Those spam e-mails touting penny stocks can be profitable for spammers, according to a recent study.
The advertised stocks rise an average of between 4.9% and 6% the day after spam goes out, according to findings by Professor Laura Frieder of Purdue University and Professor Jonathan Zittrain of Oxford.
The study comes on the heels of news that a Connecticut couple have been sued by the Securities and Exchange Commission in a pump-and-dump scheme the SEC claims netted the two $1 million. But if Frieder and Zittrain are to be believed, the Connecticut couple is apparently the exception.
According to Frieder and Zittrain, a
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