Impact According to some studies, the impact of financial spam is greater than commonly assumed. Security firm Panda Software says that some companies have even come to revalue by 12 with these practices. Rainer B hme, University of Dresden, and Thorsten Holz, an analyst at the University of Mannheim, have studied the impact of spam on financial markets, and highlighted some interesting features. First, its low ocoste (just U.S. 0.0005 per potential recipient of mail). According to his calculations, this type of spam accounts for 3 of spam sent, and often coincides with the hours of operation of the stock values (which technically means that spam is a type of segmented). For his part, Laura Frieder, Purdue University and Jonathan Zittrain, Oxford University estimate that the deceived may suffer losses of 8 in just two days, while the benefits of the spammer are between 4.6 and 6 .Considering the possibility also that spammers may be also the companies themselves, as well as investors.