Beatty, Randolph; Kadiyala, Padma - In: Journal of Law and Economics 46 (2003) 2, pp. 517-41
The Penny Stock Reform Act of 1990 (PSRA) was an attempt to curb fraudulent security issues by placing severe restrictions on initial public offerings that were priced below $5. The regulation had the cosmetic effect of reducing the number of initial public offerings priced below $5 but had no...