Spam Works: Evidence from Stock Touts and Corresponding Market Activity

What does this simulation do?

As recipient | As spammer

Buy stock 20 days before 19 days before 18 days before 17 days before 16 days before 15 days before 14 days before 13 days before 12 days before 11 days before 10 days before 9 days before 8 days before 7 days before 6 days before 5 days before 4 days before 3 days before 2 days before 1 day before upon 1 day after 2 days after 3 days after 4 days after 5 days after 6 days after 7 days after 8 days after 9 days after 10 days after 11 days after 12 days after 13 days after 14 days after 15 days after 16 days after 17 days after 18 days after 19 days after 20 days after the first heaviest last day of touting.

Sell stock 20 days before 19 days before 18 days before 17 days before 16 days before 15 days before 14 days before 13 days before 12 days before 11 days before 10 days before 9 days before 8 days before 7 days before 6 days before 5 days before 4 days before 3 days before 2 days before 1 day before upon 1 day after 2 days after 3 days after 4 days after 5 days after 6 days after 7 days after 8 days after 9 days after 10 days after 11 days after 12 days after 13 days after 14 days after 15 days after 16 days after 17 days after 18 days after 19 days after 20 days after the first heaviest last day of touting.

Transaction cost assessed on purchases and sales: 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

Symbol: (Leave blank for random symbol)

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