Keywords
IPO, initial public offering, anomalies, small firm uniqueness, SB-2
Abstract
The purpose of this paper is to provide a direct test of the small-firm uniqueness hypothesis advanced by Ang (1991). We do this by using the SB-IPO program of the SEC as our instrument to define a small firm. Having identified small firms, we test the three IPO anomalies to see if small firms differ from large firms along these dimensions. We find that SB IPOs experience the three anomalies; however, they do so in disparate ways than mainline IPOs do. In sum, we provide support for the small firm uniqueness hypothesis.
Original Publication Citation
SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis, with Troy Carpenter, Journal of Entrepreneurial Finance, Vol. 16, Issue 2, 2013, 75-96.
BYU ScholarsArchive Citation
Brau, James C. and Carpenter, J. Troy, "SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis" (2013). Faculty Publications. 9183.
https://scholarsarchive.byu.edu/facpub/9183
Document Type
Peer-Reviewed Article
Publication Date
2013
Publisher
Journal of Entrepreneurial Finance
Language
English
College
Marriott School of Business
Department
Finance
Copyright Status
© 2013 Academy of Behavioral Finance, Inc. All rights reserved.
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https://lib.byu.edu/about/copyright/