Article1997

Does Size Really Matter?

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

If the size of firms is measured correctly, small firms do not necessarily earn higher returns than larger firms. Yet, this finding is not inconsistent with the empirical fact that firms with small market values earn higher returns. Modern financial theory predicts that when firm size is economically unrelated to return, the relation between firm market value and return will be negative; that is, firms with small market values will have higher expected returns than other firms.

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1981The relationship between return and market value of common stocks 1960The financial analysts journal 1995A Critique of Size-Related Anomalies 1998Optimal Investment, Growth Options, and Security Returns

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1999New Facts in Finance 2014Size Anomalies in U.S. Bank Stock Returns 2009The cross section of cashflow volatility and expected stock returns 2005The practice of investment valuation in emerging markets: Evidence from Argentina 2018Fact, Fiction, and the Size Effect 2004Divergent Opinions and the Performance of Value Stocks 2012The Surprising 'Alpha' from Malkiel's Monkey and Upside-Down Strategies 2000Are Risk Premium Anomalies Caused by Ambiguity?

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