Nick Mulcahy provides an article at Seeking Alpha titled, “Can You Make Money From Jim Cramer’s Picks?”. It is a very academic article citing a study completed by Department of Finance at the Kellogg School of Management (Northwestern).

The overall implication is “Individual investors who watch Mad Money would be wise to wait before purchasing the small stocks Cramer recommends, as these stocks tend to fall to their original levels following the overnight price spike caused by his recommendation.”