Konku, Daniel; Bhargava, Vivek - In: Afro-Asian Journal of Finance and Accounting 3 (2012) 1, pp. 69-88
We consider the initial public offering (IPO) returns of penny stocks before and after Penny Stock Reform Act (PSRA) implementation. We extend the work of Bradley et al. (2006) by looking not only at NASDAQ small capitalisation issues, but also those issued on the bulletin boards and pink...