Konku, Daniel; Bhargava, Vivek - In: Afro-Asian Journal of Finance and Accounting 3 (2012) 1, pp. 69-88
We consider the initial public offering (IPO) returns of penny stocks before and after Penny Stock Reform Act (PSRA … NASDAQ Decile 1 index. Higher-priced offerings in the same markets as the penny stocks return only 7.6% more than a …