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The purpose of this paper is to examine semi-strong market efficiency by observing the behavioral finance implications of Jim Cramer’s recommendations in bull vs bear markets. The authors extend the literature by analyzing investor reaction through the lenses of prospect theory, overreaction, and herding.

The authors test for abnormal returns in response to Mad Money buy and sell recommendations. The authors use a sample of buy and sell recommendations from MadMoneyRecap.com from July 28, 2005 through February 9, 2009. The 3.5-year time period is the most recent and comprehensive set of Mad Money recommendations that has been tested to date.

The results indicate market inefficiency at the semi-strong level. Furthermore, the findings highlight the loss aversion tendencies of investors in regards to prospect theory of Kahneman and Tversky (1979) as well as the disposition effect of Shefrin and Statman (1985). Evidence also exists consistent with the herding and overreaction hypotheses.

The evidence suggests contrarian behavior in which investors respond positively to good news in bad times – perhaps, in effort to stay the course and at least break even. This behavior may suggest that losers tend to hold on to losses in hopes of recouping them. Thus, positive information in bad times could further persuade market participants to hang on to or buy more of losers, while also persuading non-shareholders to buy in as well.

Though other studies including Kenny and Johnson (2010) have estimated abnormal returns in response to analyst recommendations, to the knowledge, none has examined behavioral implications of investor reaction to buy and sell recommendations in both bull and bear markets. Furthermore, the study captures a longer bull and bear market and covers two definitions of such markets.

The purpose of this study is to measure the gap and compare the quality of services provided by the Central Library of the University of Tehran and Allameh Tabataba'i University and identify the components of service that need improvement in these libraries.

In this study, a descriptive survey method is used for data collection. The study sample contains 205 people selected out of 31,000 members of Tehran University and 100 people out of 15,000 members at Allameh Tabataba'i University. The LibQual tool is used to measure different levels of users' perceptions of library service quality.

Based on the findings of the study, the level of service received at the University of Tehran was higher than the minimum expected level, and at Allameh Tabataba'i University, the level of service received was lower than the minimum level of expected, which indicates users' satisfaction at this index at the University of Tehran and users' dissatisfaction at Allameh Tabataba'i University. In the index of information control and library as a place in Tehran University, the level of service received was higher than the minimum level and in Allameh Tabataba'i University, the level of service received was lower than the minimum level, which indicates the satisfaction of users in this index at the University of Tehran and users' dissatisfaction at Allameh Tabataba'i University.

Service quality, or quality of service, is the measurement and comparison of the size of service provided with users' expectations. The following principles illustrate the dimensions of service quality: Quality of service is much more difficult to measure than the quality of goods. The quality of service is based on users' expectations. Quality of service varies in status, meaning that the quality of a service is measured against the customer's initial expectations of that service (Parasuraman et al., 1985).

Being the first performance evaluation, community synchronization, economic justification, user satisfaction and customer orientation are the values of the present study.