via spam" and that "prolific spamming greatly affects the trading volume of a targeted stock". Apart from transaction costs, the spammer in some circumstances earned over 4% while the average investor who bought on the day of receipt of the spam would lose more than 5% if they sold two days later.^[41]Frieder said in 2006 that she knew of no other explanation for their results but that people do follow the stock tips in their spam email."