Asset Pricing in the Dark: The Cross Section of OTC Stocks
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Over-the-counter (OTC) stocks are far less liquid, disclose less information, and exhibit lower institutional holdings than listed stocks. We exploit these different market conditions to test theories of cross-sectional return premiums. Compared to premiums in listed markets, the OTC illiquidity
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美国国家经济研究局创建时间：
2013-08-01
