Hull, Robert M.; Pinches, George E. - In: Journal of Entrepreneurial Finance 4 (1995) 1, pp. 31-55
We examine the announcement period of stock returns for 179 over-the-counter (OTC) firms that issue common stock to reduce nonconvertible debt. We find that small OTC firms experience returns that are significantly more negative than large OTC firms. Regression tests reveal that firm size is a...
