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Author: | Levis, M. |
Title: | The record on small companies: A review of the evidence |
Journal: | Journal of Asset Management
2002 : MAR, VOL. 2:4, p. 368-397 |
Index terms: | SMALL BUSINESS FUNDS MANAGEMENT |
Language: | eng |
Abstract: | The purpose of this paper is to review the empirical evidence on small companies with particular emphasis on the implications relevant to practising fund managers. The weight of the evidence suggests that conventional risk measures (betas) fail to reflect the inherent risks of small firms. Such firms are, however, riskier in terms of higher mortality, lower liquidity, higher short-term borrowings and higher volatility of earnings. The evidence also suggests that the out performance of small cap stocks, even at the pinnacle of its manifestation, was driven by a relatively limited number of such stocks. Such good performers possess a number of key characteristics. |
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