A telemarketing technique in which unsolicited, or "cold" calls, are made to prospective clients of a business or service using a cheerful tone of voice. In the financial context, the practice has acquired a negative connotation over the years as it is generally associated with high-pressure sales tactics used by unscrupulous stock promoters in "boiler room" operations. Such salespeople use an upbeat and positive tone to sell highly risky or sometimes spurious investments to unsuspecting investors.
Also known as "smile and dial" or "dialing for dollars."
The introduction of "Do Not Call" (DNC) registries, which lists people who do not wish to receive unsolicited calls from telemarketers, has reduced the incidence of such calls. While the stiff fines imposed for violation of the DNC rules is a deterrent to legitimate businesses, it is less so for "boiler room" operators, which may be engaged in unlawful or illegal activities to begin with.