Brau, James C.; Carpenter, C. Troy - In: Journal of Entrepreneurial Finance 16 (2013) 2, pp. 75-96
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 5B-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...
