*Investors' Greed and Fear: An Event Study of Analyst Recommendations DOI: http://dx.doi.org/10.5772/intechopen.107187*


*Financial Crises – Challenges and Solutions*

> **Table1.**

 *Yearly sample descriptive statistics for stocks listed on the NYSE (Panel A) and the NASDAQ (Panel B).*

#### *Investors' Greed and Fear: An Event Study of Analyst Recommendations DOI: http://dx.doi.org/10.5772/intechopen.107187*

For the NASDAQ, the MarketCap varies from \$3 to \$1,105,306 million with a standard deviation of \$33,942 million. The maximum MarketCap appears in 2019, which shows a large value increase in high-tech stocks in recent years. Interestingly, we observe a higher average market model beta with a value of 1.20 in 2012 rather than in the 2009 financial crisis period. The daily historical return ranges from �0.649% to 0.644%, with a standard deviation of 0.083%. It shows that the stock return is more volatile for the stocks listed on the NASDAQ. Similar to the NYSE, a very low mean and high standard deviation of stock returns are observed in 2002 and around 2008 and 2009. Pástor and Veronesi [34] show the NASDAQ "bubble" in the late 1990s, with the NASDAQ index price varying significantly from 5048 in March 2000 to 1114 in October 2002. This was accompanied by high return volatility, which is around 10%.
