Brüggemann, Ulf; Kaul, Aditya; Leuz, Christian; … - 2013 - Rev.
We analyze a comprehensive sample of more than 10,000 U.S. OTC stocks. We first show that the OTC market is a large … quality, liquidity and crash risk, across firms and regulatory regimes. We find that OTC firms that are subject to stricter … points to an important trade-off in regulating the OTC market and protecting investors: Lowering regulatory requirements (e …