Investment Behavior and the Small Firm Effect

Robert J. Sweeney, Robert F. Scherer, Janet Goulet and Waldemar M. Goulet
Additional contact information
Robert J. Sweeney: Wright State University
Robert F. Scherer: Wright State University
Janet Goulet: Wittenburg University

Journal of Entrepreneurial Finance, 1996, vol. 5, issue 3, 251-69

Abstract: Our purpose in this review is to develop one explanation of market behavior which is consistent with the many empirical findings that appear to be inconsistent with the market efficiency hypothesis. To date, researchers have attempted to reconcile their empirical results with market efficiency based on either measurement error or structural inefficiencies. We propose a different approach to market efficiency. We posit that the empirical findings previous researchers report are by their nature ex post, and are a direct result of a market which is best described as efficient. We develop a model and provide a simulation to support this explanation.

Keywords: Small Firm Effect; Asset Pricing (search for similar items in EconPapers)
JEL-codes: G12 G14 L25 (search for similar items in EconPapers)
Date: 1996
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://jefsite.org/RePEc/pep/journl/jef-1996-05-3-e-sweeney.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pep:journl:v:5:y:1996:i:3:p:251-69

Access Statistics for this article

More articles in Journal of Entrepreneurial Finance from Pepperdine University, Graziadio School of Business and Management Contact information at EDIRC.
Bibliographic data for series maintained by Craig Everett ().